Compliance policies, written supervisory and Compliance Department procedures, supplemented by other internal control procedures, are essential elements of any firm Compliance Program. However, it is effective policies and procedures reflecting current firm practices, as well as current regulations that are essential for regulatory compliance and the reduction of firm risk.
Finseg has extensive experience drafting and editing firm policies and procedures and assisting firms in establishing effective supervisory control systems. Finseg can conduct a critical assessment of, and provide recommendations to achieve, a Compliance Program that relies on the three lines of defense framework that has become standard in the financial services industry. Finseg can also conduct testing tailored to the needs of a firm, which may include a one-time assessment of a firm’s Compliance Program or specific program area(s), or regular periodic testing to ensure the program has been implemented effectively and is operating as intended. After years of providing these services to a diverse cross-section of the industry, Finseg has knowledge of de facto “best practices.”