Internal Audit

Bringing Insight and Expertise as Your Trusted Compliance Partner

With over 22 years of experience and 600+ internal audits undertaken by our seasoned expert team, Complyport offers more than standard Internal Auditor services. Through our extensive experience conducting Section 166 work as part of our appointment as one of a select groups of companies included on the FCA/PRA Skilled Persons Panel,

Complyport Approach

We take a rigorous “review-and-recommend” approach to provide expert compliance assessments and guidance. We follow the model used by the FCA when appointing an independent expert to undertake an assurance review, assessing past performance against agreed parameters, but also making recommendations, supporting remedial activity and assisting in future-proofing our clients from an FCA compliance viewpoint.

Complyport is able to provide the option of a named individual as an appointed Internal Auditor, subject to terms.

The Complyport team is highly experienced in issues relating to conduct of business, prudential requirements (including IFPR), governance, control and risk frameworks, financial crime prevention (including Anti Money Laundering (AML)/Counter Terrorist Financing (CTF)) and resource assessments. The senior leadership team has between them over 250 years of experience performing regulatory compliance and assurance reviews, Skilled Person/Quasi-Skilled Person Reviews, business-wide health checks/audits and focused reviews in areas such as complaint handling, financial promotions reviews and mortgage fraud investigations.

Our Group currently acts as either outsourced or insourced Internal Auditors (appointing a named person as Internal Auditor) for over 50 regulated financial services firms, successfully for over two decades. Our expertise spans various sectors, aiding in implementing regulatory changes and supporting clients with initiatives like Senior Managers and Certification Regime, Operational Resilience, Consumer Duty, and Financial Promotions.

With extensive experience across sectors and jurisdictions, we’re primed to fulfil your audit, governance, and compliance needs.

During the provision of our Internal Audit services, we:

  • Utilise our thorough knowledge of the regulatory frameworks and our practical understanding of the financial services industry and FCA’s expectations to perform periodic desk-based and/or on-site Internal Audit inspections using a risk-based approach, as well as the principle of proportionality.
  • Analyse our clients’ information, manuals and processes and draft customised plans prior to Internal Audit inspections, while reviewing the regulated firms’ policies and compliance requirements as stated by the law.
  • Review and evaluate on a systematic basis the adequacy and effectiveness of the regulated firms’ internal controls and operating performance against FCA’s regulatory framework.
  • Assess the level of convergence of the regulated firms’ practices and operations with respect to the applicable legislation.
  • Assess the risks inherent in the regulated firms’ operations and provide recommendations on how these risks may be mitigated.
  • Undertake compliance checks on client identification, due diligence and anti-money laundering controls performed by the regulated firms.
  • Assess data, information and evidence received, draft Internal Audit reports that include major findings, weaknesses and recommendations, and communicate these to the regulated firms’ senior management and Board of Directors.
  • Undertake ‘Systems Audit Trail Verification’ inspections relevant to the systems, platforms and software involved, as part of the regulated firms’ activation, and assess their suitability, efficiency and level of controls to ensure valid, reliable, timely and secure input, processing and output during their operation in accordance with the local regulators’ requirements.
  • Undertake extraordinary Internal Audit investigations that may be needed by the company and or requested by the FCA in relation to possible infringement of the regulatory frameworks by regulated firms.
  • Perform ad-hoc assurance engagements relevant to corporate governance, enterprise risk and risk management, fraud or incident analytics, etc.

As Internal Auditors we add value and ensure that our clients remain compliant at all times by diligently reviewing and providing feedback on all aspects of our clients’ operations, promptly identifying weaknesses and risks and providing valuable insights and recommendations on how they may raise their level of compliance.

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