Why Is Outsourcing Your Compliance Monitoring A Good Move?
Many regulated firms and their Compliance teams can face resourcing challenges in both capacity and expertise. Consequently, firms are either actively contracting out or they are looking to outsource certain elements of their Compliance Monitoring Programmes (CMP). The outsourcing of Compliance Monitoring brings potential benefits to a firm such as:
- Additional independent and objective resources.
- Access to deep subject matter experts and specialist expertise.
- An up-to-date industry-wide and international perspective.
- Scalable resources and headcount flexibility.
Important considerations when outsourcing your Compliance Monitoring:
- Have clear demonstratable oversight and accountability by senior management, with the scope and deliverables agreed, together with periodic assessment and evaluation of the CMP results.
- Use a consultancy partner with the requisite knowledge and expertise of the applicable regulatory requirements and their nuisances.
- Build a long-term relationship with a consultancy firm who is prepared to invest the time to really understand your business activities and the critical compliance processes.
- Use capable professionals or senior practitioners who will add-value, stick to timelines, and provide suitable objective challenges.
Danos Consulting is a specialist consultancy firm for leading organisations across Financial Services, Commerce and Industry and the Public Sector. With access to an unparalleled talent network, we provide experienced first-class practitioners. We have placed teams onsite for a multitude of clients to implement new monitoring and assurance programmes, and in most cases these clients have retained these experts to deliver various outcome based workstreams.
If you would like to discuss how we can support you with your Compliance Monitoring or Consulting needs, please contact Gurjit Purewal who will be very happy to advise on the right solutions to ensure you are meeting your regulatory responsibilities.
Gurjit Purewal | Danos Consulting
E: firstname.lastname@example.org | T: +44 (0) 20 7610 6442