International Diploma in Governance, Risk and Compliance

Question

Taking action against firms that do not meet the required regulatory standards is an important element of an effective regulatory regime. Regulators generally have a variety of disciplinary, criminal and civil powers available to them to take action against firms and individuals who are failing or have failed to meet the standards required.

Research the approach to enforcement by the regulator in a jurisdiction and sector of your choice since the beginning of this decade. Evaluate how effective the approach to enforcement has been, both in your chosen jurisdiction and sector and in other jurisdictions, and consider how this might be improved upon.

From the perspective of a governance, risk and compliance (GRC) professional writing on this topic, produce a paper to be used as the basis of discussion with a group of your GRC peers, that:

- Considers how the approach taken to enforcement supports regulators' authorisation, standard setting and supervision activities

- Addresses how the current approach could be further improved to more effectively achieve regulatory objectives, stating clearly how you believe this will benefit your chosen jurisdiction and sector, and a firm of your choosing that is regulated within that sector.

Support your paper with examples that will aid discussion on this topic.