Compliance Monitoring Report - What?
Compliance Monitoring Report - What?
What should my Compliance Monitoring Report look like?
It is important to understand that the format of your Compliance Monitoring Report should closely follow the format of your Compliance Monitoring Plan. There are a number of reasons for doing this:
- It will be easier to write the report, because it is based on the information shown in the plan, together with any updates.
- It will be easier for senior management to follow and understand.
- Anything omitted can be easily seen when the Plan and Report are compared.
- Preparation of the following year’s Plan will be easier because it will be based on the outcome of the report, which was itself based on the previous Report.
- When all Plans and Reports are added together over the years, you will have consistent detailed and documented information about the workings of your firm.
We recommend copying and pasting your Compliance Monitoring Plan as a starting point for your report.
This gives you a base to work from and nothing from the Compliance Monitoring Plan will be missed.
Action Section
Once you have the general layout, you need to add another section to each of the individual items detailed in your Compliance Monitoring Plan. We recommend you call this section ‘Report, Action Taken and Further Action Required’.
This new section will allow you to report everything for that area that occurred throughout the year, including what action was taken, by whom and why and if there is further action to be taken. That further action can then be carried forward and form a base for next year’s Compliance Monitoring Plan.
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