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Review of compliance framework

Regular reviews of the adequacy and effectiveness of Financial Services Reform (FSR) compliance frameworks make good commercial sense. Have you considered the implications of not ensuring regular assessments are undertaken?

  • The regulatory environment is moving fast and it can be difficult to keep up with the changes
  • It is easy to become isolated within an organisation and lose sight of what the rest of the industry is doing
  • Processes that were implemented for FSR may have become stale or ineffective and need a refresh
  • Weaknesses or gaps in your compliance framework can, over time, lead to time consuming and costly regulatory action.

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Deloitte undertakes independent reviews of compliance frameworks or specific areas of focus in order to assess the appropriateness of compliance design and the extent to which they are operating effectively, to ensure your efforts are being focussed in the right place.

Benefits of a compliance snapshot review

Whatever the specific focus, a Deloitte review can help to provide feedback as to whether compliance requirements are being met. Reviews can be focussed on specific areas or cover your overall framework and compliance strategy.

Benefits include:

  • Assurance to Boards and Committees that compliance efforts are being effectively directed – different individuals or groups within an organisation will have different objectives for the compliance framework
  • Provision of benchmarking and insight into how industry peers deal with compliance issues
  • Preparation for potential regulator visits by conducting reviews in a similar manner to reviews by regulators
  • Identification of weaknesses and potential efficiencies helping to focus compliance efforts where they are most needed
  • Affirmation that your compliance framework is robust enough to deal with change
  • Support for any required additional compliance investment or resources
  • Drawing the Directors’ and CEO’s attention to any key changes which need to be made to compliance arrangements.

Contact our team of compliance specialists to find out how we can help you.

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