Compliance Monitoring arrangements within regulated firms is an integral part of their systems and controls. It is also seen as essential for driving good conduct and culture by embedding adherence with expected compliance standards.
The nature and extent of the systems of control that are required will depend upon the relevant requirements of the regulatory system, and the nature, scale and complexity of the business activities and respective clients – so a one size fits all is not going to work!
All regulated firms should establish a robust and effective Compliance Monitoring framework, to enable successful Compliance Monitoring that:
- Ensures internal policies and procedures are being consistently and effectively adhered to.
- Guarantees the continuing operational effectiveness of processes and controls facilitating adherence with the regulatory requirements.
- Where issues are identified, the resulting follow-up should result in timely actions being taken to address and remedy them.
There is a continued focus from the regulators on Compliance Monitoring, with an emphasis on firms to demonstrate that not only is the design of their systems and controls appropriate, but also that they are operating as they should. Consequently, effective Compliance Monitoring not only identifies control or process failures, but also provides stakeholders with assurance that the firm is fulfilling its regulatory obligations.
Compliance Monitoring Programmes (CMP) should cover the full range of activities including an assessment of the senior management governance and control arrangements, any outsourced services, and assessment of third-party provider’s adherence to regulatory requirements.
Many compliance teams are under pressure with resourcing challenges and increased business and regulatory demands. Consequently, some firms may have postponed elements of their Compliance Monitoring. Danos Consulting can provide a comprehensive outsourced compliance service to businesses. From advice and delivery of policy design, documentation, and frameworks, to the daily monitoring on key regulatory processes. We have access to a bench of consultants and interim regulatory and compliance professionals, providing a flexible solution that complements your existing compliance resources and ensures you are meeting your regulatory responsibilities.
If you would like to find out how Danos Consulting can support your business, please contact Gurjit Purewal who will be very happy to advise on the right solutions.
Gurjit Purewal | Danos Consulting
E: firstname.lastname@example.org | T: +44 (0) 20 7610 6442