Compliance Monitoring

However, designing, documenting and delivering an appropriate monitoring programme can present challenges, particularly for those firms who have limited compliance resources available or who have limited experience of this important task. In particular, it can be difficult to ensure that the monitoring programme is proportionate and places the right degree of focus on each area of the business, taking into account the complexity of the relevant requirements and the risk presented by non-compliance.

Furthermore, for all but the largest of firms, it is unlikely that the firm will be able to justify a dedicated, independent compliance monitoring function, with the result that individuals involved in monitoring activity may have a conflict of interest due to them having been involved in the development of the policies, procedures or controls that monitoring activity is intended to review.

Finnovation’s team of compliance specialists can help firms meet the challenge of delivering an effective and proportionate monitoring programme – one that will add real value to the business by providing assurance or identifying areas for improvement. Our experts have extensive experience of working with firms across the financial services sector in this respect.

Depending on your needs, our experts can:

• Engage with your compliance, operations and management teams to help identify the areas that will need to be covered within your monitoring programme;
• Help you identify the specific approach to monitoring in each area, ensuring this maximises the value that the monitoring activity will deliver;
• Support you in developing an appropriate dashboard or other means of communicating the results of monitoring activity to the firm’s senior management;
• Provide additional resource to carry out monitoring activity independently. 

In each case, our involvement will help ensure your business operates efficiently and compliantly.