The value that IFIA members provide to their clients is trust, and it is for this reason that IFIA has chosen to adopt and implement a Compliance Code to encapsulate the integrity for which membership stands. The code consists of two documents, the IFIA Compliance Code, Third Edition, April 2007 and the IFIA Compliance Code: Guidelines on Implementation, rev. 5 December 2013.
The Compliance Principles address technical and business professional conduct and ethics in relation to the following areas:
Conflicts of interest
It is a condition of IFIA membership that members implement and abide by the Compliance Code. This entails:
Approval of the member’s implementation by IFIA
A Compliance Programme throughout the member’s organisation
Policies and procedures in accordance with the Code
Training of staff globally
Regular monitoring of compliance with the Code.
The objective is a sound and verified basis for trust.
To ensure the effectiveness of their implementation, members are required to submit their Compliance Programme to an annual independent examination whose results are reported to IFIA. To assist with this process, IFIA has published the document IFIA Guidance Checklist for Members’ Internal Compliance Audits.
IFIA has also issued the IFIA Compliance Training Guide as an aid to member companies when training their staff.
IFIA has additionally issued a Guidance Note for IFIA Members on the UK Bribery Act 2010.
Compliance issues are monitored by the Compliance Committee, whose members are listed below:
ALS, Bureau Veritas, Cotecna Inspection SA, Control Union, DEKRA, Intertek Group Plc, Rina S.p.A, SGS, Saybolt, TÜV Rheinland, TÜV SÜD, Underwriters Laboratories