As we step into 2025, it’s the perfect time for Isle of Man businesses regulated by the Isle of Man Financial Services Authority (IOMFSA) and the Gambling Supervision Commission (GSC) to strategically plan their compliance activities for the year ahead.
With the Isle of Man Government actively reviewing the National Risk Assessment (NRA), it’s crucial for businesses to be ready to align their risk assessments with the updated NRA once it’s published.
To help you stay on top of your compliance game, we’ve put together a quarterly checklist to guide your planning. Remember, two heads are better than one! If you need support with planning or implementing any compliance activities, don’t hesitate to contact us for a no-obligation chat.
- Q1: January – March
- Review and Update Policies: Start the year by reviewing and updating your compliance policies and procedures to ensure they align with the latest regulations.
- Training Sessions: Schedule training sessions for staff on AML/CFT (Anti-Money Laundering/Counter Financing of Terrorism) compliance and any new regulatory changes.
- Internal Audit: Conduct an internal audit to identify any compliance gaps and address them promptly.
- Horizon Scanning: Begin the year with a horizon scanning exercise to identify emerging risks and regulatory trends that could impact your business.
- Q2: April – June
- Monitor NRA Updates: Keep an eye on updates from the Isle of Man Government regarding the new National Risk Assessment.
- Risk Assessment Review: Once the NRA is published, review your company’s risk assessment to ensure it aligns with the new findings and recommendations.
- Engage with Industry Bodies: Participate in industry forums and workshops to stay informed about best practices and regulatory expectations.
- Collaboration Time: Allocate time for collaboration with other businesses and industry experts to share insights and strategies for compliance.
- Q3: July – September
- Update Risk Management Framework: Based on the new NRA, update your risk management framework to address any identified threats and vulnerabilities.
- Compliance Reporting: Prepare and submit any required compliance reports to regulatory bodies.
- Client Due Diligence: Conduct enhanced due diligence on high-risk clients and transactions.
- Attend Events: Attend relevant compliance and industry events to network and gain insights into the latest regulatory developments and best practices.
- Q4: October – December
- Annual Compliance Review: Conduct a comprehensive review of your compliance program to ensure all policies and procedures are effective and up-to-date.
- Staff Feedback: Gather feedback from staff on the effectiveness of compliance training and identify areas for improvement.
- Plan for Next Year: Develop a compliance plan for the next year, incorporating any anticipated regulatory changes and lessons learned from the current year.
- Regular Horizon Scanning: Schedule regular horizon scanning sessions to stay ahead of potential regulatory changes and emerging risks.
Ongoing Actions
- Stay Informed: Regularly check for updates from regulatory bodies and industry associations.
- Continuous Training: Ensure continuous training and awareness programs for all staff members.
- Document Everything: Maintain thorough documentation of all compliance activities, audits, and training sessions.
- Collaborate and Network: Foster a culture of collaboration by regularly engaging with industry peers and participating in compliance networks.
- Horizon Scanning: Make horizon scanning a regular part of your compliance strategy to anticipate and prepare for future challenges.
By staying proactive and organised, your business can navigate the evolving compliance landscape with confidence. Embrace the opportunities that 2025 brings and remember that we’re here to support you every step of the way.
