Compliance monitoring

Compliance monitoring is the quality assurance of your regulated activities. No-one enjoys it, but one of the requirements of being authorised by the FCA is to ‘establish, maintain and carry out a compliance monitoring programme’. It’s something you have to do.

There is no prescribed approach, but your compliance monitoring programme should be proportionate to the nature, scale and complexity of your firm and driven by your business risk assessment.

Developing an effective compliance monitoring programme

Done well, a compliance monitoring programme – or CMP – can highlight weaknesses in controls and provide comfort that you’re meeting your regulatory obligations. But all too often, they fail to deliver. Documents can be unworkable or not updated in line with regulatory change. Programmes don’t involve the right stakeholders and aren’t reviewed at the right committees. In the worst cases, compliance monitoring fails to align to the risks of a business, becoming a ‘tick box’ exercise.

With more and more employees working from home, being able evidence effective compliance oversight is more important to the regulators than ever.

We can help make compliance monitoring work for you

Building a compliance monitoring framework

We can review your existing compliance monitoring programme or help you build a compliance monitoring framework from scratch. Either way, we’ll make sure it’s user-friendly and aligned to your risk appetite.

Regular compliance monitoring

Once we’ve designed your compliance monitoring programme, we can help make it work. We can perform periodic checks and flag any issues. We’ll also keep the CMP updated with regulatory changes, so you know you have compliance monitoring covered.

Health check

Our health checks provide assurance to your governance committee that your firm is complying with the regulations. A ‘deep dive’ into your business, we’ll work with you to define the scope, and perform a details documentation review and series of interviews with key staff.

Why choose Bovill Newgate to help with your compliance monitoring?

We pride ourselves on being flexible; we can tailor our services to what your business needs. We have subject matter experts in everything from client money to financial crime to ICAAPs to market abuse. We know what your peers are doing, and we know what the regulator expects so we can give you complete peace of mind when it comes to compliance.