Compliance Assurance is the collective term for the measures taken by an institution to ensure that regulations, policies and processes are adhered to, and seen to be adhered to. It provides the evidence required to give assurance to Senior Management and the Board as well as regulators that these regulations and policies are embedded in the day- to- day business – among other things, satisfying the ‘Use Test’.
This means having an effective management reporting infrastructure and having mechanisms in place which can actually monitor and measure against set tolerances, on an ongoing basis, the extent to which an institution is performing to the standards it sets for itself, as well as those imposed upon it.
KnowCo has developed Assurance methodologies which offer the following benefits:
- Clarity around which standards or regulations (whether internally- or externally-imposed) apply, how they apply, and to which lines of business or functional areas. This means that scarce resources – including senior management, risk control, compliance and internal audit personnel – can focus on established priority areas
- Enhanced performance monitoring via the establishment and tracking of key performance indicators
- Performance parameterisation, enabling management-by-exception
- Depiction of actual performance against KPIs in dashboards and providing real-time feedback into the operations for prompt corrective action.