Compliance in Financial Institutions
Lecture, 4.00 ECTS
This course discusses the compliance with laws, regulatory requirements, codes of conduct, best practice standards and voluntarily followed standards in the financial sector. In addition to theoretical aspects, the implementations of compliance management systems is discussed and illustrated by examples from practice.
The core contents of this course include:
 Basics and scope: relevant laws, guidelines, regulatory systems, codes of conduct;
 Practical implementation in financial institutions; compliance management systems, challenges with their implementation;
 Standard compliance code for Austria's credit sector (WKO);
 Standard compliance code for Austria's insurance sector (WKO).
Optional contents can include:
 Case studies: compliance management ;
 International comparison of compliance codes.
Successful participants in this module understand the legal, regulatory and consumer protection framework in the financial services sector. They understand the importance of following established market standards during their conduct of business. Particular focus is set on (a) the understanding of Austria's regulatory framework, (b) the implications of consumer protection rules in the financial sector, and (c) the management of reputational and legal risks by complying with regulatory requirements and voluntarily following industry quality standards.
Post completion of this module, students have advanced knowledge of legal and regulatory aspects relevant to the financial sector. This will enable them to improve their decision making in their respective professional roles.
Recommended or required reading and other learning resources / tools
References: AWS/BWG (2009): Banken und Versicherungen, Teil 2, Der rechtliche Rahmen für Banken und Versicherungen. Davis/Green (2008): Global Financial Regulation: The Essential Guide, Polity Press. Hauschka (2010): Corporate Compliance, Beck. Jackson et al (2012): International Law in Financial Regulation and Monetary Affairs, Oxford. Lucius et al (2010): Compliance im Finanzdienstleistungsbereich, Springer. Schwarzbartl/Pyrcek (2012): Compliance Management, Linde. Zweifel/Eisen (2008): Versicherungsökonomie (chapter 8), Springer.
Academic journals: Journal of Banking Regulation, Publications of BIS, WKO, FMA etc., Online: verbraucherrecht.at.
Mode of delivery
4 ECTS: Lecture
Prerequisites and co-requisites
Assessment methods and criteria
Lecture: final exam