Regulatory Compliance Audits - Waystone

      Regulatory Compliance Audits

      As global events and geopolitical shifts continue to happen, they introduce new risks for financial institutions.

      With these associated risks, it is more important than ever to ensure that you implement an internal audit function that is effective, dynamic and future proof. This is a fundamental risk mitigation tool for any financial institution.

      The role of internal audits and mock inspections in financial institutions

      Today’s modern internal audits and mock inspections act as a key tool to identify risks within an organisation and subsequently take steps to effectively address those risks in a timely and efficient manner.

      The majority of regulated financial institutions in Singapore are required by the Monetary Authority of Singapore (“MAS”) to put in place adequate, internal audit functions that are commensurate with the scale, nature and complexity of the business conducted by the financial institutions. Similarly, in Hong Kong, the Securities and Futures Commission (“SFC”) conducts regular inspections requiring that financial institutions are always prepared for these assessments.

      Internal Audit and BCM Audit services

      At a minimum, we address the following areas when conducting internal audits:

      • corporate compliance controls
      • controls for valuation and customer reporting
      • conflicts management
      • adequate risk management controls
      • appropriate disclosures to customers
      • compliance controls
      • regulatory filings and breaches
      • documentation and record-keeping
      • suitability of, and adherence to, internal controls and documents
      • training.

      In Singapore, firms are required to carry out business continuity management (“BCM”) audits once every 3 years.  

      At a minimum we address the following areas when conducting BCM audits: 

      • board and senior management roles and responsibilities  
      • validation and measurement the effectiveness of the BCM and disaster recovery plans  
      • familiarity of the plan with key senior management and employees 
      • identification of critical service business and functions and recovery time objectives suitability  
      • stress test of Business Continuity Plans (“BCPs”)  
      • concentration risks and dependency mapping suitability  
      • validation of training and other communications provided to employees.  

      Independent Compliance reviews 

      Waystone is able to carry out bespoke compliance reviews on key areas such as Anti-Money Launder (“AML”) policies and procedures, which includes: 

      • review of current policies against SFC requirements  
      • review of customer onboarding procedures 
      • sample testing of customer identification and verification documents  
      • sample testing of risk ratings and methodologies  
      • review of adherence to additional requirements for highrisk customers  
      • review of periodic due diligence  
      • review of transaction monitoring  
      • training.  

      Mock Inspections and remediation support   

      Waystone specializes in conducting comprehensive mock SFC inspections for financial institutions to proactively identify and address compliance gaps. Our expert team brings industry knowledge of SFC regulations and best practice, providing an independent unbiased assessment of financial institutions’ operations  

      Why choose Waystone

      Waystone Compliance Solutions (Singapore and Hong Kong) is a regulatory compliance consultancy with over 20 years of experience and with many of our clients regulated by the Monetary Authority of Singapore and Securities and Futures Commission in Hong Kong. Our team is well-equipped to provide clients with bespoke, risk-focused and cost-effective solutions. Our wide-ranging experience provides the expertise you need whilst adding value to your corporate governance standards. 

      If you would like to discuss your internal audit, BCM audit and mock inspection needs with one of our APAC Compliance Solutions team members, please do not hesitate to contact us below. 

      Contact us