Compliance Healthchecks

A compliance healthcheck is one of the most common services that we provide to our clients.

A healthcheck is different from routine compliance monitoring. It focuses on a high level review of the overall effectiveness of existing compliance arrangements and it helps firms assess whether their compliance arrangements are adequate. Most importantly, it helps firms to identify any compliance gaps and where relevant, makes recommendations on how to address these.

The process normally includes a review of :

• Compliance documentation
• Compliance corporate governance reporting
• Senior Management systems and controls and compliance policies

It may often include a review of:

• Compliance risk-management
• Prudential supervision and regulatory reporting requirements
• The compliance function itself including independence and resourcing

The scope of the healthcheck is agreed in advance. ‘Focused’ healthchecks can also be provided on a narrower range of areas if required. Full healthchecks normally includes a half-day site visit, desk-based reviews of documentation and a written report. Additional support on remedial action can also be agreed if required.

Having an independent review of your firm’s arrangements can be a very constructive process and gives you a fresh benchmark on the effectiveness of your existing arrangements.
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