b) Select two products or services offered by your chosen firm. Using these products or services as the basis, explain to the new member of compliance staff the risk assessment process in place within your firm to help them understand this process. In doing so: • compare and contrast the two products or services from a risk perspective, and • briefly explain each stage of the risk assessment process. (19 marks) (Total 25 marks)

Question 3 Worldwide is a firm newly regulated in a jurisdiction and sector of your choice. The recently appointed head of compliance has been given a mandate by the executive board to design, implement and manage the compliance function and is due to attend the next board meeting to provide an overview of these plans. The compliance function is part of the risk division within the firm and in their new role the head of compliance reports to the director of risk. Prepare a report for the executive board to accompany the presentation by the head of compliance at that meeting, taking the board through the key steps required in this process, identifying the critical success factors along the way. The report should also make clear what the main challenges to the successful completion of this programme are and explain why these are the main challenges, as well as providing a clear indication of how these can be managed. (25 marks)

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