The post Webinar Recording – Internal Audit: Mastering Your Third Line of Defence first appeared on Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology .
]]>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.
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.
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:
With over 22 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.
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.
Complete the form below to book a free consultation.
The post Webinar Recording – Internal Audit: Mastering Your Third Line of Defence first appeared on Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology .
]]>The post 17th April 2024: Internal Audit – Mastering Your Third Line of Defense first appeared on Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology .
]]>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.
Join us for an informative webinar where we will discuss the key elements of the Internal Audit function.
April 10, 2024
11am (UK Time)
Secure your free spot now by filling out the registration form.
Register Now
For inquiries, please contact thomas.salmon@complyport.co.uk
We look forward to your participation in this engaging and informative webinar.
Simon Chapman – Speaker
Director, Complyport
Richard Corbyn – Speaker
Director, Complyport
Kumar Ved – Moderator
Managing Director, Complyport
The post 17th April 2024: Internal Audit – Mastering Your Third Line of Defense first appeared on Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology .
]]>The post Cryptoassets: The Importance of Internal Audit for FCA AML/CFT Compliance first appeared on Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology .
]]>With cryptoasset firms being subject to the AML/CFT rules, this memo also serves as a reminder to other financial services firms regulated by the FCA that they must also establish appropriate AML/CFT controls proportional to their risks.
The FCA Handbook states that an internal audit function must be separate and independent from other functions, with responsibilities that include:
The internal audit function should operate on a risk-based approach and examine areas such as client due diligence, transaction monitoring, record keeping, staff training, and compliance with legal requirements.
An independent internal audit provides assurance to senior management and the board that AML/CFT systems and controls are operating effectively. As a third line of defence, internal audit plays a vital role in assessing and improving compliance frameworks.
Key areas where independent audit adds value include:
By identifying control weaknesses and potential gaps, internal audit helps financial services firms including cryptoasset firms continually improve AML/CFT defences and avoid significant regulatory penalties.
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:
With over 22 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.
Don’t navigate the complex world of FCA regulations alone, contact us to see how the regulation may apply to your firm. Email Thomas Salmon in our Regulatory Solutions team at thomas.salmon@complyport.co.uk to book a free consultation.
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.
Contact Thomas Salmon in our Regulatory Solutions team via email at: thomas.salmon@complyport.co.uk to book a free consultation.
The post Cryptoassets: The Importance of Internal Audit for FCA AML/CFT Compliance first appeared on Complyport - Your Trusted Partner in Governance, Risk, Compliance & Technology .
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