Compliance monitoring plays a crucial role in the systems and controls of regulated firms. It is instrumental in fostering good conduct and culture by embedding adherence to expected compliance standards.
The specific requirements for establishing control systems vary based on the regulatory framework, as well as the nature, scale, and complexity of a firm’s business activities and client base. A standardised approach cannot effectively address these diverse needs.
Every regulated firm should establish a robust and effective compliance monitoring framework that enables:
- Consistent and effective adherence to internal policies and procedures.
- Continued operational effectiveness of processes and controls to meet regulatory requirements.
- Prompt identification of issues, followed by timely actions to address and rectify them.
Regulators are increasingly emphasising compliance monitoring, expecting firms to demonstrate not only the appropriateness of their control systems’ design but also their operational effectiveness. Effective compliance monitoring not only identifies failures in controls or processes but also provides stakeholders with assurance that the firm is fulfilling its regulatory obligations.
Compliance monitoring programs should encompass a comprehensive range of activities, including an assessment of senior management governance and control arrangements, evaluation of outsourced services, and examination of third-party providers’ adherence to regulatory requirements.
Many compliance teams face challenges related to resource constraints and growing business and regulatory demands. Consequently, some firms may have deferred aspects of their compliance monitoring. Danos Consulting offers a comprehensive outsourced compliance service to businesses, ranging from advice and policy design to documentation, frameworks, and daily monitoring of key regulatory processes. Our network includes experienced consultants and interim regulatory and compliance professionals, offering a flexible solution that complements your existing compliance resources and ensures you meet your regulatory responsibilities.
To explore how Danos Consulting can support your business, please contact Jamie Anderson, who will be delighted to provide guidance on the appropriate solutions:
Head of Consulting Solutions, Danos Consulting
T: +44 (0) 782 164 0330