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5 October 2021

Having your own business is a huge achievement and every success should most definitely be celebrated. Most people don’t understand the amount of hard work that goes into creating a triumphant company. Arguably, one of the most difficult parts of a business is ensuring you are compliant and following all regulations and standards. Here at The Compliance Company, we take care of this side of the business and leave the fun and creativity to you!

One key step to ensuring your business is compliant is to create a compliance monitoring plan (CMP). Compliance monitoring refers to the quality assurance tests organisations do to check how well their business operations meet their regulatory and internal process obligations; the need to monitor compliance performance is a regulatory requirement that is rapidly increasing. The impact of COVID-19 is evident everywhere, on people, organisations and the wider economy.  It has led to many changes in how businesses operate, which in turn has promoted changes and expectations from regulators. Compliance teams are busier than ever as they deal with new emerging risks from COVID-19.

Monitoring your current approach is one of the five stages of an effective compliance program. This is accompanied by other factors including leadership, standards and controls, training and communications and oversight. As well as keeping your business afloat, following the compliance guidelines and creating a CMP also highlights strengths and weaknesses in your organisation whilst providing the comfort that you’re meeting your regulatory obligations. Yes, they’re an all round winner and the ‘monotonous’ work does pay off!

But why is it relevant you may ask? Regulatory compliance obligations are rising over the years, and even more so due to the global pandemic. With more and more employees working from home, being able to showcase effective compliance oversight is more important to regulators than ever. It is vital that you achieve a clear picture of your performance around good governance and compliance before you take any further action. No matter the size, bigger organisations and smaller, both face issues in ensuring they meet their obligations. Luckily for you, here at The Compliance Company, we can take care of this side of your business.

Creating a CMP can identify any areas of non-compliance, whether with internal policies or external regulations, and whether accidental or intentional, thus allowing you to be confident that you are following the obligations and standards. After you can confirm you are a compliant business, you can take any necessary steps to grow and evolve your company. Grow, inspire and create!

It is vital that you evidence that the correct procedures are the norm for your company and you are robust in enforcing them; this also helps mitigate the negative impact if any non-compliances do arise. Demonstrating you have a strong and comprehensive CMP is integral to either being given or retaining regulated status- something that every business needs to gain!

Organisations have responded to the surge in importance by putting in place increasingly stringent compliance monitoring processes. For example, regulators like FCA require any firms applying for approval to operate to detail their compliance monitoring plans.

A CMP must abide by the following

  • Comprehensive: your plan needs to cover all compliance risks along with mitigating steps you put in place.
  • Proportionate: your plan needs to be proportionate to the size, complexity and nature of your business.
  • Describe: your plan needs to describe the testing programme, who is responsible, how often the testing occurs and how you will record and evidence the testing.

However, before creating a plan, you need to carry out a comprehensive review of the risks faced; gaining a clear picture of your company’s risk profile will provide a solid foundation for the monitoring program. This will ensure that you measure the effectiveness of current compliance approaches and encourage you to make more efficient decisions within the compliance sector. A nice by-product of performing regular assessments is the ability to identify and eliminate these inefficiencies, saving the company time and money.

Our dedicated compliance team will help you to track and monitor your compliance. Please do not hesitate to contact us at The Compliance Company

01423 522 599 or info@thecompliancecompany.co.uk

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By Ian Beardmore

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