Financial sector firms must maintain policy and procedure, designed to ensure compliance with regulatory requirements.
The FCA expects firms to consider operational risk events, including financial crime risk, when establishing and maintaining systems and controls.
We review effectiveness of policy and procedure implementation, including activity undertaken via out-source providers (e.g. service centres).
Reviews should be planned and executed by staff with requisite knowledge and skills, particularly when testing financial crime systems and controls.
Senior management should have access to relevant and timely information, on compliance with internal controls and regulatory standards.
FCRM advises on financial crime compliance assurance. We also deliver independent reviews for clients impacted by internal resource constraints.
Risk-appetite and tolerance is informed by using findings of compliance assurance reviews, delivered with relevance to the operating environment.
Assurance outcomes can be used to inform stakeholders and regulators, on adequacy and effectiveness of the financial crime framework.
We support clients with internal compliance assurance and financial crime risk in activity outsourced to third party providers.
FCRM assists client assessment of internal controls and regulatory compliance. We support readyness planning for and response to regulatory visit (including the FCA Systematic Anti-Money Laundering Programme ('SAMLP')) and assurance test response to regulatory review (e.g. s166 remediation).