3. III
Course Guide IV
Syllabus Content – International Diploma in Governance, Risk and Compliance X
Unit 1: Understanding Governance, Risk and Compliance 1
Unit 2: Ethics, Integrity and Organisational Culture:Taking GRC to the Next Level 33
Unit 3: Understanding the Complete Regulatory Environment 63
Unit 4: KnowYour Regulator 89
Unit 5: What is the Role of the Compliance Function? 113
Unit 6: How to Manage Regulatory Risk for the Benefit ofYour Firm 148
Unit 7: How Corporate Governance Can EnhanceYour Firm’s Performance 176
Unit 8: How to Design and Build World-class GRC Systems and Controls 206
Unit 9: Managing the Risks of Financial Crime 236
Contents
4. IV
Course Guide
Introduction
Before commencing work on the International Diploma in Governance, Risk and Compliance
you should read this Course Guide, which provides an introduction to the programme and
directs you to where you can locate further information to support you in your studies.
The Diploma programme
The International Diploma in GRC is designed to enable you to demonstrate:
„„ an appreciation of the objectives of regulation, the different forms of regulation and
the different types of regulator
„„ a thorough understanding of the duties and responsibilities of an effective
compliance professional
„„ knowledge of key regulatory compliance principles
„„ the complex relationships between ethics, integrity and values
„„ the ability to design and implement a comprehensive GRC framework for the benefit of
a financial services business
„„ a thorough understanding of how effective compliance contributes to good corporate
governance and the role which management of risk plays in shaping effective compliance
„„ an understanding of the nature of the various legal relationships between a financial
services business and its customers
„„ a thorough appreciation of the risks faced by financial services businesses and how to
protect against them
„„ a practical understanding of financial crimes, including money laundering, market
abuse, fraud, bribery etc. and how to protect against them
„„ the ability to generate essential management information for use in the evaluation and
risk profiling of financial services and products and client types
„„ development of skills and techniques to help you to succeed in the role of a
compliance professional.
Syllabus
The syllabus for the International Diploma in GRC is set out on page XI of this course guide.
The course text layout follows the content and order of the syllabus.
Getting started
Getting started is often the most difficult part of any study programme. No doubt you are
feeling enthusiastic; you want to begin studying as soon as possible and are keen to begin
reading through your course materials. However, it is important to consider a number of
factors first to ensure you gain maximum value from the materials provided.
At this early stage, focus on familiarising yourself with the following:
1. course materials
2. assessment requirements
3. website information
4. tutor and administrative support.
5. V
Course Guide
1. Course materials
The course materials you have access to contain a variety of documents. You should
familiarise yourself with their general content, reviewing them in the following order:
„„ core text manual
„„ appendices (if applicable)
„„ workshop information (if you are studying via the face-to-face workshop method)
„„ distance learning workbook and further reading material (if you are studying by
distance learning only)
„„ any support texts
„„ webinars.
Core text manual
The units within the core text are divided into key components, each designed to assist
your understanding of the topics covered by the course:
„„ learning objectives
„„ main text (including appendices)
„„ tasks
„„ self-assessment questions
„„ learning outcomes.
All are important elements of the unit and should be studied in detail.
Assignment and examination questions can be set on any area of the whole
programme. The units are structured to give you a good understanding of topics.
The purpose of each aspect of the units is explained below.
Learning objectives
These specify the main purposes of the unit in bullet point format and identify the key
skills and knowledge you can expect to gain from your study of the unit. They also give
an outline of the unit content.
Main text
The main text provides a general overview of the main theme of the unit, together with
additional information on the various topics that are covered by the unit.
The case studies and examples in the text use real centre names to give a practical and
realistic feel to the content of the materials. Different jurisdictions have been used for
different examples; the activity described may not necessarily take place in the named
jurisdiction. These are illustrations for educational purposes only.
Self-assessment questions (SAQs)
Each unit has a number of SAQs associated with it. The questions are of short-answer
format. They are designed as a quick test at the end of each unit to help you determine
your understanding of the content. The answers to the questions are provided once you
submit your answers.
You might find it useful to attempt these questions once you have read through the
unit content but before you have studied it in detail, either by detailed reading,
attending workshops or, if studying via distance learning only, by completing the
workbook exercises. You could then repeat the questions afterwards, so you can assess
the level to which your knowledge of the subject matter covered has increased.
You should approach these questions as though they were assignment or exam questions –
think critically about them and try to write out paragraph-type answers to them.
6. VI
Course Guide
Tasks
Each unit also has a number of practical tasks associated with it. The tasks come in a
variety of forms. They encourage you to observe and research the issues raised by the
unit topics within your own working environment and in the wider context.
Building on the SAQs, which are a straightforward assessment of your memory and
understanding based upon your reading of the unit content, attempting the suggested
tasks allows you to apply your knowledge and demonstrate your understanding of the
unit topics. While answers to these are not provided in the manual, simply attempting
the tasks will help consolidate your learning and their content may be discussed during
workshops or during distance learning workbook exercises.
