A new British Standard, developed in response to calls for greater governance within the financial services industry, is to be launched tomorrow.

BS 8453 Compliance framework for regulated financial services firms is the first standard of its kind and will help firms to manage their regulatory risks, it is claimed.

BSI has developed BS 8453 in collaboration with a group of trade associations, industry practitioners and professional bodies to provide a set of agreed measures that will achieve a transparent compliance culture within a firm.

By implementing BS 8453 a firm will be following good practice for compliance risk monitoring, reporting and training. The standard also includes advice on the design and frequency of reporting processes, and will allow firms to demonstrate that their compliance function is robust.

The standard can be used as a benchmarking tool by those working in compliance oversight functions, those with audit and assurance responsibilities within a firm, and external compliance consultants.

Mike Low, director of BSI Standards, said: “Operating to the BS 8453 framework will embed the principles and processes that support effective compliance programmes. These can help firms to prevent compliance failures while developing a culture which better protects the interests of shareholders