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Preparing for Regulatory visits
Not only were the sessions constructive allowing me to make the changes I needed to, I found the ability to freely discuss my thoughts on the way we should go in a completely confidential way. Invaluable. Great coach.
CEO INVESTMENT FIRM
“I enjoyed the debate immensely and the final outcomes will be most helpful”
Andrew Kendrick, Chairman, ACE European Group
| Preparing for Authorisation Interviews
Notification of a visit from a regulator is always worth preparing for properly. Making sure that the documentation is in order, that people being interviewed have consistent responses to the same questions and that the likely areas of focus have been properly understood. An "off the cuff" response can lead to time and money being spent clarifying misunderstandings and, in the worst cases, a Section 166 investigation.
We have helped countless firms ahead of visits to bring out their strengths to a regulator as well as responding honestly. The nature of visits varies between regulators and their scope and focus. Each of them is important in building the regulators understanding of you and your business and their future levels of attention.
Our approach with firms is highly tailored to the situation and what they need. The mix of activities we can underage ahead of the visit generally includes the following but often one or two of these steps will be selected :
- Review of the document going to the regulator including minutes of meetings, board packs, risk, data etc.
- A briefing for those involved bringing them up to date of what is expected of them in their role, the latest "Hot Topics" and common problem areas
- Preparation of questions in the likely areas they will probe
- Mock interview session with feedback
- Review of areas where work needs to be done before the real thing
If you are expecting a visit either for authorisation purposes or ongoing monitoring do consider how well prepared your people are and if you would like more information or wish to discuss how we can help please call us on 020 7764 0721 or email firstname.lastname@example.org
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