Learning outcomes
These expand on the wording of the learning objectives and summarise in bullet format
the key learning points you should understand from your study of the unit.
Appendices and further reading
Appendices to support the content of the core text are provided for some courses
and you should familiarise yourself with these. Depending upon which programme
you are studying, you may also note a number of further reading suggestions within
the core text, all of which you will be able to locate on the ICT learning platform.
(learning.int-comp.com). It is not compulsory for you to read all of these, but they are
a useful resource. You can use them if there is a topic on which you feel you either
need or want additional information over and above the content of the core text,
which forms the main basis for your studies.
Workshop information
The face-to-face workshop format is the usual means by which delegates study for
ICA qualifications. If you are studying under the workshop format, details of when
these workshops are scheduled will be confirmed with your materials and can also be
accessed on the website. Take care to make a note of when these sessions will take
place and ensure you have allocated time to attend them, making the arrangements
with your employers in good time, if necessary. You should also carefully note the units
covered by each workshop (you can find this information on the website) and build this
into your overall study plan, so you can ensure you have read and studied the relevant
units before attending the workshop.
The purpose of the workshop environment is to explore the topics covered within the
course materials in a practical way that is clear and that effectively brings them to life
for delegates. Using a case study format, the industry-experienced tutor who leads each
workshop will explore different subject-related issues, allowing plenty of opportunity
for discussion and clarification. They will provide examples throughout and explain
relevant terms to ensure understanding.
Workshops also provide you as a delegate with a good opportunity to liaise with your
peers, discuss approaches to study and generally ensure that you are comfortable with
the topics covered.
When you attend the workshop you will be provided with a copy of the slides shown
by the tutor on the day, together with some additional material (further reading lists,
explanatory notes, etc.) as appropriate to the session being undertaken. You can then
use this to assist you in your revision of the topics covered during the workshop. Note
that copy slides are not provided for those attending certificate level programmes as
the test follows on directly from the workshop session.
7. VII
Course Guide
Distance learning workbook
The distance learning study format is offered in jurisdictions where the workshop
programme is unavailable or limited. If you are studying under the distance learning-
only route at Diploma level your course materials will contain, in addition to your core
text, a distance learning workbook.
The workbook, covering all the units of the programme, takes the place of workshops
and contains a series of exercises focusing on the key aspects of the syllabus, allowing
you to work through these at your own pace in order to gain a deeper understanding
of the unit topics covered, once you have read the core text. These workbook exercises
allow focused study of key topics and are intended to challenge you to the same level
as workshop discussions.
More information on distance learning study and the support available for this, at all
levels, can be found on the ICT learning platform.
Support texts
These may be provided to support the content of the core text, which should remain
your key focus of reading and study for the duration of the programme. The support
text(s) provide further information on key topics covered by the course and on occasion
your course tutor (or in the case of distance learners, the distance learning workbook)
will direct you towards certain aspects of their content as part of your studies.
Familiarising yourself with the content of the support text will be beneficial, allowing
more detailed reading around the topics covered by the study programme.
Webinars
A number of webinars are now included as part of our programme. These webinars,
focusing on key subjects from within the programmes and on a number of delegate-
support topics, are intended to supplement the other elements of the programme,
whether studying via the workshop or distance learning routes.
Webinars are a visual presentation on a particular topic, comprising video and audio
features. These are located on the ICT Learning Platform. Varying in duration from
approximately 10 minutes to up to 1 hour long, these webinars are delivered by ICT
tutors, supported by slides and, on occasion, with additional information in handouts,
being provided for reference.
Webinars can be either live (known as ‘live webinars’) or pre-recorded (known as
‘pre-recorded webinars’). The majority of webinars are pre-recorded, although on
occasion live webinars will be available and information on these will be made available
on the website nearer the time. The programme of webinars is under continuous
development; up-to-date information on how they are progressing can be found on
the website.
2. Assessment requirements
The Diploma is assessed on a combination of assignments and an end of course
examination. Full details on the assessment methodology can be found in the Student
Support Area of the ICT Learning Platform. You should take some time at the outset
of your studies to familiarise yourself with the Assessment guidelines in the Student
Support Area.
3. Website support
When you enrol on the course you will be allocated a member login username and
password to access the ‘delegate only’sections of the ICT website (www.int-comp.com),
ICA website (www.int-comp.org) and ICT learning platform (learning.int-comp.com).
This will enable you to access the following resources.
8. VIII
Course Guide
ICT website
„„ Details of your current programme of study, including the dates and venues of
any workshops, assignment submission dates and exam dates as appropriate.
„„ Summary of your assignment and exam marks and a link to your
personal feedback.
ICA website
„„ Access to the Members Area for enrolled students only.
„„ Knowledge hub: useful reports, white papers, case studies, jurisdiction
specific legislation.
„„ ICA News: latest news from ICA.
„„ E-alert system: receive emails when there are amendments to the website.
