The 6 Benefits of Resourcing Compliance Expertise

Navigating the ever-evolving landscape of regulatory compliance standards is a constant challenge for financial services firms. Maintaining an in-house team with the required expertise, experience and time commitment can be costly and resource intensive. This is where outsourcing compliance expertise can provide significant value.

By partnering with a compliance resourcing provider, firms gain access to subject matter experts without the overhead of hiring and training permanent staff. Compliance consultants offer an objective, third-party perspective free from internal biases, bringing best practice knowledge from across the financial sector and specialisation in the latest regulatory developments.

Key Areas to Outsource Compliance Functions

  • Interim staffing & permanent hiring: From temporary coverage for leavers to permanent recruitment of senior compliance roles like SMF16 and SMF17 officers, a resourcing partner maintains a network of qualified compliance talent.
  • Compliance monitoring programs: Having an external team design, implement and manage your monitoring regimen ensures independent oversight. This alleviates the conflict of interest in self-monitoring.
  • Regulatory filings & notices: Stay on top of all FCA data submissions, requests and communications through a compliance resourcing partner who will meet the deadlines and maintain accuracy and proper record keeping.
  • Policy & procedure documentation: Leverage compliance consultants to draft, review and update critical governance materials annually or as regulations change.
  • Client onboarding & screening: Ensure thorough KYC/AML and enhanced due diligence checks by using robust and tested screening processes.

6 Benefits of Resourced Compliance Expertise

  1. Cost Savings & Flexibility: Pay only for the specific compliance services you need, when you need them instead of carrying permanent headcount costs.
  2. Scalability: Easily scale up or down your access to skilled compliance resources as business needs and regulatory obligations evolve without being over or understaffed.
  3. Best Practices: A reputable compliance partner will employ proven processes, controls and documentation that meet the latest regulatory standards across jurisdictions.
  4. Independence & Objectivity: Third-party compliance teams provide unbiased auditing and insights without possible internal politics or clouded judgement.
  5. Accountability: Resourced partners are accountable for delivery and take ownership of fulfilling compliance obligations for the firm through metrics and SLAs.
  6. Expertise & Focus: Leverage knowledgeable teams who are immersed in regulatory compliance day-to-day rather than trying to build that specialisation in-house.

Resourcing compliance expertise enables financial services companies to focus resources on core revenue-generating activities and growth initiatives while remaining confident that critical compliance functions are being capably handled. An experienced compliance resourcing partner serves as an efficient force multiplier for your in-house team to meet regulatory demands while controlling costs and staffing overhead.

Why Complyport?

With over 22 years of assisting UK financial services compliance, over 400 specialised staff and 60+ UK compliance professionals, Complyport offers seasoned and scalable resourced compliance as your organisation expands. To refocus growth while ensuring continuous compliance, schedule a consultation to explore Complyport’s compliance resourcing possibilities.

Complete the form below to book a free consultation and unlock the benefits of compliance resourcing.

About Complyport

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.

  • Compliance managed services and resourcing compliance personnel
  • Financial Crime Risk and Compliance support
  • Consumer Duty implementation advice
  • Prudential support, IFPR, ICARA and financial resilience advice
  • Operational resilience & Cybersecurity advice
  • CASS advice and protections of client assets
  • Skilled Person Reviews and Regulatory Investigation
  • Financial Promotions guidance, support, and management software solutions
  • Comprehensive compliance work-flow management software

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