Compliance Action Plan
The Action plan of each entity can be different depending on its specificities (i.e. type of business, legal form of the entity, number of employees) and the particular legal framework of each jurisdiction.
However, some fundamentals should be included in every CAP.
10 Tips to improve your business compliance action plan !
- Engage a Head of Compliance Officer with the relevant experience and the integrity necessary for such a position;
- Draft a Code of Conduct for the staff that will be clear for everyone and make sure that all members of the staff are aware of it;
- Review the policies and procedures of the entity at least once per year and reassure good Corporate Governance of the entity in general;
- Monitor the mapping of the used documents and data, based on the new GDPR legislation;
- Monitor the outsourced code of conduct reports;
- Monitor the publication of compliance and audit charters.
- Complete a Risk Assessment once per year;
- Training of the staff on their awareness of specific notions and fundamentals of the financial sector, as MiFID II requires;
- Regulatory Watch, meaning following all the new legislation and implementing them in the business, when it is necessary;
- Use technology to automate compliance procedures and eliminate the employee's time on collection of data and repetitive checks.
How can Pideeco help you ?
Pideeco can assist your business, providing an A-Z Compliance Action Plan, evaluating the existing plan that you are using. We can help you improve your efficiency in implementing the new rules and procedures, keeping you up to date with all the upcoming changes and providing the relevant IT tools for more automatisation.
Contact the Compliance Team !How can Pideeco help you with Compliance Action Plan?
Implementing and maintaining Compliance Action Plans can be challenging for several reasons, including recognizing and prioritising areas of risk, addressing emerging risks, and because of time. It should always be built around the risk scale priorities. We at Pideeco can help you to:- Draft or review your existing policies and procedures to improve and capture all the essential components needed for your CAP.
- Create and complete a compliance risk assessment of your company to find any gaps and to aid you in mitigating them.
- Monitor the outsourced code of conduct reports and the publication of compliance and audit charters.
- Train the staff of your company on their awareness of specific notions and fundamentals of the financial sector.
- Use technology to automate compliance procedures and eliminate the time to collect data and the repetitive checks that come with the work.
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