Comply Audit
Our COMPLY Audit service can assist you by conducting a thorough review and helping you see if there are any deficiencies in the current compliance procedures at the firm. This can be a full health check, or a targeted audit of a specific area; AML, GDPR, or any other regulated area of your business.
Audit Process
Conducting a Compliance Audit
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We will conduct a deep-dive assessment of your compliance with all applicable FCA regulations. We will work out where your current procedures are sufficient and where they require more work. This will be fed into our modular Risk Based Compliance Monitoring Programme, which will detail all the rules your firm is subject to and the process we followed in carrying out the audit.
Providing the Board with Compliance Audit Report
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After we have carried out the compliance audit we will present a report detailing the status of the compliance regime. This will contain details of our findings and will also provide a set of recommendations on how to improve the compliance regime at the firm as appropriate.
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Implementing a Programme of Remedial Work
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Following the completion of the compliance review we will come up with a schedule of action which identifies any areas that will need to be improved to bring your company up to speed with current regulation. After receiving the report you can choose to action the items yourselves or engage our services to action them on your behalf.​​
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Comply Audit FAQ
What is a regulatory compliance audit?
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A regulatory compliance audit is a thorough review of how well your firm adheres to regulatory rules and guidelines. It covers matters such as your compliance procedures, security policies, user access controls and risk management measures.
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When you contract the financial law experts at FinTech Compliance for your regulatory compliance review, we evaluate your existing policies and procedures against the regulations applicable to your firm. This lets us identify what you’re doing right and what you need to improve to satisfy regulatory requirements.
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We compile our findings into a programme of remedial work, which we can carry out on your behalf. We also feed out findings into our risk-based compliance monitoring programme to track which rules your firm is subject to, allowing us to monitor and react to legislative changes moving forward.
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How often do I need to carry out an audit?
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It’s recommended that all financial firms conduct a regulatory compliance audit at least once a year.
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However, certain organisations would benefit from carrying out these audits more frequently, or after meeting certain conditions. For example:
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High-risk industries or those that often undergo regulatory change by need to conduct an audit twice-yearly, or even quarterly for larger and more complex firms
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A fresh compliance audit is advised following mergers, acquisitions and similar events
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If you use a continuous compliance monitoring system, you can carry out compliance audits more frequently
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What are the consequences of failing a compliance audit?
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If your firm fails an official compliance audit, it may be subject to:
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Fines and penalties
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Legal action
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Operational disruptions
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Reputational damage
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Management changes
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It’s likely you’ll also be required to overhaul your regulatory compliance processes to minimise the change of future failures.
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You can improve your chances of success by contracting FinTech Compliance to conduct a preliminary audit of your compliance policies and procedures.
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Following our deep-dive assessment, we produce a compliance report detailing areas for improvement with a list of recommendations for meeting your legal requirements. We can even carry out a programme of remedial work on your behalf.
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This gives you the best possible chance of passing your official audit and continuing to conduct financial activities securely and legally.
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