WDA have developed the service offering of a Fully Outsourced Compliance Officer. We have curated compliance checklists and designed compliance universes to meet the demands of a number of regulated sectors including Credit Unions (The Credit Union Act) and Charities (The Charity Act and Governance Code).
“If you think compliance is expensive, try non-compliance” -Former U.S. Deputy Attorney General Paul McNulty
We have outlined below how the implementation of a typical compliance function engagement, please note all engagements are tailored to fit your Organisations resources and expectations.
- Assess existing Compliance Function. Review: Annual Compliance Plan, Annual Compliance Statement, Breach Register, previous reports, Internal Audit Reports, Risk Reports etc.
- Review Compliance Polices (including Organisation’s Materiality Statement) & make recommendations for improvements (where required)
- Implement updated Annual Compliance Plan
- Assess the Organisation’s compliance in line with Credit Union Act
- Assess the Organisation’s compliance in line with all other relevant legislation (AML, Data Protection etc.)
- Update Breach Register and review remediation plans for all identified breaches
- Deliver compliance reports to Management Team and Board of Directors: Report periodically on compliance assessments, identified breaches
- Review and report on relevant upstream legislative and compliance issues.
- Deliver compliance training to help embed culture of compliance
- Prepare Annual Regulatory Compliance Statements as necessary.