Developing a Maturity Model for the Compliance Function of Investment Firms: A Preliminary Case Study from Norway

Helena Holter Antonsen and Dag Øivind Madsen
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Helena Holter Antonsen: Department of Business, Marketing and Law, USN School of Business, University of South-Eastern Norway, 3511 Hønefoss, Norway
Dag Øivind Madsen: Department of Business, Marketing and Law, USN School of Business, University of South-Eastern Norway, 3511 Hønefoss, Norway

Administrative Sciences, 2021, vol. 11, issue 4, 1-34

Abstract: This paper develops a model for the assessment of the maturity of the compliance function of investment firms. The model indicates a path of evolution wherein the compliance function matures from being reactive and inconsistent to becoming a proactive and integrated part of a firm’s business practices. A preliminary case study approach is used to test the practical application of the model in a Norwegian investment firm. The findings generally illustrate the ways in which the effectiveness of the compliance function can be evaluated using a maturity model. When it was used in the assessment of the compliance function within the case firm, the suggested model proved to be compatible with practice. The model represents an improvement framework that can help practitioners identify the status of the compliance function and provide guidance on its future improvement.

Keywords: maturity model; compliance function; internal control; risk management; implementation; governance (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2021
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