Assurance and Assessment
CAAS methodology
Our Assurance and Assessment Service is delivered through our Compliance Assurance and Assessment (CAAS) methodology. CAAS is our holistic end-to-end review of the effectiveness of a firm’s compliance systems and control arrangement. It enables a firms to obtain an independent assessment of the effectiveness of its compliance arrangements and identify areas of significant weaknesses.
CASS comprises of three distinct but related parts:
- Diagnostic review of the compliance function
- Review of a firm’s a risk based compliance monitoring programme
- Assessment of a firm’s overall compliance culture
- Example of a recent assurance and assessment engagement: Our client, the investment banking and asset management subsidiary of one of the biggest financial services holding companies in Sub- Sahara Africa wanted an independent assessment of its compliance arrangement and recommendations on how it could be improved. We undertook a firm wide onsite assessment of its compliance arrangement that included reviewing their compliance culture, effectiveness and visibility of the compliance function and the risk based monitoring programme. We made a number of recommendations including updating their compliance policies and procedures to international standards by benchmarking them to relevant aspect of UK’s FCA Conduct of Business Sourcebook. These recommendations were accepted and we implemented them for the client.
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