We examine each handbook and each piece of legislation in relation to your organisation and the type of regulated activity being carried out. We work with you to carefully map all the applicable rules and regulations to your firm’s operations and governance frameworks.
The level at which the mapping is carried out depends on the complexity of your organisation and also the business requirements of your firm. The result is a reportable set of applicable regulations, linked to your business operations, not only demonstrating compliance, but also providing sound platform for ongoing management and strategy execution.
Following the rules mapping, Lysis will produce a Compliance Risk Assessment (CRA). The purpose of the CRA is to enable the Compliance function to target its activities, focus effectively and demonstrate the rationale for decisions made during the course of those activities. The CRA is an internal management tool to prioritise the Compliance Monitoring Programme (CMP).
The CRA does not take a narrow rules-based approach. Instead it seeks to consider both regulatory requirements and compliance risk to which the business is exposed. The CRA is based upon two initial assessments:
- The Regulatory Footprint assesses the most important regulatory areas/chapters of the Regulatory Handbook(s) and other applicable regulations that apply to the different business areas of the firm; and
- The Risk-based Footprint assesses the risks that apply to the different business areas based on intelligence and data from a range of internal and external sources, such as the current business risk assessments.
Through the application of the Regulatory and Risk Based Footprints, it can be demonstrated where their constituent requirements impact the firm at differing levels within the organization.
Your Fully reportable database of ‘rules to operations’ will give you fast access to any section of regulation ensuring that you always have a clear picture of all your obligations, mapped activities and ownership. An essential compliance tool.
“An essential compliance tool”
For the past 15 years, Lysis Financial has helped businesses reduce their operational losses, reduce the cost of borrowing (through enhanced credit ratings), and free up regulatory capital. Lysis embeds a risk-based strategic approach into its projects and operational decision-making, enabling our clients to be assured of sustainable success.