Audits and Health Checks.
Ensuring your compliance arrangements meet FCA compliance expectations whilst effectively supporting your operational requirements.
BENEFITS OF HEALTH CHECKS.
An external review of your compliance controls is one of the most reliable ways of assessing how effectively your compliance framework is delivering against what the FCA requires. Proactive, periodic reviews will not only provide assurance to your senior management, the Board, and shareholders, they are also viewed positively by the regulator.
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The absence of an actual regulatory failing in a firm is not necessarily an assurance of an effective control framework. It could be that controls have not been challenged sufficiently, creating a hidden exposure to weaknesses in control framework, until it is too late.
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Particularly since COVID, we have seen that firms adjusted to the new requirements (such as home working), resulting in the front office (eg client facing roles) 'running away' from the back office (compliance). This can result in the compliance controls becoming ineffective and therefore, hindering the oversight obligations of the senior management team. In extreme cases, this can result in an unnoticed breach of FCA rules; creating a considerable financial and repetitional risk that comes with an FCA interaction.
RRCA HEALTH CHECKS.
At RRCA, our health checks are conducted by industry experts who take their time to understand the firm's values, operational principles and challenges. This results in an approach that scrutinises the internal controls from a practical perspective, upholding FCA expectations.
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During our work, we undertake a robust review of the policies and procedures and hold discussions with key stakeholders in the business. Our reports are always presented to include:​
A clear risk rating approach
Justification of our findings (positive or negative) in plain English
Clear guidance of how to remedy any shortfalls
A document structure allowing multi-user contribution
Follow-up meetings to provide further guidance and support
We can review compliance framework, including policies, procedures, resourcing, and reporting, to assess how well they meet ever-evolving regulatory expectations and interpretations.
Our expert team is here to assist with a comprehensive regulatory audit, health checks or a review of specific operational areas, including:
Client On-boarding
A review of the sales process to ensure the on-boarding process is compliant with the relevant FCA rules (for example, disclosure requirements) as well as AML and ICO obligations.
Compliance Framework
Secure assurance on the adequacy and effectiveness of your compliance framework, including strategy, resource allocation, reporting channels and independence between your key stakeholders.
Product Development Risk
Attain an independent view as to the adequacy of your conduct risk management framework, including your product development and product governance arrangements.
YOU MAY ALSO BE INTERESTED IN.
At RRCA we provide a comprehensive and tailored service, meeting individual needs and FCA obligations. Whether you are a start-up or an established firm, our expert consultants are here to provide guidance and support.
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You can find ample information on our website or if you prefer, simply contact us for an obligation free and confidential discussion about your needs.