Carey Olsen litigation partner Mark Dunster (pictured) warned compliance practitioners that they need to take heed from past errors to avoid the traps when it comes to how they run their business. Advocate Mark Dunster, chairman of the Guernsey Association of Compliance Officers (GACO), presented a recent talk titled ‘Confessions of a Regulatory Lawyer' to an audience of more than 100 compliance professionals. He took the audience through a series of case studies where errors, human failings and negligence brought the practitioners into conflict with regulators, stressing one constant theme: learn from the traps in which others had already fallen. The 10 lessons compliance officers needed to learn centred on ensuring practitioners kept accurate and detailed records, maintained contact with the regulator and stayed up-to-date and trained. He also discussed the new technologies which can affect the compliance function and the risk factors involved. Advocate Dunster said: “If every one of these lessons was followed the Guernsey industry would be the best in the world without a doubt. However, we are humans and humans are fallible so mistakes will sometimes be made. “Perhaps most importantly we need to properly understand the benefits of making a mistake and how to properly take on board the lessons we can learn.”
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