Compliance Assurance
For any regulated financial services firm, ensuring the firm’s compliance framework is fit for purpose should be a key priority. However even for a firm willing to devote considerable time and resource to the task of developing and implementing a robust compliance framework, this can still be an area that presents a number of challenges.
The regulatory requirements applicable to a firm are complex and are also unlikely to remain static for any significant period of time. Changes in the rules themselves are commonplace, whilst even a small change to a firm’s business model, strategy or operating practices can introduce new requirements. Furthermore, industry standard practice will inevitably evolve over time, and the FCA will expect firms to have taken and to continue to take all of this into account; being an “outlier” in terms of approach to compliance can lead to FCA focus and questioning.
Finnovation has now developed its compliance benchmarking service, specifically to address the desire on the part of compliance officers and senior management to obtain assurance regarding the appropriateness of their compliance arrangements.
This service involves a comprehensive review of the firm’s compliance arrangements, covering areas including:
- Policies, procedures and controls
- Compliance resource levels
- Governance and internal reporting
- Training
- Consumer duty
- Financial promotions
With the findings from this review presented verbally to the firm’s senior management and, where required, in written format, this service can provide vital pointers as to areas for improvement as well as giving senior management the comfort and assurance that they are meeting their regulatory obligations.
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