iscreen | CMP

Compliance Monitoring should be an integral part of a firms risk management framework, and the benefits include:

1. an enhanced risk management framework;
2. being able to demonstrate the board’s oversight of the effectiveness of controls
3. implemented to mitigate compliance risk;
4. proactive identification of control weaknesses, incidents and breaches of relevant legislative and regulatory requirements;
5. being able to target business improvements to reduce the risk of legal or regulatory sanctions, material financial loss, or damage to reputation;

The problem, however, is that the Compliance Functions have finite resources subject to competing demands, it is often necessary to seek assistance, and this is where Comsure can help by providing essential inputs into the determination of a risk-based Compliance Monitoring Programme (“CMP”).

A risk-based CMP should involve a cyclical feedback process consisting of the following steps:

1. identifying relevant legislative and regulatory requirements;
2. identifying relevant controls;
3. conducting a risk assessment;
4. producing and approving a CMP;
5. testing;
6. reporting; and
7. overseeing remedial action

Our clients ask us to help with one or more of the above framework. Or, if you’re newly authorised, Comsure can help you create your first CMP – tailored specifically to your activities, or if your plan is no longer fit for purpose Comsure can put together a new one

Comsure can also review your current compliance monitoring programme:

1. Comsure can assess whether your current plan is up to scratch.
2. Comsure can look at the whole framework and suggest improvements, for example, how you test compliance against particular rules.