2 September 2024 - 3 minute read
Sanctions and financial penalties – Why risk incurring administrative sanctions, large financial penalties, public disclosure and potential debarment? Let us assist you with mitigating your business and potential reputational risks. Regulatory risks are a reality now as part of active inspections and enforcement actions, resulting in high value financial penalties and sanctions, issued by the regulatory bodies.
Gap Assessment - We conduct a thorough horizontal and vertical analysis, to specifically identify where an existing Risk Management Compliance Programme (RMCP) document and programme needs improvement. While comparing previous deficiency findings, highlighted during past regulatory inspections and enforcement actions, as well as remediation programmes, we are able to quickly highlight specific RMCP deficiencies and risks. Based on past remedial exercises, we have first-hand experience on what specific aspects and issues the regulatory bodies are focussing on, before applying sanctions and significant financial penalties.
RMCP Enhancement and Implementation - Our RMCP advisory services are designed to help you create, enhance and maintain the required compliance risk-based approach, that aligns with the unique operational aspects of your business, as well as satisfying the regulatory needs. This includes:
Support during FICA Inspections by the Regulatory Bodies - we provide expert support during an ongoing audit, initiated by the regulators and supervisory bodies. Our expertise lies in decades of providing advisory guidance and directly working with the various regulators during inspections and audits.
The Value of Conducting Dry Run Internal reviews or Mock Inspections - Implementing regular dry run internal reviews or mock audits, whether on a quarterly or bi-annual basis, provides accountable institutions with a proactive approach to maintaining compliance and enhancing operational effectiveness. These reviews assist in identifying gaps, weaknesses, and potential risks in existing compliance frameworks before they become liabilities. By simulating audit conditions, institutions can better prepare their teams, refine their processes, and ensure that they meet the stringent requirements of regulatory bodies. Furthermore, the insights gained from these reviews and mock audits enable continuous improvement, fostering a culture of accountability and readiness that is crucial in the ever-evolving landscape of regulatory compliance.
Remediation Plans, Implementation and Monthly Reporting requirements - Post administrative sanctions and penalties imposed by the regulatory bodies or when specific compliance challenges arise, our remediation services provide the expert support for your accountable institution’s needs to manage the issues and successfully mitigate and remediate the risks. With first-hand experience, and while working with accountable institutions that have faced administrative sanctions and fines from the regulatory bodies, we have a proven track record of advising and guiding accountable institution through complex remediation processes. Our approach, based on past remediation programmes are comprehensive and results-driven:
With our expertise, your business can confidently overcome compliance challenges and emerge stronger.
Implementation Support and Training Solutions - We provide the following practical compliance implementation services:
Provide Training Requirements - We provide focussed FICA regulatory and RMCP specific training modules, that not only provide proof of training, but further successfully address the requirements around testing of specific knowledge base outcomes, and evidence of completion.
Implement Record Keeping Requirements - We deliver practical solutions to ensure all the required record keeping requirements are correctly implemented
Implement Targeted Financial Sanctions Screening Requirements - We introduce practical solutions to ensure all the screening, freezing and reporting requirements are correctly implemented.
Provide or Implement Screening of Employees for Competence and Integrity Requirements - We have a proven track record in providing employee screening outcomes, or ensuring the correct in-house implementation of such a process.
Red Cipher provides the required Regulatory Compliance advisory services. Please feel free to contact us at your earliest convenience to discuss how we can support you and your organisation in meeting its FICA compliance requirements.
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