We started with an in-depth review of the business and mapped our client’s control framework, key systems and operational processes against regulatory requirements. Inevitably, this revealed a host of new issues and made the scope of the project much bigger. But our regulatory expertise meant we knew exactly where our client needed to focus its resources. We outlined the top priorities in a detailed action plan, including:
- Creating a new compliance monitoring plan and risk management framework.
- Creating new policies and procedures and bringing existing ones up to date.
- Implementing a new market abuse policy and staff training plan.
- Introducing a new training and competency framework.
The timescales were tight – our client needed to deliver the plan within a couple of months to avoid any customer detriment. But its compliance team was already inundated with BAU work, so we recommended that we manage the roll out. Impressed with our swift delivery of a comprehensive plan, our client agreed.
Having taken the pressure off our client’s team, all the required actions were completed on time. Our client even reported an increase in skills and knowledge among its internal compliance team – a direct result of working closely with our experienced consultants, who regularly shared market and horizon scanning insight.