Depending on the size of the entity, the nature of the activities, staff turnover, it is sometimes advisable to call on Compliance Outsourcing Company, an expert in its field to guarantee the implementation and management of compliance systems.
From this perspective, three approaches exist:
- The use of an Interim Compliance Officer during a predetermined transition period
- The use of an External Compliance Manager to take charge of the management of compliance systems
- Outsourcing of the Compliance function to an expert firm in the field
Whether you have a clear idea of the option to choose from or need to explore it further, we are at your entire disposal to discuss the system best suited to your needs and constraints to ensure your compliance.
These experts can develop and integrate all the elements making up the systems to be applied, including the management, federation, and motivation of the teams in place.
Recourse to a Compliance Outsourcing Companies has two advantages: rapidly improving the level of compliance of the systems and relying on external expertise to strengthen the skills of internal teams.
Their mission includes:
- Supervision and monitoring of activities
- Advice and assistance to team members and/or operational staff
- Proposing and promoting the updates necessary for regulatory changes, both for operational staff and managers
- Coordination of training
- Reporting to the authorities, whether they are internal (deliberative and executive bodies) or external.
Outsourcing of the compliance function
In structures of modest or intermediate size, a full-time Compliance function is not always justified concerning the workforce, the field of activity, or the workload.
The regulations authorize any entity subject to a supervisory authority to outsource “essential operational tasks” as long as these comply with regulatory constraints.
We suggest that you take full or partial charge of your Compliance function to:
- The performance of first-level checks (KYC due diligence for example) or second level as well as compliance checks depending on your organization
- The preparation of regulatory statements for the supervisory authorities
- The drafting of compliance reports required by the regulations and intended for the deliberative and executive bodies
- The analysis and, where applicable, the declaration of transactions giving rise to doubts in the fight against money laundering and the financing of terrorism
- The organization and delivery of compulsory training
- Managing the relationship with any public authority.
The assurance of an exhaustive and effective covered perimeter
From a financial crisis to a health crisis, from fraud scandals to corruption convictions, through the collective awareness of refocusing on the real economy, galloping regulatory developments are making the business of compliance and internal control, technical and sharp.
They require mastering a large perimeter of recommendations, the scope, and precision of which can sometimes be difficult for a single employee to assume.
Since the world in which we operate requires it, and the underlying trend is towards strengthening and controlling organizations, no one today can ignore implementing a robust permanent control system. Under these conditions, the advisability of resorting to compliance outsourcing companies can be considered. Outsourcing compliance monitoring gives the assurance of covering the entire system.