Senior Management Support

For a Compliance professional in financial services, few topics are more important than corporate governance through demonstrable

1. Management and Control

and

2. Systems and Controls.

(SYSC)

Implementing an effective SYSC regime is a challenge, evidencing it is even harder. Senior management are increasingly being asked to attest that particular supervisory actions or areas of regulatory focus specified by the regulator are being met by the firm.

It is the overarching requirement from the regulator that firms are organised and controlled effectively and responsibly.

Therefore having effective systems and controls is the minimum standard expected of any compliance function and this must receive full attention from the Board down. Failure to implement effective systems and controls can lead to enhanced regulatory scrutiny, customer detriment and the attendant reputational damage.  There are numerous examples of costly enforcement action being taken against both firms and individuals for a failure to implement effective systems and controls, and this is the cornerstone of any regulatory intervention.

It is therefore vital that ‘Senior Management Arrangements Systems & Controls’ (SYSC) requirements are understood by a firm’s senior management in order to achieve full compliance and avoid regulator censure.

COMSURE has a vast array of tools to assist firms in developing and assessing their systems and controls, these include.

1. Assisting with business risk assessments and compliance strategy review.
2. Undertaking mini-SYSC audits to highlight areas in need of immediate attention, then we develop action plans to address any findings and recommendations we raise.
3. Advising on the implementation of fundamental changes to systems and controls, where we completely overhaul and re-design the governance and oversight framework. This facilitates an effective risk and control culture framework within a firm, improving the ability of senior management to identify and monitor regulatory risk. In turn, this means the likelihood of regulatory scrutiny and enforcement action should be effectively mitigated.
4. Training is vital and communicating to busy boards is a key skill that we offer.
5. Mentoring NEDS, MLROs, MLCOs, compliance officers other senior members of the team.