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Outsourced Assurance

Overview

Financial services firms are expected to provide frequent updates to their regulators, clients and investors regarding the adequacy of the firm’s internal controls and safeguards in relation to data, assets managed or held and valuations.

Additionally, financial services firms are coming under increased pressure to undergo independent monitoring and are expected to demonstrate transparency over the controls in place for mitigating risks that impact their business.

A strong control environment helps to formalise processes, mitigate risks and vulnerabilities and achieve operational efficiencies and improvements. This environment ultimately acts as a sound foundation for dealing with future growth and with common industry and unique entity issues.

Potential issues

  • You need assurance on the strength of your regulatory compliance controls
  • You need to outsource a business area and want to ensure that the relevant regulatory requirements are complied with
  • You need to restructure a particular process or business area and want them to be regulatory compliant and aligned with best practice guidelines from supranational bodies like the EBA, EIOPA, ESMA and the Basel Committee

How can we help?

Our team has a range of experience and expertise in providing outsourced assurance on regulatory compliance. We can help in the following ways:

  • Create and implement new frameworks and provide you with feedback regarding process changes
  • Test your processes, procedures and systems to assess your compliance with the codes of conduct and other regulatory requirements
  • Provide direction regarding the outsourcing of business areas or the restructuring of business processes
  • Assist with Regulatory investigations and inquiries (e.g. Payment Protection Insurance Review)
  • Inspections of dormant accounts and unclaimed life policies
  • Audits against the Client Asset Requirement (CAR)
  • Perform diagnostic evaluations of current controls to identify control gaps or design deficiencies.

Contact us

John McDonnell

Partner, PwC Ireland (Republic of)

Tel: +353 1 792 8559

Sinead Ovenden

Partner, PwC Ireland (Republic of)

Tel: +353 1 792 6422

Iarla Power

Director, PwC Ireland (Republic of)

Tel: +353 1 792 6398

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