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Compliance
has two key roles to play e.g. advising a regulated
firm and/or its employees on how to comply and also
monitoring the firm’s activities to ensure
that you can evidence to the regulator that a compliant
culture exists. A firm’s monitoring plan should
be reviewed regularly and should reflect a risk
assessed basis. It needs to be a proactive and interactive
plan. Although it should be formally reviewed at
least annually (and signed off by senior management),
it should be updated on a continual basis to reflect
major changes in regulated activities and/or risk.
Gem Compliance can carry
out a ‘healthcheck’ on your existing
monitoring plan
to ensure that it is an effective plan and that
it covers all the areas that the regulator would
expect to see. We can also assist your firm to
carry out its monitoring plan routinely over a
number of months or for particular priority areas.
Alternatively if you prefer to have an annual
audit, we can assist you to
complete this audit. This additional resource
ensures that the normal day to day activity of
your compliance function continues to operate
effectively whilst the annual audit takes place.
You may also wish to have the comfort of an ad
hoc healthcheck prior to any regulatory visit.
Our additional resources can ensure that your
compliance function can continue both to carry
on day to day compliance activities, and prepare
for the visit. It can also provide an independent
viewpoint on any compliance concerns.
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