Areas for attention for compliance and internal audit functions at fund managers

Summary

Many fund managers have their compliance and internal audit functions well organised. Nevertheless, improvements are needed. For example, documentation is not always up to date, fund managers do not always retain sufficient control when outsourcing, and decisions based on proportionality are often insufficiently substantiated. This is evident from research carried out by the Dutch Authority for the Financial Markets (AFM) among Dutch fund managers, conducted as part of a European Common Super...