FCA Compliance Audit
Checking your Level of Compliance
We understand that compliance can be a complicated and time-consuming process, which is why we’re here to help. Our compliance audit will ensure that your business is fully compliant with UK Financial Conduct Authority (FCA) regulations, so you can avoid falling foul of the law.
What is a compliance audit?
Our audits provide a comprehensive review of your business to assess your level of compliance with FCA regulations. Our experienced compliance team will review your policies and procedures, assess your risk management practices, and provide you with a detailed report of our findings.
How can a compliance audit help?
Compliance audits can help in a number of ways. Firstly, they ensure that businesses are fully compliant with FCA regulations, so they can avoid the risk of penalties, fines or reputational damage. They can also help them to identify any areas where compliance could be improved, allowing them to take proactive steps to improve processes and reduce risk exposure.
What does your audit involve?
Our audits involve a thorough review of policies and procedures, as well as an assessment of risk management practices. We conduct interviews with key personnel, review documentation and processes, and provide a detailed report of our findings.
Systems & Controls Compliance Case Study
Project Background
The client is an Corporate Finance & MA firm which is very focussed on ensuring all of its oversight and controls are in line with regulatory expectations, with significant investments in its control environments in recent years. It wished to ensure that it had the appropriate framework controls and oversight in place to meet these requirements.
What did MCM need access to?
We requested data and documentation across a wide range of areas, including its compliance monitoring plan, policies and procedures, wider systems and controls and its regulatory correspondence.
How did MCM carry out the compliance audit?
MCM undertook a full gap analysis of the clients existing compliance framework controls, mapping the FCA rules and guidance against the client’s current policies and processes, identifying gaps and producing an implementation plan for addressing those. The implementation plan and report were initially presented to the client’s Compliance Team, prior to board presentation and approval.
MCM deployed resources from its team to assist the client, which had short deadlines within which to deliver the work.
What was the outcome?
The client now has a full understanding of the FCA requirements that affect its business and a board-approved roadmap for delivery of the necessary changes to its compliance framework and product governance structures to ensure compliance with the rules.
How long does a compliance benchmark audit take?
The length of time it takes to complete our audit depends on the size and complexity of your business. Typically, we can complete an audit within 1-4 weeks.
What happens after the audit?
After we have completed our audit, we will provide you with a detailed report of our findings. This report will identify any areas where your compliance could be improved, and provide you with practical recommendations for how to do so. We will also provide ongoing support and advice to help you implement the necessary changes.
Don’t leave your compliance to chance. Contact us today to schedule an audit to ensure that your business is fully compliant with FCA regulations.
Compliance Audit Frequently Asked Questions
What is a compliance audit?
Our compliance audit is a comprehensive review of your business to assess your level of compliance with FCA regulations. Our experienced compliance consultants will review your policies and procedures, assess your risk management practices, and provide you with a detailed report of our findings.
How can a compliance audit help me?
A compliance audit can help you in a number of ways. Firstly, it will ensure that your business is fully compliant with FCA regulations, so you can avoid the risk of penalties, fines or reputational damage. It can also help you identify any areas where your compliance could be improved, allowing you to take proactive steps to improve your processes and reduce your risk exposure.
What does a compliance audit involve?
Our compliance audit involves a thorough review of your policies and procedures, as well as an assessment of your risk management practices. We will conduct interviews with key personnel, review documentation and processes, and provide you with a detailed report of our findings.
How long does a compliance audit take?
The length of time it takes to complete a compliance benchmark audit depends on the size and complexity of your business. Typically, a compliance benchmark audit will take between 1-4 weeks to complete.
What happens after the compliance benchmark audit?
After the compliance benchmark audit is complete, we will provide you with a detailed report of our findings. This report will identify any areas where your compliance could be improved, and provide you with practical recommendations for how to do so. We will also provide ongoing support and advice to help you implement the necessary changes.