INS2021 - Governance Regulations and Compliance Management

Course Title

MQF Level

Duration and Credits

Semester 1

4 ECTS

Mode of Study

Part-Time Day

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This micro-credential is exclusively being offered to the Malta Stock Exchange (MSE).

This study-unit provides an introduction to the comprehensive treatment of governance and regulation governing compliance requirements such as Prevention of Money Laundering, the Solvency II Directive, the Insurance Distribution Directive, GDPR etc.

It will also delve into other broader governance and risk initiatives that have been promulgated by regulation and that are currently under the regulatory spotlight. These include, conduct risk management, the role of gatekeepers and the lines of defense. The subject will be tackled both from both a practical and theoretical perspective.

Supplementary Reading List

Baldwin R, Cave M and Lodge M (eds),2010. The Oxford Handbook of Regulation (Oxford University Press).
Brunnermeier M et al, 2009.鈥楾he Fundamental Principles of Financial Regulation鈥� Geneva Reports on the World Economy 11.
EIOPA, Guidelines on System of Governance. 2015. available at https://eiopa.europa.eu/GuidelinesSII/EIOPA-BoS-14-253_GL%20on%20system%20of%20governance.pdf
Llewellyn D, 1999. 鈥楾he case for financial regulation鈥�1 Journal of International Financial Markets 153.
MacNeil I, 2015. 鈥楻ethinking conduct regulation鈥� 30 Journal of International Banking and Financial Law 413.
Moloney N, Ferran E and Payne J (eds),2015. The Oxford Handbook of Financial Regulation (Oxford University Press).
Siclari D., 2016. The New Anti-Money Laundering Law: First Perspectives on the Fourth European Union Directive.

Study-unit Aims

The aim of this study-unit is to familiarize students with the governance, regulations and compliance needs of insurance undertakings as dictated by regulation. The main objectives of this study-unit are to provide students with an appreciation of the relationship between good corporate governance, compliance and risk management, an understanding of the importance of the compliance function, and knowledge of the operation of reliable and effective internal controls to manage and minimise the risk of material compliance failures.

More broadly, the aim of this study-unit is to provide students with an appreciation of the evolving regulatory tools and approaches, including the shift from a rules-based to a principles-based approach as well as the more intrusive mindset that is seeping through the regulators' supervisory and enforcement agendas.

Learning Outcomes: Knowledge and Understanding

By the end of the study-unit the student will be able to:

Identify the different lines of governance and accountability within an organisation;
Define the interactions between different stakeholders (internal and external to a company);
Plan the evolving role of regulation and compliance management in its more intrusive and complex framework.

In general, following completion of the study-unit, students will be able to define the regulatory framework governing risk and compliance, the objectives of European and Maltese authorities in regulating key areas of concern in relation to these matters, as well as a broad plan of the direction of travel of the regulatory framework over the years to come.

They will be also able to examine and discuss Prevention of Money Laundering, the Importance of Transparency, Conflict of Interest and its effect, Standards, The Rule of Law, Data Protection, Gate-keeping and Ethics amongst other areas.

Learning Outcomes: Skills

By the end of the study-unit the student will be able to:

Evaluate the impact of regulation on the compliance requirements of an insurance entity;
Interpret regulatory requirements on governance, risk and compliance in managing operational risk;
Interpret developments in the regulatory regime in connection with compliance matters.

Non EU Applicants:

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Micro-credentials offer the possibility of providing flexible learning pathways to respond to evolving needs and new developments, thus enabling students to tailor their studies to their needs. Micro-credentials may be combined or transferred into larger credentials, such as certificates, diplomas and degrees, provided that the relevant programme requirements are met. Applicants wishing to transfer micro-credentials to a programme of study are encouraged to seek the advice of the relevant academic entity.