A compliance review may give rise to concern, but identifying in advance the key stages through which a review will pass, can ensure that such a review is managed effectively.
Initial Scoping and Document Request
This conversation then progresses to a discussion of the documents required to assess the compliance of your company’s policies and procedures. These would typically include all of your company’s financial crime policies and procedures, registers and training records.
Policy and Procedure Audit
The reviewer will review your compliance documentation against the FCA rules and expectations of how a firm should manage financial crime risk. This review will highlight any gaps in your written procedures and policies that are outdated or where approvals are missing.
Gap Analysis and Findings Report
The findings of the audit will be presented in a written report outlining what is in compliance and what is not. Typically the FCA Compliance Consultants will prioritise the findings so that you can concentrate on the most important items first.
Remediation Recommendations
Each gap identified is likely to be addressed by the reviewer with recommendations for the necessary work to address the gap, including any timeframes for completion.
Follow-Up and Sign-Off
The vast majority of compliance reviews close with a follow-up to confirm all required remediation has been implemented. This could involve a further review of completed documents or a short call to confirm all actions have been implemented adequately. A sign-off note is then provided to the firm to use as evidence of the action taken.
Going in prepared with organised documents means that each stage will be completed as quickly as possible and the findings will be of more use to you and your team.
