REVIEW OF SYSTEMS AND CONTROLS

Many regulatory compliance assessments focus heavily on the Senior Management Arrangements, Systems and Controls module of the Financial Services Authority (FSA) Handbook. It is important for firms to stay on top of the changes and amendments to this module. Indeed, the FSA are considering bringing differing aspects of the Handbook in line for all firms creating a sort of 'regulatory neatness' to its rules and guidance. All firms will benefit from a single set of rules however we acknowledge that firms have to keep up with these changes.

Invariably some changes are mis-interpreted or not actioned altogether and this is why the Regulator is keen to assess this area at every opportunity. The Telos Compliance service also recognises the challenges firms face and has put SYSC reviews as one of its key services.

The reviews can be undertaken before an assessment in order to minimise the risk of breaching the Handbook or after an assessment which has uncovered some remedial action that has to be taken. Either way, we have the expert resources to be able to recommend a course of action. With SYSC reviews it is always advisable to have a further review six months after the action plan has been implemented to ensure that all measures are having the appropriate outcomes.

To discuss you SYSC review needs contact us here.