Speaker 1: Hi folks, welcome back. Good morning. Good evening. Good afternoon. And which part of the world you are watching my video and we are continuing with our series of providing you the information about non-traditional courses, which a professional person who is either a chartered accountant or who has earned an engineering degree or has done something with related to cybersecurity. So we are trying to promote some of the non-traditional courses so that you can, the whole aim is to provide you with some new emerging fields of knowledge which you can undertake and you can give yourself more opportunities of getting hired or starting your own professional services or professional consultancy services. So the whole aim is like providing you with new and new ideas, which can be helpful for you to start having a sustainable career or start earning something as an extra bonus for yourself, even though you are employed also. So wherever you are, stay safe, follow the SOPs of the government. So that is the bottom line. So we are reaching you through the online platform and we will try to give you more and more videos on other traditional area of knowledge, which can be helpful for all of our candidates. So today I have come up with an information session on compliance and ethics, which is a new emerging fields. And we are going to discuss something about this. And the whole idea is that this compliance and ethics professionals, or the area of knowledge is good for all types of professionals, whether you are a chartered accountant or an engineer. And we are going to speak about the terms, what do we really mean by compliance and what we really mean by the ethics. And nowadays, most of the countries are having regulations with respect to doing compliance audits or compliance, like compliance regulatory affairs. Mostly in the banking, you have heard that they want you to submit the information about from where you are getting the money from and know your customer compliance. Then you have credit card compliance, you have data privacy or the customer information privacy compliance. And with respect to the ethics, you might be aware that most of the people or most of the organization, most of the countries have them, or most of the certification body have their code of ethics. And all the people are expected to have, or all the employees are expected to have a certain behavior while doing their conduct of business. So this is all about ethics. And today we are going to discuss about how compliance and ethics area of knowledge can be useful for trained and educated professionals, whether you are a chartered accountant, engineer, cybersecurity professional, you are in supply chain, or you are in banking sector, you can gain this knowledge in a short span of time. And this will increase your area of expertise. And you will be opening a wider window for yourself in the job market. So let's start the session. So formally welcoming you to today's session. And we are going to talk about the session, we are going to give you some examples of how we can understand the compliance, and why we are saying that it can be for everyone, why I feel that it is an amazing profession. And what are the essentials for compliance and ethics? What are various careers prospects we can think of? Something about myself, and I have come across some good institutes. So we are going to talk about them. And let's start with a short introduction. So today, as I mentioned that I will be considering to explain something about the elements of compliance and ethics, what are its various components. And a little bit background about this, if you see that compliance and ethics has been introduced in banking and major institutions and large corporate houses, as part of their corporate governance and regulatory requirements. And basically, what is happening is that all the corporates, all the institutions, all the banks, basically, if I am one person who is an investment, who is doing an investment opening a business, so I will be having lots and lots of employees in my organization with certain authorities. So as a shareholder or as the owner of the company, my whole intention will be that people who have been given the authoritative roles, they behave in a certain manner, which I always call as an ethics, and they should comply with the regulatory requirements. And whatever decisions they are taking, they are taking in compliance with the regulations or with the policies and the procedures which I have implemented in the organization itself. So that is all about a little bit of introduction. And what is my objective is to find out and explain to you what is compliant and ethics and give you a glimpse of how can you use this compliance and ethics knowledge and make you make it useful for yourself. And what career prospects we have in compliance and ethics while remaining in our domain. And we are going to talk about how this knowledge and career can be sustainable. And it is also a good idea for each of us post pandemic to think about that the job opportunities are going to be short. And there will be new emerging fields. And we have already seen that we are learning remotely, we are doing all the things online. So online and social media, and different prospects of startups are coming up. The only reason being that we have to change our thinking. And we have to rely on our knowledge and skills and we need to keep them enhancing so that we can go with the wind of today's market and make ourselves sustainable, not only for us, for our families and for the society at large. So let's discuss about as we are discussing about the definition of compliance, and it is basically only the action of compliance with the command or the