Kevin Gilligan, Head of Business Advisory
Context and Regulatory Expectations
In June 2025, the Jersey Financial Services Commission (JFSC) published feedback on its 2024 thematic examination of compliance monitoring. This review evaluated how effectively firms tested adherence to internal policies and regulatory obligations, verified control effectiveness, and remediated deficiencies. The review was guided by the JFSC’s Compliance Monitoring Guidance Note, which outlines a cyclical, risk-based approach to compliance monitoring.
The JFSC expects firms to:
- Identify and assess applicable legal and regulatory obligations.
- Evaluate their control environment and residual risks.
- Develop and execute a risk-based compliance monitoring plan (CMP).
- Maintain robust documentation and board oversight.
- Ensure timely and sustainable remediation of issues.
Key Findings from the Thematic Review
While the JFSC found a generally good level of compliance, several areas of improvement were identified:
- Ineffective Testing
Tests were incomplete or failed to detect issues. Testing was not aligned with control design. - Inadequate Policies and Procedures
Many firms lacked detail on how CMPs are developed, approved, and maintained. There was no clear methodology for test frequency, sample size, or remediation prioritisation. - Poor Record-Keeping and Oversight
Board minutes and compliance reports lacked sufficient detail. Material findings were not always escalated or tracked. - Delayed or Incomplete Remediation
Actions were not prioritised based on risk. Follow-up on remediation effectiveness was inconsistent.
How Resolver by Aspida Can Help
Resolver by Aspida is a purpose-built compliance monitoring and risk management platform designed to help regulated firms meet and exceed regulatory expectations. Here’s how it aligns with the thematic findings:
Structured Risk-Based Planning
Resolver enables firms to map legal and regulatory obligations directly to risk assessments and control frameworks. It supports dynamic updates to CMPs based on regulatory changes or internal risk triggers.
Effective and Documented Testing
The platform facilitates the design and scheduling of tests with clear objectives, scopes, and methodologies. Results are recorded systematically, with audit trails and evidence attachments to support findings.
Board-Level Reporting and Oversight
Resolver generates real-time dashboards and board-ready reports that highlight testing outcomes, breaches, and remediation status. It ensures material issues are escalated and tracked through to resolution.
Remediation Tracking and Sustainability
The platform assigns ownership of actions, sets deadlines, and monitors progress. It enables post-remediation reviews to confirm issues are resolved and controls are effective.
Policy and Procedure Integration
Firms can embed their compliance policies within Resolver, ensuring alignment between documented procedures and operational practice. Built-in review cycles help maintain up-to-date and effective compliance documentation.
Conclusion: From Compliance Obligation to Strategic Advantage
The JFSC’s thematic review underscores that compliance monitoring is not just a regulatory requirement — it is a critical component of effective governance and risk management. Firms that treat compliance monitoring as a strategic function are better positioned to detect emerging risks, respond to regulatory change, and maintain stakeholder trust.
Resolver by Aspida empowers firms to move beyond reactive compliance. By embedding risk-based planning, structured testing, and real-time oversight into daily operations, Resolver transforms compliance monitoring into a proactive, data-driven discipline. This not only ensures alignment with JFSC expectations but also strengthens operational resilience and board-level accountability.
As regulatory scrutiny continues to evolve, firms that invest in robust, technology-enabled compliance frameworks will be best placed to demonstrate assurance, agility, and a culture of continuous improvement.
Please reach out to Kevin for more information and for a demo.
