As FCA Compliance Consultants we are always being asked to conduct Compliance Health-checks or Compliance Audits.
A compliance health-check or compliance audit is one of the most common services that we provide to our clients.
A health-check is different from routine compliance monitoring. It focuses on a high level review of the overall effectiveness of existing compliance arrangements and it helps firms assess whether their compliance arrangements are adequate.
More importantly, it helps firms to identify any compliance gaps and where relevant, makes recommendations on how to address these.
The process normally includes an independent FCA Compliance Consultants review of :
• Compliance documentation
• Compliance corporate governance reporting
• Senior Management systems and controls and compliance policies
It may often include a review of:
• Compliance risk-management
• Prudential supervision and regulatory reporting requirements
• The compliance function itself including independence and resourcing
The scope of the health-check is agreed in advance. ‘Focused’ health-checks can also be provided on a narrower range of areas if required. Full health-checks normally includes a half-day site visit, desk-based reviews of documentation and a written report. Additional support on remedial action can also be agreed if required.
Whatever your need, we can create a bespoke health-check or audit on the specific areas you need.
Having an independent FCA Compliance Consultants review of your firm’s arrangements can be a very constructive process and gives you a fresh benchmark on the effectiveness of your existing arrangements.
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