We offer a full suite of health checks for both new and established financial service businesses. An independent review avoids complacency and gives both comfort over what is being done well as in addition to an action plan for remediation if required. We are able to assist with remediation work if required or can review the output.


 

AML Health Check

The regulators approach to onsite visits makes it likely that a specific AML focus visit may occur alongside a PRISM based visit which looks at the 11 risks. Our AML health check will focus on:
  • AML risk assessments
  • Policies and procedures
  • Due diligence and enhanced due diligence process
  • PEP relationships
  • Training
  • Sanction screening
  • Routine file reviews
This is an important area where enforcement action is possible and even likely for businesses which overlook the importance of getting it right and allocating appropriate resources.

Code of Corporate Governance Health Check

The Code of Corporate Governance has been with us for several years now. However, best practice evolves and expectations change. Our health check will measure your procedures against the requirements of the Code and will provide recommendations to fill any gaps identified.

PRISM Health Check

The regulators approach to the supervision of licensees and the focus of associated onsite visits has changed. Our health check will focus on the 11 risk categories assessed by the regulator and the resultant report will highlight areas which require attention. Combine a health check with PRISM training to ensure that your firm is fully prepared for a PRISM based onsite inspection. Our approach is based on practical experience of PRISM visits and many years of regulatory inspections in multiple jurisdictions.

Pre-Acquisition Health Check

Consolidation and mergers/acquisitions within the Channel Islands are common place and seem set to continue. It is a sensible approach (as part of the deal due diligence) to undertake a compliance and governance focussed pre-acquisition health check. The areas covered can be agreed prior to commencement of the assignment to ensure that the report focusses on key areas of concern and to ensure that you retain control over the cost.

Regulatory Health Check

In the face of ever changing regulation a regulatory health check provides comfort by reporting on compliance with regulation and industry best practice. You may believe that you are up to date but with regulators bringing more enforcement action there has never been a better time to ensure that your firm's compliance framework is up to date. Our health check will look at:
  • Outsourcing
  • Corporate Governance
  • AML/CFT
  • Training and Competence
  • Capital Adequacy
  • Risk Management
  • Compliance Culture
  • Complaints, Errors and Breaches
  • Board Reporting
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