ICS COMPLIANCE MOT
A cost effective review of your firm’s compliance carried out by an experienced compliance consultant; with an on-site visit and providing you with a written report on the compliance risks to your business and the action points in priority order.
With regulation of the general insurance industry in place for over three years, many firms believe they have a compliant regime in place but, short of an FSA visit, are unable to test or prove this. Our Compliance MOT provides an external review of a firm’s compliance, carried out by an experienced compliance consultant, and a written report listing areas for action in priority order.
Just as a car is subject to an annual roadworthiness check, so the ICS Compliance MOT provides a check against 17 key areas and over 80 different issues for compliance.
Using the FSA’s own approach to risk, the Compliance MOT measures Probability and Impact and produces a risk measurement for each issue. The output is a detailed report measuring the degree of compliance. To keep costs to a minimum the report does not give advice or provide the solutions. These are available via ICS if required. Each issue is given a numerical score and a traffic-light approach to show the degree of risk that issue presents to the firm. The issues are then listed in priority order to ensure the most pressing issues are dealt with first.
The Compliance MOT is not a DIY tool that expects you to understand FSA regulation and requirements in detail. This knowledge, experience and skills are at your disposal during what, for many firms, will be a half-day visit to the firm’s office. Our aim is to minimise the disruption to the business and maximize the benefit.
THE ICS COMPLIANCE MOT PROVIDES A REVIEW OF THE FOLLOWING KEY AREAS:
- FSA permissions, controlled functions and register entries
- Approved Persons roles and responsibilities
- Senior Management arrangements, systems and controls
- Business planning, risk mitigation and business continuity plans
- TCF policy, gap analysis and implementation programme
- Treatment of Client Assets, Client Money and Bank Reconciliations
- ICOB; Demands & Needs and Suitability statements, TOBA and letter suites
- Training and Competence, Recruitment and Selection and HR procedures
- Complaints policy, procedures, recording and business improvement
- Company policies including Conflicts of Interest, Contract Certainty
- Compliance monitoring programme and business improvement