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EY | Assurance | Tax | Transactions | Advisory
About EYEY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
© 2015 EYGM LimitedAll Rights Reserved.
This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
ey.com/nl
Workflow Tool
Tooling - Delivering a total solution for Compliance Monitoring
The Compliance Monitoring Tool (CMT) is an EY tool that enables real-time monitoring of an organization’s compliance against a specific set of actions. CMT is a technical enabler that will structure the total workload and provide an audit trail tied back to the regulatory requirements. The tool enables an organization to track progress of the required actions and log supporting evidence in the central repository to achieve compliance.
The benefits for using CMT are the following:
• Offers a pragmatic flexible workflow to suit the needs of any regulatory program, quickly deployed and customized
• Ensures that the process and methodology that has been prescribed will be followed
• Accelerate the collection of evidence and sign offs during the implementation journey and attestation campaign once the implementation has been finished
• Allows ongoing monitoring of compliance by providing real time detailed management information around progress of delivery and completion
Compliant with regulatory requirements: 120 (60%)Awaiting sign-off by 2nd line: 40 (20%)Assessment by 1st line in progress: 30 (15%)Assessment not started: 10 (5%)
Breakdown of outstanding actions by 1st line
Review of regulatory
requirements
Policies to be built into the firm’s processes: 10 (33%)
Regulatory requirement to be incorporated into the firm’s policies: 10 (33%)
Controls and MI to be built to measure that processes are being followed: 10 (33%)
EY/HVG Compliance ServicesCompliance solutions for financial services organizations
Simplified example of the Management Information Dashboard for
implementation of new regulations
Angelique KeijsersPartner
p +31 88 407 1812m [email protected]
Compliance & Business Integrity
“EY embraces the thought that compliance and ethics should make business better instead of the traditional mindset of keep us out of trouble.“1. Assessment/audits of the compliance function
Your key objective is to comply to all required legislation. We have extensive experience in assessing Compliance Frameworks, Governance Principles and Corporate Governance codes such as the Banking Code and Code of Conduct for Insurers. Next to that we can also provide an impact analysis for regulations, for example MiFID II, AIFMD and AML legislation etc.
2. Policy and procedure review A review of your Compliance Framework, including policies and procedures will provide you with detailed insight on the level of maturity of the instruments used by your organization. Our review/ assessment will be based on the laws and regulations applicable to your organization as well as best practice within the industry.
3. Implementation of new regulations With a high frequency of new laws, legislation and consultations in the financial sector, we are able to support you on the interpretation and implementation for specific areas or functions. We have also extended experience in performing impact analysis.
4. Assessment of risk culture EY has developed an assessment in order to analyse the organizational culture by testing behaviour and perceptions of employees and determining the risks of undesired behaviour. On the basis of the outcome of the assessment we will be able to advice you on the use of conduct drivers within your organization.
5. Deliver professional Compliance support We are able to provide you with a variety of compliance support solutions. You may consider compliance outsourcing, co-sourcing or support in the field of regulatory advisory, AML or corporate governance.
6. Provide Permanent Education We can support you in creating awareness around compliance risks throughout your organization. An effective way of doing this is by providing relevant training sessions for the Board of Directors, the Supervisory Board and other employees.
7. Support for license applications Financial institutions are required to have a license from one of the regulators in order to offer financial services. We are able to aid during the entire process of application and extension of existing licenses for your organization. This includes the drafting of the necessary procedures and the preparation of forms and documentation to maintain contacts with regulators.
Whether you are a bank, insurer, asset manager, pension fund, pension premium institution or trust office, every financial organization has to deal with the following challenges:
• Governance: Create and maintain a strong empowered compliance function with an overview of all laws & regulations
• Identification: Identify and be aware of all regulatory challenges and compliance risks
• Risk Analysis: Set up a methodology to perform compliance risk analysis and translate the results to an action plan
• Policies and Procedures: Embed the translation of laws and legislation in all relevant policies and procedures
• Claims and Remediation: Deal with claims, remediation and exit procedures of clients
• Risk Culture/Awareness: Create a sound risk culture
• Workflow Tooling: Implement the right (compliance) tooling to obtain oversight of laws and legislation and have a continuous management information dashboard
Summary of current developments• Ongoing globalization of financial regulatory policy and continued
fragmentation creates significant challenges
• This results in higher expectations from and importance of the compliance function
• It is important to have a clear vision on the kind of compliance risks your organization is exposed to
• EY/HVG Compliance services has a broad overview of the market and we consider culture and behaviour, law and regulations, policies and procedures as the main areas to focus on the coming years
How we can helpYour key challenges
Why EY/HVG• We are working with an integrated approach by having
multidisciplinary teams across our Advisory, Legal, Assurance and Tax services
• We have extensive experience in helping organizations navigate through regulatory challenges
• We have a proven track record in supporting financial services organizations concerning compliance issues
• Our team is globally connected and we have experienced professionals
• We have a proven set of tools, techniques, methodologies and approaches
For further information, please contact:
Contacts
Nicolette OpdamPartner
p +31 88 407 0428m [email protected]
Legal & Compliance
Alexander BeijerPartner
p +31 88 407 1181m [email protected]
Risk & Regulatory
