We were approached by a regulated financial services firm looking to conduct a compliance health check. Compliance health checks are an important tool for identifying areas of weakness in a firm's compliance program and for taking proactive steps to address any issues.

To help the firm conduct a thorough compliance health check, we provided a range of services, including:

• Review of the firm's existing policies and procedures, including AML (Anti-Money Laundering), KYC (Know Your Customer), and GDPR (General Data Protection Regulation)
• Conducting a risk assessment to identify areas of potential non-compliance
• Interviews with key staff members to gain a deeper understanding of the firm's compliance processes and practices
• On & off site observations and testing of the firm's compliance controls
• Preparation of a detailed report outlining findings and recommendations for improvement
• The compliance health check revealed that the firm had a robust compliance program in place, but some areas were identified as opportunities for improvement. We provided practical recommendations on how to strengthen their compliance program and reduce the risk of non-compliance.

As a result of our engagement, the firm was able to identify and address potential compliance issues before they became a problem. Our team worked closely with the firm to implement new policies and procedures, provided training and support to the staff, and monitored their progress to ensure that the new measures were effectively in place and followed.

This is an example of MEMA provided expert guidance and support to a firm looking to conduct a comprehensive compliance health check. By identifying and addressing potential issues, we helped the firm mitigate compliance risks and maintain a strong reputation. Our approach allows the firm to take proactive measures to avoid non-compliance and to demonstrate regulatory compliance to its stakeholders.