Transforming Financial Services Compliance
Assurance Approach
Understand
Undertake workshops and interviews to establish inherent risk, mitigation activity and residual risk if processes function as designed. Seek confirmation that accountable managers accept the inherent risk and agree mitigation controls are effective.
Testing
Design Assurance Framework, to integrate with existing business processes, meetings and committees. Define and document control test approach. Develop prioritisation process so that highest risk, change and areas of underperformance are effectively mitigated.
Reporting
Agree reporting so that residual risk is understood and allows effective actions to be set for areas where the risk is outside the tolerances agreed. Providing reporting aligned to the accountability of the audience from supervisor to board.
Finalise
Work with accountable owners to provide future sustainability of solution and feedback on our approach.