All Board Members (especially the non-executives) need to know if the business is on the right track to meet the PRA’s and FCA’s expectations. This assurance, as part of the Third Line of Defence, must come from an independent source. Regulators accept that smaller firms have limited internal resources to assess if implementation of regulations is sufficient and turning to a “knowledgeable critical friend” can be a cost-effective approach.

Mutual Governance can deliver assessments of how well a firm has implemented regulatory requirements at a fraction of the cost of a full Internal Audit approach. We can do this across all Rule requirements, but the commonest requests are for the “regulatory hot topics” such as Financial Crime, Consumer Duty, Senior Manager and Certification Regime, Operational Resilience and Risk and Solvency Management.

Following on from our high-level assessment, the Board can then decide if it needs a “deep dive audit” and an improvement programme.

If you would like to discuss how we can support you post implementation, please contact us for a free consultation.