Compliance services
Compliance, meaning adherence to regulations, laws, and authority regulations and guidelines, has become increasingly important in a world of growing regulation. Certain industries are mandated by regulations to maintain a separate compliance function, which ensures the company’s adherence to regulations and requirements. On the other hand, the number of so-called voluntary compliance functions is also growing as part of a global trend towards responsible business.
Our philosophy is that the role of the compliance function is to act as an enabler of business rather than an obstacle. In addition to ensuring regulatory compliance, we seek out the opportunities that regulations may present to our clients’ businesses. We dare to challenge not only the regulations but also outdated practices, bringing regulatory requirements down to a practical level. However, our guiding principles are always compliance and responsibility, ensuring that our clients can trust that the compliance function is in reliable hands.
We offer outsourced compliance services in two different models: regulated entities’ compliance function and voluntary compliance function. Both models can be tailored to your wishes and needs.
Outsourced Compliance – Regulated entities’ compliance function
Internal control within regulated entities in the financial sector/financial industry is strictly based on a three lines of defense model – but did you know that the functions within these defense lines can also be outsourced?
We offer outsourced compliance services for regulated entities in the financial sector/financial industry. Through our compliance service, regulated entities can outsource their mandatory compliance function, which is part of the second line of defense responsible for ensuring compliance with regulations. Our compliance service is customized to fit our clients’ needs and tailored to their specific requirements. Our service can be provided as either a full or partial outsourcing arrangement.
Our financial regulation and compliance experts have extensive experience in compliance work, financial regulation, and advising and organizing operations for regulated entities of various sizes in the financial sector. Our team acts as an outsourced compliance function for, among others, investment firms, fund management companies, alternative investment fund managers, payment institutions, electronic money institutions, and insurance companies. We offer compliance services to all supervised entities within the financial sector.
Lexia’s compliance service for regulated entities within the financial sector/financial industry includes the following components:
- Compliance resources – A designated responsible lawyer (Compliance Officer) and the supporting Lexia Compliance team
- Statutory documents – Compliance-related documents required by applicable regulations, including Compliance Policy and Annual Action Plan (Compliance Monitoring programme), compliance reports, as well as regulatory overviews
- Reviews and monitoring – Compliance reviews and monitoring as required by regulations, including related reporting and follow-up
- Training – Training for staff and management on areas within the compliance function’s responsibility
- Ongoing support – Continuous and proactive support from the Compliance Officer and Compliance team
- Accessibility and presence – Regular meetings between the Compliance Officer and the business, with continuous availability both remotely and on-site
We also offer certain components of our compliance service as standalone assignments. For example, we can support your internal compliance function by conducting a one-time compliance review or monitoring, or by providing compliance training.
Contact one of our experts below or leave a contact request and we will get in touch with you.
Compliance as part of responsible business – a voluntary Compliance function
Fostering a culture of compliance is an essential part of responsible business, and more and more companies in various industries are establishing separate compliance functions to maintain a culture of compliance and ensure regulatory compliance, also on a voluntary basis. Unlike, for example, entities within the financial sector, these companies are not required by applicable regulations to maintain a separate compliance function, but still recognize the importance of compliance as part of responsible business practices.
We offer compliance services also to companies who are not obliged by regulation to maintain a compliance function. In this case, the compliance service is tailored to the client’s needs and wishes from the aforementioned components of the compliance service. Since regulations do not require these entities to establish a compliance function or impose specific statutory duties on the compliance function, a voluntary compliance service allows for more precise company-specific customization compared to a statutory compliance function of a regulated entity.
Contact one of our experts below or leave a contact request and we will get in touch with you.
Our Team
Katariina Pesonen, Emilia Lostedt, Hanna Huttunen, Mikko Koskinen, Jesse Kinnaslampi, Elina Väärä and Rebecca Rafkin.