state of meeting the rules or standards. In corporate world, it is a process of making sure that your companies and employers follow all rules, regulation, adopted standards, and whatever ethical practices that apply to your organization and at the jurisdiction at large. So by this, we really mean is that if there is a gift, no gift policy in your organization, okay, you should not be doing anything, pulling your employees or pulling your juniors. So that is the ethical practices. And whatever with respect to the level of authority, how and who has the authority to approve what. So this is basically comes under the jurisdiction of the compliance. And you will have local and regulations also like you cannot, for example, in this part of the world, you cannot film a person without the content consent of that person, you cannot even send bad remarks to the people, you cannot even do the racist remarks. So that's basically the ethical practices either it is given by the government itself, or the corporations are adopting it due to their policies itself. And because they make it as an ethical practices, we should be falling. So in business ethics context, compliance generally refers to a company's or a business person conformity with the laws and regulations. So we need to follow the rules set out by the government, and compliance and the means by which companies seeks to ensure that it give rise to interesting issues of corporate culture. So that is all about compliance and ethics. And now, we will also be discussing about ethics and compliance differences. But as we know that compliance, the boundary is usually defined by a law or regulation or a policy, and for which the adherence is mandatory. And I think as in one judgment and making choices about culture values, whether it is right or wrong, good or bad, about integrity, transparency, honorable behavior for each employee. Racism also comes in that and then gender discrimination also comes as part of ethics. So these kind of things are coming up. And now it has become as a profession, which can be adopted by anyone. So it's only a matter of if we can get this knowledge of compliance and ethics, and how we can prevent this, what are the deterrence controls, if we can learn this knowledge, we can giving us a chance of getting hired in good corporations, good companies, which are like investing in the people, they are good, they are making sure that their human resource capital is being taken care of. And we can be like, part of these companies also. So it is a very good knowledge area. And we can attain some certification, some qualification in this area and make ourselves more useful and more sustenance with respect to finding the job careers or starting our own firms. Because compliance and ethics, third party auditors are also there who get involved, who can work as a consultant also, who are hired to implement compliance and ethics program within a banking environment or within a corporate corporations or anywhere else in the common job market. So as we were discussing that this is a specialized field, professionals are trained to audit and verify compliance to regulatory rules and organizational policies. And most of the organization and institutions are hiring because they want to ensure compliance towards their obligatory requirements and establish policies and ethical culture. And now it is more because now at this time, there are regulations, there are heavy penalties on the people. And if you are just to give you an example, if you employ child labor for your institution, so most of the companies or most of the governments have banned doing any sort of transaction, any sort of trade with the countries or with the companies who involve child laborers. So that is also a part of compliance and ethical issues. Okay. And if you are having a racist comments in the Facebook, so people don't want to even hire those employees also. So these are kind of things are emerging as part of the regulation. So you will find that more and more jobs are coming up and in this times, in the newspapers, in the job market, and you will be hearing like people are hiring compliance professionals, people are hiring ethical professionals. So that is basically the need of the time today. So compliance and ethical professionals can work in audit compliance, corporate governance functions, and banks and financial institutions are actually mandated to have compliance and ethical functions for which they require services of certified compliance and ethical professionals. So compliance and ethics is an emerging profession due to the increased regulatory reforms to control and prevent non-compliance and unethical behaviors in the companies and the organizations. So we need to understand that this is an emerging profession. We are going to get lots and lots of things coming out of it. And it is in our interest that if we want to increase our domain with respect to earning some certification in this field. And this is the same thing about compliance and ethics. And basically the whole idea is to make you understand that this is a new emerging field and there are not much professionals in this field. And if we can get some certification out of it, so it is going to be a good career prospects for us. And it's an emerging profession again and again, because whether it is related to the government regulation, it is related to personal privacy issues, and companies are implementing entry barrier issues. Banks are doing know your customer compliance. So we stand a good chance in the market to get hired or increase our demand with respect to the job market or with respect to a consulting professional. If we are looking to invest our time, invest our resources and