Last Updated on Mar 6, 2020 by James W
As a business owner it is your responsibility to ensure that you are complying with the regulatory system. A great way to evaluate your level of compliance is to hire an external FSA compliance consultant. Whilst a compliance consultant cannot guarantee compliance, they will be able to provide recommendations for you to act upon. In this article we will explain the role and responsibilities of FSA compliance consultants.
It is the role of FSA compliance consultants to perform audits and assessments to check that businesses are complying with regulatory requirements.
Risk assessments
One of the first things FSA compliance consultants will do when working with a business is analyse their business procedures. The initial assessment will involve identifying high risk areas and weaknesses in procedures. The risk assessment can be used as a basis to come up with effective strategies to strengthen a business and improve its compliance.
Auditing
FSA compliance consultants are also required to perform audits on businesses’ documents and files. They do this to ensure that procedures are being followed. Whilst auditing involves identifying areas of weakness that need to be corrected and improved upon, it also involves identifying areas of good practice.
Implementing procedures
Part of an FSA compliance consultant’s role involves helping businesses to set up procedures that can improve their level of compliance. For example they may be required to create recruitment manuals or come up with procedures that will enable employees to handle complaints effectively. FSA compliance consultants usually have a set of templates which they can apply to your business procedures, tailoring them to meet the needs and requirements of your employees and customers.
Providing technical support
FSA compliance consultants can also provide businesses with technical support. For example if a business requires advice on a particular product or form of regulatory reporting, an FSA compliance consultant should be able to provide them with a helpdesk-like service.
Business development
Working with an FSA compliance consultant can greatly benefit you in terms of business development. With their help and analytical skills, you will be able to identify where your business is doing well and the areas where you need to make drastic improvements. By identifying specific issues that your business is facing, you will be able to come up with an effective strategy to combat them and improve compliance.
FSA compliance consultants must evaluate businesses’ regulatory reporting to ensure they are following best practice.
Hiring an FSA compliance consultant
When choosing an FSA compliance consultant to work with, you must ensure that they have the necessary skills and qualifications to be able to meet the needs and requirements of your firm. It is essential that they are up to date with the latest regulatory requirements and are able to tailor their strategies in line with changes and developments. Always ask to see references to check that other businesses have been happy with the level of service they have received.
It is also important to check that the FSA compliance consultant you are intending on hiring is able to prove you with the services you require. All good FSA compliance consultants should be able to provide the services outlined in this article. Some may also offer additional services for a surplus charge, depending on their resources.
Conclusion
Although it is the responsibility of FSA compliance consultants to provide the services outlined in this article, ultimately it is you, the business owner, who is responsible for the overall compliance of your firm. Whilst you have the option of carrying out audits and risk assessments yourself, most business owners find it beneficial to outsource the work to an FSA compliance consultant. This is due to the fact that they have the necessary knowledge of the system which enables them to perform thorough assessments and audits to ensure your business is complying in all key areas relating to the industry’s regulatory requirements.
Author:
Bulldog Digital Media