„„ Discussion forum: QA.
„„ Bookshop: enjoy discounts on books.
ICT Learning Platform
„„ Homepage and Student Support Area.
„„ Course Guide.
„„ Course webinars.
„„ Assignments.
„„ Workshop preparation.
„„ Course reading.
„„ Self-Assessment Questions (SAQs).
„„ Tasks.
„„ Further reading and resources.
„„ Revision materials.
„„ Course Chat Room (course specific).
„„ Question and Answer Forum (course specific).
„„ News Forum (course specific).
4. Tutor and administrative support
You can contact one of our academic or administrative team members any time for
detailed queries. Your tutor will be familiar with the issues and problems facing you as
a delegate and is there to provide support and to answer general queries about the
course, the materials and the examinations. The administration team will be able to
assist you with administration-related issues.
Academic and administrative queries should be directed by email to your tutor through
the Question and Answer Forum of the ICT learning platform.
Contact details for queries concerning teaching and learning:
„„ post – addressed to the ICT Registry
„„ fax – addressed to the ICT Registry, on +44 (0)121 240 3002
„„ Using the QA forum on the ICT Learning Platform
„„ email to ICT@int-comp.com.
Contact details for assessment queries:
email to icaassessments@int-comp.org
telephone +44 121 362 7506
9. IX
Course Guide
Commence study
You are now ready to tackle the course content.
The course is structured in self-contained units. You should work through the units
progressively at your own pace. It is up to you how much time you spend and how you
organise your study. Further guidance is provided in the webinars on the ICT learning platform.
When planning your studies, keep in mind how the programme you are enrolled upon is
structured, taking a note of key dates, such as assignment submission dates, any workshop
dates (if applicable) and the examination date.
The programmes have been designed so that the average delegate who spends approximately
6–8 hours a week on study can complete the diploma in a 9–12 month period. This allows
ample time for delegates to thoroughly read through all the materials provided and attempt
the necessary number of SAQs, exercises and tasks, before attempting the assignments and
the examination that forms part of the overall assessment for the programme.
There is a good deal of information to work through, but you have plenty of time in which to
do so. Careful planning of your approach to study is crucial to your success.
Getting started action plan
1. Read this course guide and review other course documentation
2. Familiarise yourself with the ICT learning platform
3. View relevant webinars
4. Review the units
Now you are ready to commence study – best of luck!
10. X
Syllabus Content – International Diploma
in Governance, Risk and Compliance
Unit 1: Understanding Governance, Risk and Compliance
„„ Historical issues
„„ Regulatory objectives
„„ Defining effective GRC
„„ Benefits of effective GRC
„„ Promoting a successful GRC framework
„„ What next for GRC?
Unit 2: Ethics, Integrity and Organisational Culture
„„ Defining values, ethics and principles in financial services
„„ Regulation and principles
„„ How corporate social responsibility fits in
„„ Convergence of values, ethics, principles and corporate social responsibility
„„ Formulating and implementing a principles based business ethics and CSR approach
„„ Accountability
„„ An example of ethics and integrity in practice.
Unit 3: Understanding today’s regulatory environment
„„ How did we get to where we are today?
„„ Key influencers and their interests
„„ International best practices
„„ The structural basis of GRC regulation.
Unit 4: Know your regulator
„„ Legal frameworks
„„ Regulatory methodology
„„ Regulatory approach
„„ The powers of the regulator
„„ Examples
„„ Independence, transparency and accountability of the regulator.
Unit 5: What is the role of the compliance function?
„„ The educator
„„ The adviser
„„ Providing assurance
„„ Relationship management
„„ Conduct of business compliance
„„ Prudential compliance
„„ Recent developments in the role of the compliance officer.
11. XI
Syllabus Content – International Diploma in Governance, Risk and Compliance
Unit 6: Managing regulatory risk for the benefit of your firm
„„ Understanding the risk management process
„„ Designing an effective governance, risk and compliance risk management system
„„ Dealing with regulatory issues and enforcement.
Unit 7: Understanding how Corporate Governance underpins the
whole GRC framework
„„ The need for effective corporate governance
„„ What is corporate governance?
„„ Contexts – GRC
„„ Common principles of good corporate governance
„„ Implementing good corporate governance
„„ Governance culture
„„ Case studies.
Unit 8: How to design and build world class GRC systems
and controls
„„ How to implement effective GRC structures
„„ Developing GRC policies and procedures
„„ Disclosure
„„ Product development and selling practices
„„ Conflicts of interest
„„ Remuneration policies
„„ Advertising: clear, fair and not misleading?
„„ Outsourcing
„„ The importance of data protection
„„ Record keeping
„„ Whistle blowing.
Unit 9: Managing the Risks of Financial Crime
„„ Corporate governance requirements
„„ Bribery and corruption
„„ Money laundering and the MLRO
„„ Terrorist financing
„„ Market abuse and insider dealing
„„ Fraud
„„ Tax evasion