acquiring these certifications. The reason for compliance and ethics is that we need to understand there is a paradigm shift in the transactions business transactions. Previously, it used to happen in face to face transactions. Now, computers are talking into computers. So these are electronic transactions. And most of the time, we need to understand that if the computers are talking to computers, so there are certain compliance issues, which will arise with respect to the transaction itself or with respect to the transfer of money. So companies have policies with respect to each and everything of that. For example, if we are using the credit card information and storing it our payment gateway, so we need to comply with something which is called the PCI DSS compliance. Okay, and then we have to see whether there is any dispute form has been filed by somebody. So the compliance section will see that our systems are secure. Okay, even though it may be on the IT side also, but the compliance function will be ultimately responsible to make sure that if we are doing something with respect to the customer data or the privacy of the customer data, how we can avoid any sort of problems with that. And same thing applies to the shopping transaction. Also, even the big malls are carrying out lots and lots of compliance and ethical checks. The only reason being because they are operating online, they are talking to computers, they have to save customer data. So the customer data privacy is a big issue with respect to compliance and ethics. So because of this paradigm shift, after post-pandemic, you will see that people will be more going shopping online. The reason being they want to save their time and they can use this time of going to the physical shopping and they can utilize that time for their other endeavors also. Now, if you see in the organization, we have such a huge level of interactions between each other. So during this interaction, sometimes there is sometimes somebody can bypass, somebody can come collude, somebody can pass on the racist comments, somebody can post something which is bad for the company. So the compliance and ethics professionals basically will design something like this so that this kind of violations of the ethical policies, of the compliance policies are not taken place because some commercial people will have authority to take decisions on giving access or raising purchase orders to the suppliers. So somebody can collude, somebody can sell at their favorite suppliers. So these kinds of things are basically handled by the compliance and the ethics team under their corporate governance culture. And in the corporate governance, only the smaller people are not actually part of the compliance. The bigger people, the CEO level are also being evaluated by the board of directors because it goes from the shareholder down the line. So it is an interesting field. It's an emerging market and people used to say previously become a doctor, engineer, and now people are saying become a corporate professional because they are in demand. They are less certified people. So we can make use of this knowledge to get our place in the market. So these are all the things which are related to the compliance. Okay. And then there are standard of procedures. Somebody will be oversighting this one. Education and training can also be done by the compliance certified people. Okay. They can be involved in the monitoring and auditing, reporting they can do. They can be part of the enforcement if they are hired by the enforcement compliance agencies. Okay. If there is an issue, they can respond and prevent. So this is a good way of having good career prospects for this new technology. And it's an emerging field. Banks and other public listed companies are establishing compliance functions. It has better job prospects because most of the information processing is done to the IT systems. So if you know something about IT systems, you will be knowing that you will be more in demand if you can understand the compliance and ethics knowledge area with respect to the information technology and information. So it is as valuable for the cybersecurity people as valuable for supply chain. Because in the supply chain also we have lots and compliance issue. We have to comply with contractual obligations. Okay. And we make, we want to make sure that wherever we are exporting or importing those people or your customers or their suppliers are not involved in any acid 8,000 violation, any racism, any sort of where the human beings are being like not protected well, okay. Or the animals are being used for testing. So these kinds of ethical issues are coming day by day and people are boycotting those people, those companies also who are violating the environmental regulation who are destroying the environment also or who are affecting the environment in a negative manner. So these kinds of things, it's a very interesting topic and they can reach the audit function management level. We can establish our own consultancy firm. It's a good career path and the certification parts are available. Like you can go either for 19,600 compliance management system, auditor or copy implementer. You can also be involved in the anti-bribery management system with respect to lead auditor and lead implementer. And you can also be part of ISO 26,000, which is a corporate social responsibility management system as a lead implementer or a lead auditor. Now for me, I am a compliance and ethics professional and I'm still learning because it's a very interesting field. And today my whole aim was to come across and pass on this information to other people also that it is a good journey. And if you would like to be part of it, please do.