Reducing the Cost of Compliance

Speaker

Oonagh van den Berg

About The Speaker

Oonagh van den Berg is a globally recognised, award-winning compliance expert with over 20 years of experience in financial services. A dynamic keynote speaker and respected educator, she is a regular contributor to leading global conferences, industry events, and academic institutions.

Oonagh has spearheaded complex compliance initiatives at top-tier financial institutions, including HSBC, Citi, and ING, and has successfully navigated GRC and licensing approvals for innovative fintech and crypto firms like the global crypto exchange Uphold. Her career began in law, training at the European Central Bank’s DG Legal in Frankfurt.

Renowned for her deep expertise in regulatory compliance and financial crime risk management, Oonagh is also a passionate advocate for the global compliance community. In 2020, she founded RAW Compliance, a groundbreaking platform offering free compliance training and mentoring worldwide.

As the Founder and Managing Director of Virtual Risk Solutions (VRS), Oonagh specializes in Governance, Risk, and Compliance (GRC). She is also the co-founder of Funds Rehab, a platform dedicated to helping victims of financial scams and fraud recover their losses. In addition to her professional achievements, Oonagh is the podcast host of “The Compliance Word” and a devoted mother of three. Her work and influence continue to shape the future of compliance and inspire professionals across the globe.

Upcoming Event

Reducing the Cost of Compliance

  • March 28th, 2025
  • Online
  • 1PM to 4PM
  • Rs 10,000 (MQA approved & HRDC refundable)
Register Now
Course Details

Overview

Equip participants with strategies to streamline compliance processes, optimize resources, and effectively reduce costs without compromising regulatory standards.

Course Outline

Module 1: Introduction

1. Welcome and Objectives

  • Overview of training goals.
  • Importance of cost efficiency in compliance.

2. Challenges in Cost-Effective Compliance

  • Specific challenges faced by corporate service providers in Mauritius.
  • Global trends impacting compliance costs.

Module 2: Designing an Efficient Compliance Team

1. Team Structure and Role Optimization

  • Building the right team size for your organization’s needs.
  • Clearly defining roles and responsibilities to avoid redundancy.
  • Balancing generalists and specialists within the team.

2. Challenges in Cost-Effective Compliance

  • Outsourcing vs. in-house compliance tasks.
  • Utilizing shared services for cost savings.

3. Case Study Discussion

  • Example of a well-structured compliance team.

Module 3: Developing Key Skill Sets

1. Essential Skills for Cost-Efficient Compliance

  • Prioritizing risk-based approaches.
  • Critical skills for automation, data analytics, and risk management.
  • Training and upskilling strategies for existing staff.

2. Collaboration and Cross-Functional Skills

  • Fostering collaboration between compliance and business teams.
  • Developing financial and operational awareness within compliance teams.

Module 4: Implementing Optimal Compliance Frameworks

1. Adopting Risk-Based Compliance Frameworks

  • Using a risk-based approach to focus on high-priority areas.
  • Setting up proportional frameworks for smaller organizations.

2. Simplifying Policies and Procedures

  • How to draft and implement clear, concise policies.
  • Ensuring regulatory compliance while minimizing unnecessary complexity.

3. Benchmarking and Best Practices

  • Review of international and regional benchmarks.
  • How to measure and evaluate framework effectiveness.

Module 5: Automation for Cost Reduction

1. Automation Fundamentals

  • Identifying processes ripe for automation (e.g., client onboarding, transaction monitoring).
  • Tools for simple automation: Excel macros, RPA (Robotic Process Automation).

2. Scaling Up: Advanced Automation and AI

  • Transitioning from simple to complex automation.
  • Using AI/ML for anomaly detection, enhanced due diligence, and reporting.

3. Assessing ROI of Automation Tools

  • Balancing the cost of automation with long-term savings.
  • Real-world examples of successful automation in compliance.

Module 6: Continuous Improvement and Monitoring

1. Data-Driven Compliance

  • Leveraging data analytics to identify inefficiencies.
  • Using dashboards for real-time monitoring and decision-making.

2. Periodic Review of Compliance Processes

  • Strategies for conducting cost-benefit analyses.
  • Iterative improvements to frameworks and automation systems.
Register Now

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