As regulations grow more complex, financial services firms face increasing scrutiny of their governance and controls. Robust internal audits are essential to test and evidence compliance across areas like conduct, governance and AML/CFT.
The FCA Handbook states that the purpose of an internal audit function is to provide independent assurance that a firm’s governance, risk management, and internal controls are operating effectively. The FCA expects internal audits to adopt a risk-based approach, prioritising risks that the firm deems crucial, whilst still ensuring that the full GRC/AML/CTF framework is tested at appropriate intervals.
An independent internal audit provides assurance that systems and controls are effective. As a third line of defence, it plays a vital role in assessing and improving compliance frameworks.
Watch this 60 minute webinar where we will discuss the key elements of the Internal Audit function.
In this session we explore:
1. The importance of internal audits in compliance frameworks
2. Understanding the three lines of defence model
3. Leveraging internal audits for regulatory compliance
4. Case studies and best practices
5. How to enhance your internal audit process
Watch the full webinar below.
How can Complyport Help?
Conducting robust internal audits requires a deep knowledge of the regulatory expectations as set out by the FCA. Firms can leverage Complyport’s extensive experience through Section 166 work as part of our appointment on FCA’s Skilled Persons Panel, as well as a significant number of Internal Audit assignments and engagements within our Group. This places Complyport as a provider of choice when it comes to the provision of Internal Audit services to FCA-regulated firms
Complyport helps firms meet internal audit requirements through:
- Risk-based Audit Planning: We analyse your operations, controls, and risk profile to develop customised annual audit plans focusing on key risk areas.
- Compliance Control Testing: We thoroughly evaluate your AML/CFT compliance program, including due diligence, transaction monitoring, record keeping, staff training, and overall governance.
- Detailed Reporting: Audit reports provide comprehensive reviews, testing results, control ratings, risk assessments, and practical recommendations to enhance compliance.
- Ad-hoc Engagements: We conduct rapid response reviews to address emergent issues and regulatory requests. Our experience includes investigative audits.
- Compliance Training: We provide tailored training to boards, management, and staff on regulations, risks, audit techniques, and industry best practices.
With over 25 years of regulatory excellence and a deep understanding of the crypto industry, Complyport is well-positioned to deliver high-quality internal audits that provide assurance to firms, regulators and stakeholders. A proactive internal audit program can help crypto businesses continue building trust and maturity in a rapidly evolving space.
Complete the form below to book a free consultation.
About Compyport
Complyport is a market-leading consulting firm supporting the UK financial services industry for over 22 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport can assist with the preparation of a GAP analysis and impact assessment on the investment firm’s capital adequacy and risk management framework of the Company under the regulatory framework.
We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice.
- Skilled Person Reviews and Regulatory Investigation
- Financial Crime support and Forensics
- Compliance managed services and resourcing compliance personnel
- Prudential support, IFPR, ICARA and financial resilience advice
- Consumer Duty implementation advice
- Operational resilience & Cybersecurity advice
- Financial Promotions guidance, support, and management software solutions
- CASS advice and protections of client assets
- Comprehensive compliance work-flow management software
Complete the form below to book a free consultation.
