A risk-based approach to monitoring compliance

 

A risk-based compliance monitoring methodology can greatly enhance the governance framework around products and processes.

Ensuring products and processes are monitored, with any excess risk flagged to the business, is key to ensuring that actual or potential customer detriment is identified and addressed. As well as this, firms can use insight from compliance monitoring to determine where their processes can be simplified and made more efficient, saving cost and time and increasing their competitiveness.

Huntswood supports its clients in this area by:

  • Outsourcing their compliance monitoring activity by designing a bespoke, fully-managed compliance monitoring programme that supports their overall business objectives. This can be delivered at one of Huntswood’s dedicated service centres or on client site
  • Reviewing their current state of compliance and / or existing monitoring process against the expectations of the regulator, industry best practice, business risks, the firm’s risk appetite and governance structures
  • Providing independent resource to be managed by our client, supplementing their monitoring capability and capacity and providing an independent compliance opinion
  • Providing the board and approved persons with assurance and evidence that the firm is meeting its regulatory obligations. This can include the development of management information reporting standards to ensure the business remains informed – this is critical under the Senior Managers and Certification Regime (SM&CR)
  • Undertaking a range of specific monitoring activities, from conduct of business controls to financial crime risk

Key Benefits

  • Gain an acute understanding of your firm’s state of compliance

  • Ensure you have the capacity to monitor the right areas

  • Remove cost and complexity within processes in a controlled, complaint manner

  • Ensure ongoing compliance and obtain evidence that the firm is focused on customer outcomes

 

Why Huntswood

Deep regulatory and operational expertise means we fully understand firms’ obligations and commercial drivers 

Fully bespoke solutions, from monitoring of a single product or process to business-wide monitoring frameworks