“Preparing for a regulatory visit?” – how to ensure a smooth and successful examination with the right approach.

Preparing for a Jersey Financial Services Commission (JFSC) or another regulator [GFSC/MFSC/FC Etc. Etc.] visit can be a detailed and stressful process, but with the right approach, you can ensure a smooth and successful examination.

Here are some critical steps to help you get ready:

1. Inform Key Personnel

   - Notify the Board and Senior Management: Ensure they know the visit, including the dates, type of exam, and scope.

   - Involve All Relevant Departments: Compliance, HR, IT, Risk, Operations, and client-facing teams should all be informed and involved in the preparation.

2. Organize and Plan

   - Initial Planning Meeting: Meet with key personnel to outline the preparation process.

   - Regular Updates: Schedule regular meetings to track progress and address any issues.

   - Project Management: Consider appointing a dedicated project manager to coordinate activities.

3. Documentation and Review

   - Gather Necessary Documents: Ensure all required documents are up-to-date and easily accessible.

   - Review Policies and Procedures: Ensure they are current and reflect actual practices.

   - Identify High-Risk Areas: Document any known deficiencies and plan how to address them.

4. Training and Communication

   - Staff Training: Conduct training sessions to ensure staff understand their roles and responsibilities during the visit.

   - Clear Communication: Keep everyone informed about the visit and what is expected of them.

5. Mock Audits and Self-Assessments

   - Conduct Mock Audits: These can help identify potential issues and areas for improvement.

   - Self-Assessments: Regularly assess your compliance with JFSC regulations to ensure ongoing readiness.

6. Engage with the JFSC

   - Open Communication: Please keep lines of communication with the JFSC to clear up any uncertainties and show your proactive approach.

7. Post-Visit Actions

   - Debrief and Feedback: After the visit, hold a debriefing session to discuss what went well and what could be improved.

   - Implement Recommendations: Act on any recommendations or findings from the JFSC to enhance your compliance framework.

By following these steps, you can ensure that your organisation is well-prepared for a JFSC visit. If you need more specific advice or assistance, consulting with a compliance expert or legal advisor might be helpful.

If you have any more questions or would like more details, please feel free to ask.

• Mathew Beale | Comsure Mathew@comsuregroup.com
• T (Jersey) +44 1534 733-588 /+44 7797 747-490

Good luck with your preparation