Regulatory Inspections for Achieving Optimal Outcomes
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REGULATORY INSPECTIONS
What to expect and achieving the best outcome!
Presented by –
Simone E. Martin, MBA, FICA, TEP, FCG
Deputy Director, Anguilla Financial Services Commission
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OVERVIEW
Approach to Inspections.
Key Areas Reviewed.
Post-inspection Engagement.
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OVERVIEW
Corporate Strategies vs Regulatory Outcomes.
Achieving Closure in a Regulatory Inspection.
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Approach to Inspections
Inspections conducted by Regulatory Authorities are typically
scheduled in a cycle largely based on risk assessments.
Selection process for licensees will vary over inspection
cycles.
Cross-referencing with other filings by licensees.
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Key Areas Reviewed
Useful to understand areas that ‘intrigue’ regulators.
Specific
areas of focus will likely include: -
CDD / ECDD and Risk Assessments.
Sanctions and PF.
Record-keeping and record retention.
SARs/STRs and engagement of Reporting Authority.
Introduced Business.
Cybersecurity.
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If you’ve ever been curious about what would a Regulator do if they were being
inspected…
Send a courtesy email thanking the Inspection Team.
Following the inspection, review
EVERYTHING
sampled by the Regulator! Prepare an
internal report on findings.
Follow up with the Regulator as per outlined terms of engagement and expectations.
Email to Inspection Team Lead
.
For delayed reports, consider courtesy meetings.
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If you’ve ever been curious about what would a Regulator do if they were being
inspected…
Follow up with the Regulator as per outlined terms of engagement and expectations.
Email to Inspection Team Lead
.
For delayed reports, consider courtesy meetings.
Acknowledge draft reports promptly.
Based on the Regulator’s draft report, map probable regulatory action
.
Provide a fuller reply on the Regulator’s draft report.
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Know the quantum of possible enforcement actions based on the draft and final
report. Regulatory Authorities are more inclined to apply administrative penalties
for a variety of reasons.
Demonstrate
an understanding of the risks and challenges from the Regulator’s POV.
Be prepared to defend your position and challenge any discrepancies.
Determine whether a legal challenge would be prudent.
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An inspection can trigger a review of the firm’s corporate strategy
. Understand
what the risks are for different courses of actions that are available to you.
At the core, remember the directors’ fiduciary duties under law.
Pre-empt knee-jerk reactions in a quest to ‘get it over with’ and maintain a steady and
consistent approach.
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Manage expectations post-inspection.
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Read the Manual!
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Learn to pick your battles, but once on the battlefield…
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Remember, closing a Regulatory Inspection is a chapter in a book.
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Learn about regulatory inspections, what to expect, and how to achieve the best outcomes in this comprehensive guide. Explore key areas reviewed, post-inspection engagement strategies, corporate strategies vs regulatory outcomes, and practical tips for handling inspections effectively.
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Presentation Transcript
REGULATORY INSPECTIONS What to expect and achieving the best outcome! Presented by Dum my Simone E. Martin, MBA, FICA, TEP, FCG Deputy Director, Anguilla Financial Services Commission
OVERVIEW Approach to Inspections. Key Areas Reviewed. Post-inspection Engagement. Dummy Text
OVERVIEW Corporate Strategies vs Regulatory Outcomes. Achieving Closure in a Regulatory Inspection. Dummy Text
Approach to Inspections Inspections conducted by Regulatory Authorities are typically scheduled in a cycle largely based on risk assessments. Selection process for licensees will vary over inspection cycles. Cross-referencing with other filings by licensees. Dummy Text
Key Areas Reviewed Useful to understand areas that intrigue regulators. Specific areas of focus will likely include: - CDD / ECDD and Risk Assessments. Sanctions and PF. Record-keeping and record retention. SARs/STRs and engagement of Reporting Authority. Introduced Business. Cybersecurity. Dummy Text
Post Post- -inspection Engagement inspection Engagement If you ve ever been curious about what would a Regulator do if they were being inspected Send a courtesy email thanking the Inspection Team. Following the inspection, review EVERYTHING sampled by the Regulator! Prepare an internal report on findings. Dummy Text Follow up with the Regulator as per outlined terms of engagement and expectations. Email to Inspection Team Lead. For delayed reports, consider courtesy meetings.
Post Post- -inspection Engagement inspection Engagement If you ve ever been curious about what would a Regulator do if they were being inspected Follow up with the Regulator as per outlined terms of engagement and expectations. Email to Inspection Team Lead. For delayed reports, consider courtesy meetings. Acknowledge draft reports promptly. Dummy Text Based on the Regulator s draft report, map probable regulatory action. Provide a fuller reply on the Regulator s draft report.
Corporate Strategy vs Regulatory Outcomes Corporate Strategy vs Regulatory Outcomes Know the quantum of possible enforcement actions based on the draft and final report. Regulatory Authorities are more inclined to apply administrative penalties for a variety of reasons. Demonstrate an understanding of the risks and challenges from the Regulator s POV. Be prepared to defend your position and challenge any discrepancies. Determine whether a legal challenge would be prudent. Dummy Text
Corporate Strategy vs Regulatory Outcomes Corporate Strategy vs Regulatory Outcomes An inspection can trigger a review of the firm s corporate strategy. Understand what the risks are for different courses of actions that are available to you. At the core, remember the directors fiduciary duties under law. Pre-empt knee-jerk reactions in a quest to get it over with and maintain a steady and consistent approach. Dummy Text
Achieving Closure in a Regulatory Inspection Achieving Closure in a Regulatory Inspection Dummy Text
Achieving Closure in a Regulatory Inspection Achieving Closure in a Regulatory Inspection Manage expectations post-inspection. Read the Manual! Learn to pick your battles, but once on the battlefield Dummy Text Remember, closing a Regulatory Inspection is a chapter in a book.
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