Summary of the Alliance of Isle of Man Compliance Professional (AICP) event: Regulatory Interactions During Thematics and On Site Inspections
Some of our team recently attended the July AICP session at the Imuseum.
The event consisted of a panel session covering the topic of ‘Regulatory Interactions During Thematics and On Site Inspections’ and will cover both FSA and GSC.
The panellists were:
- Graeme Snape – Facilitator – CGR Consulting (Director)
- Sinead O’Connor – DQ Advocate
- Ijeoma Ibeawuchi – Deloitte
- Kirsty Knight – Amber Gaming
- Sheila Banks – Isle of Man Law Society
- Samantha Crookall – Nedbank Private Wealth Limited
The topics that were covered included tips and insight into:
- Internal pre meetings and preparation for the stages of thematics and on sites.
- On Site – opening discussions, during a visit, close out sessions
- Follow up questions – how to manage internally and evidence collation
- Evidence folders and logs
- The post visit report
- Remediation plans to include agreement, budgets, planning, resource
- Submitting the agreed plan to the Authorities and follow ups
- Enforcement.
The session was aimed at those with less experience in on-site inspections and the Thematic process i.e. new MLROs / DMLROs / Heads of Compliance / Appointed roles; or those aspiring to these roles, or even those who have not yet experienced inspections.
The key take away points from the session were:
- Take thematics and on-site inspections seriously
- The key is to be fully prepared and understand the different stages of thematic reviews and on site inspections
- Focus on the key assessments – BRA, TRA and CRA ensuring comprehensive supporting documentation is in place
- Learn from previous thematic report findings shared by the FSA
- Keep comprehensive and accurate records, this documentation will act as evidence and will assist with managing/closing off any actions.
Our experts at Impact Professional Services are currently supporting regulated Isle of Man companies through supportive mentoring – helping less experienced compliance professionals grow into their roles effectively.
If your business would benefit from this support, contact us today through [email protected], on 01624 820601, or to save time, book directly into our calendar here.
