Compliance Assessment
The Compliance Assessment is an excellent way for firms to assess their compliance needs and can be used to develop their Compliance Monitoring Plan. Compliance Monitoring is an important part of any Compliance Plan. It is a way of finding issues and fixing them before the regulator does.
The risk-based Compliance Assessment is a comprehensive review of the firms Compliance System and can be tailored around the following Central Bank of Ireland requirements:
The Compliance Assessment assists firms in identifying areas of weakness that require attention.
The following can be provided individually or as part of a package:
- Business Compliance Review:
This review includes meeting the client and assessing their current Practices, Polices, Procedures and Manuals within the firm.
- Client File Review:
This review concentrates on the Regulatory Requirements that firms are required to comply with when engaging with clients.
- Fitness and Probity / Minimum Competency Requirements:
This review focuses on the requirements of the regulations to ensure both the firm and its employees are compliant.
- Central Bank of Ireland Themed Inspections:
The CBI regularly conducts themed inspections on specific industry practices. The Compliance Officer monitors the areas that the Central Bank of Ireland is focusing on and reviews them to ensure that the firm is compliant.
The Compliance Assessment assists firms in identifying areas of weakness that require attention.
Once the initial review has been undertaken the client:
- Is provided with a detailed report to the firm which highlights the gaps that have been identified.
- Receives a Corrective Action Plan outlining how issues can be rectified.