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FCA Regulatory Compliance Monitoring Requirements and Us

Compliance Monitoring As a Service

Compliance assistance has two essential roles. This is both advising on and monitoring of compliance issues.

Firms should have a comprehensive risk-based monitoring plan. The plan should identify the regulatory risks which exist, measure these relative to impact and likelihood, identify priorities and document risk mitigation activities. Mitigation measures often take the form of undertaking regular monitoring of the risks identified. The plan should evidence how your firm manages its risks relative to treating its customers fairly.

The compliance monitoring plan should establish what areas will be tested, how they will be tested, how frequently this will occur and who needs to get involved. The plan should be reviewed regularly, at the very least annually and be signed off by senior management. It should also be proactive and interactive i.e. be flexible enough to adapt to new risks identified, regulatory developments and changes to existing risk profiles. Records should be maintained of monitoring carried out and including any actions agreed to improve the effectiveness of systems and controls, and who should progress or implement these upgrades.
How we can help
Compliance Consultant has extensive experience of providing compliance monitoring for firms. This includes:
  • documenting new risk based compliance monitoring plans, to ensure that these reflect regulatory requirements but are also appropriate to your firm’s own circumstances
  • reviewing existing plans to assess completeness and effectiveness and also of the monitoring process itself
  • carrying out routine monitoring under the firm’s existing plan as an ‘outsourced’ resource
  • reviewing the outcome of the monitoring process involving reporting to senior management and completing remedial actions
  • Compliance monitoring services can be provided either on a time cost basis or we can agree a monthly retainer to cover regular monitoring (i.e quarterly, half yearly or annually) as required.

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