Compliance Services |
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Compliance Services

The regulatory environment in Ireland has become increasingly demanding in recent years. The introduction of many new pieces of legislation and several new (or enhanced) regulatory codes, such as the Consumer Protection Code, Minimum Competency Requirements, Fit & Proper Requirements and the Markets in Financial Instruments Directive, has imposed many additional requirements on the already heavily burdened compliance departments of regulated entities.

Having worked for many years “at the coal face” within the financial services sector, the team at Root Sixteen has many years’ experience of the demands of regulatory compliance and, with the benefit of this experience, provides the following services to assist you to stay on top of the increasingly demanding regulatory environment:

Reviewing Compliance Function Effectiveness

We would be delighted to perform a review of part or all of the compliance function in your organisation. The aim of this review is to determine the effectiveness of the compliance function in relation to some or all of the following:

Department structure and staffing – is the structure of your compliance function relevant to the organisation and the compliance obligations to be discharged; is staffing appropriately directed and do staff have a full understanding of their obligations and an awareness of all of the regulatory demands to which your organisation is subject?

Compliance documentation – is your compliance documentation complete and fit-for-purpose?

Compliance monitoring – what monitoring plans are in place to ensure continual compliance with regulatory requirements and are these sufficient?

Reporting – what reporting structures and procedures are in place and are these consistent with effective regulatory compliance?

Specific Compliance Health Checks/Audits

We also conduct on-site reviews to determine the degree to which a regulated firm is acting in compliance with a specific regulatory code or piece of legislation. This involves mapping the requirements of the piece of legislation/code to your particular business, establishing the best means of auditing your compliance with the requirements, conducting the audit, reporting our audit findings to you and proposing any remediation action required. This service may be particularly useful where you anticipate a specific review by the regulator or where you feel that a particular aspect of your business is more sensitive and likely to be subject to greater scrutiny.

Compliance Remediation

This service is provided as a follow-on to an on-site regulatory review. It involves assisting you to prepare for a regulatory review and to address any regulatory issues post an on-site inspection.

Designing Compliance Monitoring Programmes

Having in place a comprehensive compliance monitoring programme is fundamental to ensuring that you give yourself the best chance of complying with all of the regulatory requirements to which you are subject. We are pleased to assist you to identify the regulations/codes to which you are subject, to map these to your business, to identify the areas of high compliance risk within your organisation and to build a written compliance monitoring programme around these risks.

Anti Money Laundering Reviews

Over the past few years there has been increased emphasis on strengthening Anti Money Laundering regimes throughout Europe, and a greater onus has been placed on individual firms and money laundering reporting officers to ensure that sufficient resources are dedicated to detecting and preventing money laundering. Transposition of the Third Anti Money Laundering Directive widens the range of firms now deemed to be designated bodies and also introduces increased obligations on designated bodies. It also establishes a new risk- based due diligence approach to the Anti Money Laundering regime.

Anti Money Laundering assistance and support services provided by Root sixteen includes determining whether there are gaps between an organisation’s AML/CTF policy/procedures and actual AML and financial crime regulations; designing AML/CTF internal controls; developing and implementing a risk-based AML control framework and monitoring programme as well as assisting with remediation exercises where necessary.

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