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Compliance Monitoring

Organisations are increasingly elevating the processes and structures they need to enhance compliance with regulations. The increased business impact of new legislation as well as the implications of non-compliance within each organisation
means the provision of applicable legislation has increased the focus by the board on regulatory compliance.

Using our strategic and practical experience and knowledge of the regulatory landscape, we are able to offer you a complete regulatory service that is ideal for Accountable Institutions and Financial Services Provider looking for cutting edge compliance monitoring support.

Our primary services include compliance risk management, statutory compliance monitoring/reporting, annual financial statement submissions, licencing profile changes, licence applications/facilitation, representative monitoring, compliance/representative training, compliance advisory services, ombud complaints support and consulting.

Our compliance monitoring service for independent financial advisors includes a dedicated compliance officer who:

  • conducts regular onsite assessments and file sampling
  • produces reports and recommends remedial actions where necessary
  • regularly reviews the customised risk management plan
  • completes the FSCA compliance reports and submits them to the FSCA
  • attends and assists during an FSCA onsite visit
  • guides and supports with FAIS related customer complaints
  • ensures the business is kept up-to-date through regular compliance updates and newsletters
  • hosts compliance webinars and seminars which provide access to hands-on compliance assistance

Further consultation and support which is available on request include:

  • implementation and compliance of risk management processes (including FICA and POPI)
  • assistance with preparation before an FSCA onsite visit
  • customisation of templates for the business
  • assistance with profile changes which include FSP name changes and adding or removing of Key individual or Representatives

FSPs with an internal compliance function can tap into our expertise and get an independent assessment of how effectively their internal compliance processes have addressed the compliance risks in their FSP. This service provides additional peace of mind.

When new legislation is promulgated, the inherent risk will always be high as operational breakdowns have a higher probability/likelihood of occurring in the organisation.
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Embedding compliance with all key legislation in the organisation is a function of certain critical activities and stems from collaboration across key governance functions such as Legal, Compliance, Risk Management, and Internal Audit.

These functions all form part of the “three lines of defence”. Business and its operational management however also form a critical (if not the most important) line of defense in ensuring a “compliant” organisation.

The Business should identify any key issues that may arise from compliance requirements and capture these in Compliance Risk Management Plan (“CRMP”) which can form critical management, monitoring and reporting tools if designed and implemented correctly.