Compliance Monitoring Report - What Next?
Compliance Monitoring Report - What Next?
What should I do next with my Compliance Monitoring Plan and Report?
Pass to Management
When you have completed your Compliance Monitoring Report for the period, based on the information in your Compliance Monitoring Plan and any updates logged throughout the year, you need to forward the original Compliance Monitoring Plan and the Compliance Monitoring Report you have just completed to your senior management.
Revise Your Compliance Plan for Next Period
At the same time, you should pass them a new Compliance Monitoring Plan for the coming period.
This means you should use your Compliance Monitoring Report to help you write the following period’s Compliance Monitoring Plan.
Make sure to include any topical areas you know will happen in the year to come, including any proposed changes to the business. Your senior management can then ask you to make any additions and you then have your Compliance Monitoring Plan for the coming period.
Keep Copies
We recommend keeping all Compliance Monitoring Plans and Reports together, in order for them to be referred to or supplied to the FSA when necessary. Having past reports and plans to hand will cut down the time you spend on writing new ones in the future.
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