Regulatory consulting and compliance
Regulation is not an obstacle to 'healthy markets' - it secures and enables them
Risk management, compliance, good governance, secure systems and controls are all key issues in the financial services industry. The changing focus of regulation, compounded by the economic downturn, is forcing firms to act upon these issues.
Firms must ensure that their compliance function has the depth of expertise required to manage all regulatory requirements within the business.
How can we help you?
Our service supports the regulatory needs of the financial services institutions of Ireland. Regulatory risk should be managed in a continuous cycle. The first step is to identify the regulatory requirements that the organisation must comply with. The second step is to develop appropriate policy and procedures to ensure compliance with the requirements. These requirements must then be embedded within the organisation. Continuous monitoring of compliance with internal policy and procedures must be undertaken and remedial action is carried out, if required. New requirements will need new policy and procedures, implementation of such, and monitoring and so the cycle continues.
Our team of professionals have a proven track record for successfully helping organisations to manage regulatory risk and deal with attention from the CBI. We work with you, listening to your needs and requirements, to provide a range of services that focus on enhancing the overall quality of regulatory compliance within your firm.
Our services include:
- Implementation support
- Sanctions advice
- Themed inspections
- Skilled persons reports
Over the past number of years, in response to market developments, we have seen a significant increase in both domestic and international regulation. In particular, the financial services industry has experienced major change with the introduction of substantial new regulatory requirements, creating additional challenges for compliance departments across the sector. The identification and implementation of regulatory change can be a lengthy and often, confusing task impacting several areas of the business. Deloitte has a team of both legal and compliance experts who can assist with all stages of regulatory implementation and support. From initial interpretation queries through to effective implementation, QA reviewing and on-going monitoring tasks Deloitte have the skills, specific knowledge and technical tools necessary to ensure that regulatory requirements are embedded with your organisation.
Deloitte has extensive experience in the completion of the following specific tasks in this context:
- On-call advisory service
- Production of ‘bespoke’ policies / procedures
- QA / monitoring reviews
- Gap analysis exercises
- Project management
- Secondments / staff loan
- Testing for compliance with regulatory requirement
The Enforcement Directorate within the Central Bank of Ireland is now in its third year and has established itself as a capable enforcer and a credible threat to financial service providers who fail to meet their regulatory requirements. Since its establishment, Deloitte have worked with many firms who have engaged in conversations with the directorate and have provided them with guidance and support in managing CBI concerns and establishing solutions. Our team can offer a unique perspective in this context and we will work with you to supply your institution with a constructive approach to resolve any issues and minimise any associated regulatory or reputational risk.
Our team in Deloitte consists of a variety of staff with diverse and complimentary industry experience and expertise, who have assisted numerous clients in seeking regulatory authorisation. Our familiarity with the process, coupled with our cross-sectorial in-depth knowledge, will ease the passage through the undertaking for your organisation.
An effective compliance function can only operate in an organisation where staff are aware and informed of their own individual regulatory obligations. An effective, specific and tailored training regime is a cornerstone to achieving a successful compliance framework. Deloitte are aware of the importance of creating and delivering ‘bespoke’ training that is particular to your specific business activities. From our extensive client experience, we understand the questions which may arise on the journey from regulation to operation and create our training activities with this in mind.
Specific training offerings include:
- Design training programmes
- Coaching for new directors
- Review and enhance existing training materials
- Provision of regulatory training to boards
- Compliance staff training
As part of the PRISM regulatory model, the CBI’s supervision department completes a number of thematic reviews on an annual basis. All regulated entities are considered for inspection in this context and issues identified by the supervisory teams are forwarded to the enforcement directorate for resolution.
To avoid your institution receiving any nasty surprises, Deloitte can assist you in ensuring that your institution is prepared for any such thematic inspections. From experience gained, Deloitte understands where potential weaknesses lie and will apply this knowledge to identify control gaps and suggest enhancements. Deloitte will tailor the scope and method of each review to your exact requirements and will focus on the areas which are of most concern to you and your institution.
Skilled persons report
If your firm has been placed under scrutiny by the CBI, they may require you to engage an external expert to conduct an independent review or ‘Skilled Persons Review’ of an element of your regulatory framework. The requirements of such reviews will be dependent on the scope and nature of the CBI concerns, however Deloitte draws on its considerable knowledge, skills and expertise to carry out the report in a wide range of areas including:
- Adequacy of internal systems and controls
- Assessment of the effectiveness of remedial action to address concerns previously raised by the CBI
- Assessment of the adequacy of corporate governance arrangements
- Staff interview and sample testing
Our advice and guidance will always be made having considered the commercial and pragmatic consequences of the actions, and we will always discuss our advice with our clients to ensure that all parties understand their respective responsibilities.