The challenge

A leading financial advice firm had experienced some recent growth and senior staff changes. It was struggling with a heavier workload and lacked the expertise to deliver the annual monitoring audit. Having tried and failed to recruit and upskill internally, and the deadline for the audit looming, the client turned to us to come up with a suitable solution as quickly as possible. 

The solution

As the business had acquired other firms, the review was centred on assessing the effectiveness of the compliance and risk management framework and making sure it was practical and consistent across the entire business. We sourced, vetted and appointed three experienced regulatory consultants within one week from our network, and within one month they had already completed the first audit visit under the supervision of a senior TCC team member.

We immediately noticed that there was some uncertainty within many of the offices due to the recent changes. The audit needed to be carefully managed, so we arranged for our team to go through intensive training on the client’s existing approach. This meant they could ensure continuity with previous audits, better understand our client’s culture and effectively manage relationships for the smooth running of the audit programme.

As the audit progressed, we also saw that some key areas of the process could be improved. Our experts recommended that certain core tasks be centralised. Not only did this drastically speed up the entire audit process, saving our client time and money, it also reduced avoidable risk by ensuring a consistent approach. 

Thanks to our quick, responsive resourcing, our client was able to complete their annual monitoring audit on time, and got the added value of improving the process for future audits.

The TCC difference

• Having access to known, pre-vetted expert resource got the audit team up and running within a week – far quicker than any other solution.
• The combination of smart resource with strategic TCC oversight resulted in us identifying and recommending several process improvements in the audit programme, saving our client time and money, now and in the future.

Find out how we can help your firm with specialist resourcing. Get in touch with the TCC team: