Compliance Systems and Controls
There is a well known saying beloved of our Regulators – “if it isn’t written down, it didn’t happen”.
Keeping on top of documented systems and controls , as expected by the FCA – see SYSC 3 – FCA Handbook and PRA see Conditions Governing Business – Prudential Regulation Authority (prarulebook.co.uk) – is laborious, time consuming and, therefore, costly. However, the regulatory failure cost of not staying on top of it can be far more damaging to reputation and the bank balance!
At Mutual Governance we have a library of documented compliance systems and controls which can be easily tweaked to suit your business and, of course, we have knowledgeable experts who can help you. They can demonstrate and explain simple ways to manage your information on a continuous basis, to ensure systems and controls remain relevant and up to date. Unlike staff members, who can come and go, we are always here to ensure continuity and provide a service at lower cost than full time employees.