Delivering Effective Compliance Reports

Session 1: Introduction and Overview

• Effective systems and controls – What the rules require us to do

• How regulators see a firm’s Monitoring function

• Why Monitoring should be the Senior Manager’s best friend

• Negotiating organisational structures – getting to where you need to be

• Keystones of effective monitoring

• Evidence management

• Case Study: When one firm tried to scale back its Monitoring and Testing activity – differences between the UK and US expectations.

Session 2: Producing the Compliance Report

• Role modelling – embracing the standards you defend

• Titles and templates

• Starting Strong – the Executive Summary

• Securing clarity of scope – what’s in and what’s out

• Approach – narrative, bullets, Appendices

• Effective report writing for the reader – how do we manage avoidable conflict

• Findings and priorities – how detailed are your Recommendations on remediation?

• What needs action and what is noted for compliance management information

• What else should you recognise and note – people, situations, current change, self-identified issues?

• Case Study: How one firm ruined the business’ engagement with Compliance Monitoring

Session 3: Issuing the Report

• Who receives it and why – what is their role and which RACI categories should we consider?

• Draft or final version

• The value of management responses – the role they play in record keeping and subsequent discovery of records

• Version control – especially in times of challenge

• Close the sale – gaining commitment to action with expected standards and timescales

• Case Study: How one firm stripped away the emotional response to reported findings

Session 4: The Follow-Up and Close Out (Before the Cycle Begins Again)

• Planning your verification of progress

• Escalation – what, when and to whom – protocols agreed in advance

• Trust but verify – a risk-based approach?

• Whistleblowing

• How findings and actions affect the Residual Risk ratings of identified risk topics

• Demonstrating dynamic compliance risk mapping which impacts future monitoring schedules

Course Close – summary, questions and feedback

Training Objectives

• Understand what effective compliance reporting looks like.

• Recognise how to adapt the compliance report structure based on the culture of the firm.

• Have a good practice tool against which they can assess their current template and make relevant improvements.

• Understand how to validate their compliance assessment report on priority findings and ensure the report reflects that prioritisation.

• Appreciate the timeline of events and actions required to create effective delivery and maintain momentum on change.

• Build and enhance effective relationships between the first and second lines of defence.

Training Course Summary

This interactive compliance report writing course provides you with a detailed introduction (or refresher) on how best to design and deliver effective compliance monitoring reports. While structuring the report is hugely important, the thought around the end-to-end process and positioning this with key stakeholders can make the difference between a great report that goes nowhere and a great report that affects valuable change, both in terms of controls and procedures but also in mindset and culture.

With compliance case studies included to illustrate good and poor practices in how firms have responded to the regulatory compliance reporting requirements of monitoring, the topic is brought to life and provides a sufficient foundation to begin assessing and improving your current approach. It is primarily suitable for second-line staff responsible for delivering the results of compliance monitoring activity, but may also be of interest to audit teams and other staff e.g. learning and development looking to support those writing these reports.