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Auditing the Compliance function

An independent objective audit of a firms’ compliance function conducted by an external regulatory compliance consultant can pay dividends.

Areas typically covered during an audit of the firms’ compliance department include: -

- an examination of the departments’ own procedures, systems and controls (for example: the provision of management information to the business; the extent of its responsibilities for monitoring and advising the business on regulatory risk; dealing with non-compliance; the financial promotions approval process; and; the coverage of detailed monitoring programmes).In particular, are standards proportionate to the size and complexity of the business.
- Service standards. Does the department have published service standards against which its progress and contribution to the business can be measured by the Board/executive management team? This is particularly significant where the department has a Compliance Plan.
- Relationship management. How do other departments perceive the Compliance departments’ contribution to the business? It is not unusual for business relationships to become strained over time. What can be done to mitigate this?
- Is over-reliance being placed on the words of relatively junior regulatory staff?

Unlike an audit carried out by the firms’ own Internal Audit function, an external review conducted by an experienced regulatory compliance consultant can also consider the veracity of the guidance provided by the department to the business (for example, the ‘compliance manual’; its procedures for mitigating the risk of financial crime, and; the periodic guidance provided to the business in relation to rule changes affecting the business).

To obtain more information about this service, contact us.

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