So you have just had a visit from the Regulator, and things haven’t gone as well as you hoped.
Following a visit from the Regulator, any issues that are identified which need to be rectified are set out in a Risk Mitigation Programme (RMP). Typically, these issues tend to focus on Anti-Money Laundering (AML), Treating Customers Fairly (TCF) and Conduct of Business, as well as other issues such as Corporate Governance and Prudential Requirements.
These issues will need to be resolved in a certain way and by a fixed deadline and failing to do so could lead to a fine, enforceable undertaking, public censure or even withdrawal of your Firm’s license.
There may be some findings you disagree with, some you acknowledge that you need to rectify, and others you didn’t even know could be an issue.
Partnering with the right Compliance Consultant
CCL has provided many firms with the assistance required to correct issues identified and respond to the Regulator within a defined time period with acceptable solutions. It is key that these solutions meet the deficiency identified by the Regulator but also that they are workable for your Firm, auditable, documented and distributed to all involved. Many firms focus on the response to the RMP rather than looking for a long term solution. However, CCL will assist you in reviewing the findings, rectifying the issues and establishing a framework to ensure future issues do not occur.
With an RMP, time is of the essence; you need to take action now
If you have received an RMP the clock is already counting down. When you contact CCL’s Consultancy Team we will get to work straight away by reviewing the findings of the RMP with your senior management team and agreeing on an initial response and an action plan. We will then project manage the entire process as well as the implementation of the relevant solutions.
Our response to your Regulator will be accurate, detailed, yet concise, and provide them with the comfort they require to have confidence in the compliance arrangements of your Firm. Contact our Remediation specialists to get to work on your response now.