The following are my Top Tips for maintaining robust compliance framework to keep in line with regulatory expectations.

1. Make MI Your Right-Hand Man
   1. Management Information (MI) has a significant role to play in a successful firm, from measuring performance against key performance indicators (KPIs) to monitoring ongoing customer trends.
   2. To monitor these areas effectively, make sure MI is collected from a range of sources, presented in a useable manner and is regularly reviewed and acted upon by senior management.

2. Audit, Audit, Audit
   1. Getting into the habit of regularly auditing your firms PROCESSES and KEY FUNCTIONS can help identify weaknesses and emerging risks which could have significant impact if left unchecked.
   2. Small, seemingly minor issues can quickly balloon into a serious problem which can result in negative customer outcomes and a significant bill for redress.

3. Keep on Top of REGULATOR Communications
   1. You will have already received an avalanche of communications from the REGULATOR during the authorisations process, but now you are fully authorised, you need to keep your eye on the material the REGULATOR issues to the wider industry.
   2. The regulator expects firms to take heed and learn the lessons from wider industry failings, so thematic reviews, final notices and market studies are a treasure trove of vital information on the REGULATOR’s expectations and the lessons you are expected to take on board from the failings of others.

4. Get Ahead of the Remediation Game
   1. You may not want to think about things going wrong and the need to remediate the business / customers right now, but it is important to ensure that you have flexible processes in place to deliver fair outcomes in the event of an influx in breaches/errors/exceptions/complaints [etc.] or process failings.
   2. This will make the remediation process run smoother, provide customers with a more positive experience and ultimately positively impact on your reputation.

5. Achieving authorisation is not the end of the journey, the Regulator expects firms to maintain high standards and continue to ensure consumers receive fair outcomes.