Are you a Board member of a regulated entity? Completely reliant on your compliance function for assurance that your business is meeting its regulatory obligations and your processes are fit for purpose?
Sometimes the only way you really know if you are protected or not is after an audit of your processes, carried out by the Regulator or an External Auditor. If the report contains adverse findings, you then find yourselves having to be reactive.
Wouldn’t it be great to have the peace of mind that your business is fully compliant? That you and your business are able to act proactively thus protecting your reputation?
Engaging independent expert compliance support allows you to be proactive in addressing any deficiencies; enabling the peace of mind you seek.
How positive is the compliance culture in your business? Is it time to review your businesses adherence to regulation and ability to adapt to the ever-changing regulatory landscape?
Failure to achieve a positive compliance culture can impact both your reputation and that of your business. Some mitigations that Board members and employees responsible for compliance can put in place to manage the risk are:
1 Do employees have a clear understanding of your businesses approach to compliance?
This can be a complex issue and one you may not have time to spend on – unless you have clear guidance.
If the compliance culture is not seen as a positive support function of the business, Board members cannot be confident that everyone has the same appreciation.
Having an expert at your side to guide you through best practice in this area will save you time.
2 Is the compliance program fit for purpose?
It is essential to review your compliance program on a regular basis. Changes to regulations are never ending. One missed update can lead to a nasty surprise during any external inspection or visit.
Your compliance training program should ensure staff are aware of their personal obligations and how to discharge them efficiently.
When was your compliance program last reviewed?
3 Do you have the right people in place to implement your compliance program? Including dedicated resources for training and education?
Ensuring you have the right people in place, with the necessary skillset, is the foundation to a successful compliance culture.
Good compliance professionals are in high demand, recruiting and retaining the right staff is challenging in this environment.
The use of external consultants can be an efficient, cost-effective solution, while also enabling a clear succession plan. If key people are unavailable, your compliance program will continue without disruption with trusted, independent experts on board.
The key to a good night’s sleep is not just having a comprehensive and effective compliance program in place. It also providing the independent assurance that your business is operating in line with the requirements laid down by regulators.
And yes, it is about identifying any areas under duress and recommending cost effective solutions by implementing new controls and efficiencies.
As expert independent compliance partners we provide support to our clients worldwide:
- Compliance support – We provide solutions to practical and commercially sensitive matters by translating the regulations into guidance for each area of your business.
- Ongoing Support – We offer robust training programs tailored to your Board’s needs.
- Healthchecks – We provide an objective assessment of your current state and create an actionable roadmap for improvement.
- Effective internal Audits – To provide assurance that the business is operating in accordance with policies and procedures. Or identify areas of non-compliance and recommend proactive changes.
- Change and Crisis Management – Given the regulatory environment, businesses have an increasing need to effectively manage the strains and stresses during times of material operational change or a crisis in the business. We have experience in project management with the compliance function, allowing the business to continue to flourish.
- Non-Executive Directors – it is becoming increasingly important for Boards to appoint compliance focussed directors able to evidence that decisions consider compliance and associated risks. We can provide Non-Executive Directors subject to regulatory approval.
Our experts are self-confessed compliance geeks. They thrive on staying up to date with regulations and being at the pinnacle of this demanding industry. But don’t just take our word for it. Here is what one happy client had to say recently:
Working with Impact has been a tremendous relief to our company. Professional assistance and keen eye for details helped us improve our business everyday work and expand our knowledge and regulations approach. Everyone can have a very sound sleep while having Impact backing them up.
COO, Isle of Man based E-Gaming Company
If you’re looking for complete peace of mind in relation to your compliance responsibilities, contact us today for a confidential, no obligation chat. We’re here to help. To find out more, contact us today.
