Why is a Regulatory Compliance Review important to your Firm?
The constant stream of new regulations affecting your business, together with the trend of increasing fines and other disciplinary measures taken by regulators, has resulted in Compliance becoming a dominant issue for the financial services industry. The costs of compliance failures or misconduct are high; your Regulator could revoke your licence, impose fines and publicise its assessment of your failings, all of which can have a negative reputational impact on your Firm.
The costs of compliance failures or misconduct are high
A Regulatory Compliance Review can help you to identify weaknesses in your compliance systems and controls and remedy them before they become a systematic issue, and before you have an inspection visit from your regulator.
What would a Regulatory Compliance Review cover?
Our compliance consultants have extensive experience in conducting Regulatory Compliance Reviews. Our review of your Firm’s compliance framework would include:
- Reviewing your corporate governance arrangements and assessing the effectiveness in mitigating compliance risk
- Reviewing and updating all manuals and documentation to ensure that they cover all relevant rules and regulations affecting your business
- Identifying all relevant compliance risks and ensuring that you have a robust system of controls in place
- Testing the implementation of your Policies and Procedures to ensure that controls are operating effectively and as intended
- Reviewing the output and management information produced by your Firm to identify compliance risks
- Reporting to senior management and the Board on the results of the review.
During our regulatory compliance review, if any gaps or weaknesses in your compliance framework are identified, our experienced team of compliance experts can make recommendations to improve or remediate where necessary.
What should you do now?
For a review of your regulatory compliance framework, contact our compliance consultancy team.