Compliance monitoring and assessment is the quality assurance testing carried out over the regular activities of a financial organization. This evaluation is done from an internal audit and assurance perspective and serves the third line of defense in risk management culture.
A compliance monitoring plan should be proportionate to the scale and complexity of the business and driven by the firm’s assessment of their compliance risks. It should describe the testing to be carried out; the frequency; by whom – the role of the person responsible for the testing (for example, the Compliance Officer); and the records to be retained evidencing the testing carried out and associated findings.
Aptivaa has expertise in the regulatory requirements of central banks as well as market regulators of UAE (CBUAE), KSA (SAMA and CMA), India (RBI). It has assisted various banks as well as finance companies in compliance assessment.
Aptivaa follows a three phased approach for compliance assessment: