Compliance Outsourcing
Compliancy Services offer a range of Compliance ‘Outsourcing Services’. This is simply another way of saying that we partner with your company and manage your compliance for you, carrying out all key activities on your behalf.
How is Compliancy services Different?
Some compliance providers adopt the approach that they will simply visit their clients periodically and write a report saying what is wrong. Our approach is different. We don’t tell you what is wrong, we resolve all the issues for you and make sure you understand how to operate compliantly going forward. We really do do it all for you.
How does it work?
We would work with you to define the set of services that are applicable for your business. For some businesses it may be that we simply review with the internal compliance team, on a quarterly basis, the status of your Compliance Monitoring Programme and make the appropriate recommendations based on our market experience and knowledge of the regulator, of how to move forward. For others a more comprehensive service may be required.
Where we act as a fully outsourced compliance department then a far wider range activities may be carried out. These might include regular compliance audits of new business files, staff files and so on, or compiling the board’s monthly compliance report.
We always look to tailor the service to our client’s business needs, while ensuring that both compliance breach risk, and the costs of regulation, are minimised.
What does outsourcing cost?
The cost of outsourcing will vary, dependent upon the services you require, but it is normally less than the cost of doing the same tasks internally.
Many businesses realise that they have a high compliance risk. They also realise that to manage that risk with full confidence they need a capable individual to take overall responsibility for compliance. This is can be a new, unwelcome, cost.
We can help by providing a regular, external view of your compliance status. However, you probably won’t incur anything like the cost of a full time senior staff member (or the recruitment cost, or the employment risk.)
Outsourcing arrangements can be flexible. They can be tried and tested without a long term commitment. Most importantly, you can be confident that your compliance function is being properly managed which helps you concentrate on growing your business.
Why use Compliance Outsourcing?
Compliance Outsourcing is most regularly used in the following situations:
- Where you want to be cost efficient in managing compliance
- Where you feel external support would supplement your internal compliance team, and offer an expert level of support in managing compliance risk
- Where you have no internal compliance department, or the person responsible is not sufficiently skilled or motivated to take full responsibility for this level of risk
- Where you are not confident about the need (or your ability) to recruit the right senior person with sufficient compliance expertise to manage your risk
- Where external review of systems and controls and their application is necessary to maintain the board’s confidence in your compliance system
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