Rob Jones, Head of Regulatory Services at Aspida Group
Following a series of educational sessions the Guernsey Financial Services Commission (“the Commission”) has circulated a Self- Assurance Help Sheet – CMP (“the Help sheet”)aimed to help firms assess their own firm’s position against the Commission’s expectations of a Compliance Monitoring Programme (“CMP”)
There are 11 questions which include: whether your firm has an adequate CMP, is the CMP risk based, focusing on areas where non-compliance is more probable and is your CMP up-to date relevant and specific to the risks faced by your firm.
Conducting CMP’s via Aspida’s GRC software ‘Resolver by Aspida’ (Resolver) enables our clients to ensure their CMP incorporates the latest Guernsey regulations, rules and codes including the Investment, Fiduciary & Pension Rules and guidance, the Handbook, and other relevant legislation and provides assurance to the board on the design and operational effectiveness of its internal controls, policies, and procedures.
Resolver automates the identification of regulatory obligations and rule changes to ensure that our clients know what changes are made, when they are made.
The use of Resolver enables our clients to prioritise testing within the CMP with its highest risk regulations, defining what is applicable and key to its business.
Finally, the CMP is scoped in line with our client’s business risk assessment, bringing in relevant legislation and the corresponding test groups. Those tests that do not apply or fall outside of the business’ risk appetite, are set to not applicable and will not be included within the assessment.