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Areas where we can support firms, include;

The scope of regulatory assurance audit consists of assessing whether a firm continues to satisfy the FCA’s standards and industry best practice. Firms should seek to assess the suitability of the processes and arrangements which are in place such as;

 

  • Regulatory reporting, notifications (e.g. changes in approved person’s details, change in control notifications etc.) and the maintenance of up to date standing data/firm details (effective supervision).
  • Oversight over the ongoing solvency of the firm and appropriate provisions against liabilities (e.g. legal liabilities that may arise as a result of misconduct) (appropriate financial resources).
  • Oversight of the firm’s training and competence process for staff involved in the conduct of the regulated activities (appropriate human resources).
  • Oversight of the firm’s quality assurance process to ensure that staff are demonstrating conduct that complies with the training provided and equally complies with the requirements under the regulatory system (appropriate human resources).
  • The operations/suitability of the firm’s ‘three lines of defence’ regulatory shield, namely risk assessment, compliance (risk control) and internal audit (compliance monitoring). We will also review the governance structure that supports the firm’s systems and controls (i.e. regulatory risk management framework).
  • The appropriate use of IT systems to support the conduct of the regulated activities (if applicable). This will consist of examining the typical audit trail provided on the IT system (e.g. CRM systems) to establish adequacy.

 

Get our help with auditing and past business reviews

 

Our audit methodology consists of conducting an adequacy assessment of a firm’s policies, procedures and supporting documents to establish whether a firm’s documented compliance framework meets the requirements under the regulatory system. This is supported by conducting an interview with select members of the firm’s senior management team to ascertain representations of a firm’s processes in practice (supported by, where appropriate, inspecting sample records).

 

We produce written feedback by way of an audit report where we identify areas that require improvements and set out recommendations to the firm.

 

Our team of dedicated professionals conduct a range of services which are tailored to your budget from remote regulatory assurance audit to full scope regulatory assurance audit.

 

Get in touch with us now to discuss your regulatory assurance auditing and past business reviews.

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Why choose The Compliance Company?

It is a fact of life that from time to time, firms get things wrong; internal or external compliance reviews may reveal FCA rule or Principle breaches which may warrant a review of business written and subsequent remediation (PBR) to put a customer back into a position had the breach or mis-sale not happened. These reviews are used to identify individual customer detriment but also to highlight broader systemic risks to business and customers. The FCA may also require firms to undertake remediation exercises in response to known industry and thematic issues to ensure affected customers are treated fairly.

 

 

 

 

 

 

 

 

What our Clients Say

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  • “Jourdain has been exceptional in providing an efficient and thorough support service throughout our GDPR journey to date. He offers clear advice and has been only too happy to answer queries on any scale. We have been very appreciative of his prompt response on each occasion and find him a very beneficial addition to the team. We look forward to working Jourdain in the future.”

    Becky Ashley-Still

    Ethos Asset Finance Limited

  • “[The Compliance Company] did a fast and extremely efficient job in updating all our documentation and processes ahead of GDPR. It was accurate, and on time – first time! This service is truly great value for money.”

    Gary Miller-Cheevers

    Tallaght Financial Limited

  • “We have worked with [The Compliance Company] company for sometime and enjoyed a very professional and client friendly service. We were therefore very relieve to learn that they were now providing a GDPR consultancy and support service which we gladly signed up for. Jourdain Tambo was a fountain of knowledge and his expertise and friendly guidance was absolutely invaluable in guiding us through the whole process of GDPR compliance, we are now not only confident we have put all the necessary procedures in place, but also the consultancy service is there for us to provide ongoing advice when necessary”

    Terry Hunt

    Clarity Copies (High Wycombe) Ltd

  • “We approached CCC with an intial enquiry about GDPR, which resulted in a full Gap analysis and breakdown of our individual requirements. We were impressed from start to finish with Jourdain's approach and the outcomes of the analysis and the support to implement the improvements into our business”

    Richard Thornton

    The Consultancy

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