Assurance/Independent Review
Independent assurance reviews are commissioned for a number of reasons. These could be as part of a regular review cycle, as a part of your risk management approach, as a result of known weaknesses in your systems and controls, or at the request of the regulator.
It is important that the design and operational effectiveness of your control framework is regularly and sufficiently challenged. Proactive and periodic regulatory assurance reviews will provide assurance to your senior management, the board and shareholders. It’s also important to note that UK regulators expect firms to seek assurance from experienced, independent third parties.
Our independent compliance review services
Our UK compliance solutions team will review your current compliance framework, including policies and procedures, resourcing and reporting, to assess how well they meet regulatory expectations and sound industry practice.
We support our clients in the following independent assurance areas:
- FCA Skilled Persons reviews
- AML audits and assurance reviews
- Compliance health check and effectiveness
- Internal audit co-sourcing
- Governance reviews
- Thematic reviews and technical deep dive
- Operational due diligence reviews
- Cyber security and data protection.
Why choose Waystone Compliance Solutions?
If you haven’t had an independent review of your risk and compliance framework, or it has been a while since the last one, get in touch with our team today. Our team of experienced consultants will deliver assurance reviews that add value to your business, taking into account the nature, scale and complexity of your operation. When scoping our assurance work, we take into account our client’s business model, risk profile, resources, and key drivers and desired deliverables. This approach provides our clients with a value-added, efficient and focussed set of outcomes.
FCA Skilled Persons reviews
Under the Financial Services and Markets Act, as amended by the 2012 Act, the FCA has the power to obtain a view from a third party (a ‘skilled person’) about aspects of a regulated firm’s activities if it is concerned or requires further analysis.
AML audit and assurance reviews
The FCA requires that regulated firms must carry out a regular assessment of the adequacy of the AML systems and controls that they have in place to ensure that these systems and controls continue to be effective in relation to the firm’s nature, scale and complexity.
Compliance health check and effectiveness reviews
Our compliance health check service is tailored to our client’s requirements. We talk to our clients to understand their business profile, organisational structure, risk exposures and assurance needs to ensure that they receive the support that they require.
Internal audit co-sourcing
Internal audit functions within financial services companies face many challenges. To be effective, internal auditors must develop knowledge of complex business environments with varied risk profiles, grasp the risks inherent in the development and deployment of new products and services and adjust to a world of ever-changing regulation.
Governance reviews
Shareholders and other company stakeholders expect good governance practices as a minimum requirement. Through the history of corporate and regulatory failures, weaknesses in corporate governance are ever-present. Regulators look at financial services firms from the top down, and will always question the governance of firms.
Thematic and technical deep dive reviews
One of the FCA’s supervisory tools is the use of thematic reviews that focus on themes that are important to the FCA in terms of its statutory objectives and as set out in its annual Business Plan. In the past such reviews have focused on individual products, specific sectors, or specific risk types.
Operational due diligence
Our team of experienced regulatory consultants have many years of experience in supporting our clients carry out and respond to operational due diligence questionnaires (DDQs).