Regulatory Management

At the heart of this is the Firmwide Compliance Check – a comprehensive checklist allowing firms to monitor the extent to which they comply with essential regulatory requirements – using a “traffic light” system to highlight areas in which the firm is compliant and where further attention is needed.

Supporting this is a “compliance requirements” section which takes each of the compliance headings in the compliance check and explains what is required of the firm and where additional resources can be found.

In order to enable the firm to find those documents, policies and plans that relate to the various regulatory requirements with ease, there is a comprehensive register that allows the firm to store and make available as necessary its various documents, policies and processes. There is also the facility to record whatever additional information the firm feels to be appropriate for each of these. It is also entirely up to the firm how many additional sections it adds to this, thereby ensuring that all of the regulatory aspects of the firm can be addressed.

To assist the firm in identifying and addressing the risks that it faces there is a risk register which allows risks to be categorised, their likelihood/impact profile assessed and a method by which they are to be minimised recorded.

To help manage regulatory breaches, there is a register into which can be recorded potential regulatory breaches so that these can be brought to the attention of the COLP/ COFA and appropriate remedial/notification steps taken.

Finally, there is a whole section devoted to data protection related issues. Here the firm can record subject access and other requests and how they have been dealt with, keep a record of all consents given, undertake legitimate interest assessments and maintain a data breach register.