The backbone to any compliance framework is its documentation which must be clear, relevant, and up to date. The ability to show not only the regulator, but your own employees, actual relevant policies and procedures that are tailored for your firm helps build a positive compliance culture and is integral to the smooth running of every financial business while helping to reduce your exposure to regulatory risk.
Reviewing your documentation helps to build a resilient foundation to your business’ compliance framework, ensures your systems and controls are strong and
accurately reflects what is happening in practice.
Download our knowledge series article for ten top tips you can put into action now to ensure that your compliance and risk framework remains resilient.
What should you do if key documentation or information is missing?
If you have not updated your manuals for a year or so there are a lot of quick wins to reduce your firm’s regulatory risk. By following our advice to update your manuals, policies and staff training around these regulatory changes you can avoid regulatory action and ensure your framework remains robust and relevant.
If you need support with implementing these updates within your firm, contact us now to see how we can support you.