Symphonise partners with Compliance Alliance to provide a unique programme of compliance-related service offerings:-
Health Check Service - This services establishes the status of your firm's compliance with a given set of regulations.
What it does
- Business Profiling - to confirm the nature of your business in terms of its clientele, services and the financial products you offer.
- Regulatory Scoping - to establish which regulations your business profile makes you subject to.
- Gap Analysis- to identify which of your regulatory obligations you don't comply with yet.
Deliverables
- Tailored copy of the relevant regulations, colour-coded according to applicability (out-of-scope clauses shaded in grey)
- Supporting documentation - QA spreadsheet to explain why clauses are found to be out of scope.
Compliance Alliance Software Support
For regulations that are already in Compliance Alliance's data repository, the service will be supported with its unique scoping application, which has been proven to reduce the time and effort needed to carry out the analysis.
The regulations that the tool supports are:
- Basel II, including the Sound Principles for Operational Risk Management
- Solvency II (Proposal for Directive, issued February 2008)
- Liquidity Risk (BCBS consultation paper, issued June 2008)
- MiFID (Levels 1,2,3)
- Links to selected FSA manuals.
Solvency II and Liquidity Risk are under development and will be updated as and when they are amended by the regulators.
