Regulatory assurance: Independent Quality Assurance / Health checks
Does our internal controls framework meet our regulatory obligations? A question many management bodies of regulated firms would like to answer positively. With the costs of non-compliance steady rise in the past years (e.g., financial risk, reputational risk, operational risk) it is paramount today to obtain reasonable assurance that your arrangements, systems, and controls are fit for purpose.
At Deontea, we can help you review, among others, your compendium of policies and procedures, your processes and documentation, your governance and organisational structure, as well as assess the effectiveness of your overall internal controls and risk management frameworks.
- We provide independent audit capabilities to review your regulatory arrangements, systems, and controls on an ad-hoc (health checks) or a periodic basis (internal audit).
- We deliver thorough diagnosis and issue directly actionable recommendations, easy to understand, providing for a smooth integration in your operational framework.
- We ensure follow-up and assist during the remediation process developing an implementation plan.
- Bespoke and tailored to your business model: not another off-the-shelf solution and/or high level “market practice” approach
- Based on a thorough risk assessment, transverse analysis, and holistic evaluation to ensure that all aspects pertaining to your business are addressed
- Contributes to good governance and helps at demonstrating compliance with your regulatory obligations.
- Top-Down approach to ensure your arrangements, systems and controls are sufficiently robust to mitigate the regulatory risks your firm is exposed to.
R: Relevant and reasonable
- Allows to effectively allocate resources and participates in underpinning the risk management arrangements.
- Depending on the subject matter addressed, the audit/checks can be based on desk reviews (e.g., documentation, compendium of policies and procedures, …), testing, staff interviews, including senior management or a combination thereof.
- We are happy to discuss any specific needs to create fully tailored deliverables.
- We always set a debrief meeting to explain our findings and our recommendation to ensure that all relevant parties understand their responsibilities and how they may develop an implementation plan.