Built for compliance monitoring teams across banks, asset managers and wealth managers, this handy guide gives you a structured, repeatable framework to assess where your monitoring stands today.
What you'll get:
✔ A complete compliance monitoring effectiveness framework
✔ Key actions across 9 critical areas
✔ A clear view of where your monitoring falls short
✔ Practical steps to build credibility with regulators and the board
What the checklist covers:
- Risk-Led Planning: Align your monitoring plan to live business model risks and emerging regulatory priorities
- Outcome-Focused Testing: Test customer outcomes, not just whether processes were followed
- Root Cause & Remediation Discipline: Ensure findings drive real change, with owners, timelines, and re-testing
- Independence of the Second Line: Protect objectivity and ensure escalations land without dilution
- Use of Data & MI: Move beyond spreadsheets to dashboards, heatmaps, and cross-functional data cuts
- Transparency on Limitations: Openly communicate what hasn't been tested and why
- Board Level Reporting: Deliver clear assurance ratings, systemic risks, and forward-looking insight
- Sector Specific Considerations: Tailored checks for banks, asset managers, and wealth managers
- Assurance Delivery & Messaging: Demonstrate effectiveness, not just volume of activity
Don't let your monitoring framework become a liability.
The FCA expects compliance monitoring to be meaningful, dynamic, and outcome-focused. Firms that get this right will:
- Build genuine regulatory credibility
- Demonstrate real assurance - not just process completion
- Give their board the visibility they need to act