Whether identified by the regulator or through internal monitoring, review work can be costly and time consuming both from the view of getting the work completed to the considerable senior management time in overseeing the process and making sure it is fully completed. The last thing any firm needs is an incomplete review or lack of record keeping that requires the whole exercise to be repeated. Leave no stone unturned, make sure every aspect of the review is covered off and be certain you can evidence the work is completed.
Having come face to face with the PIA during the Pensions Review, which cost the industry around £14 billion, many firms are fully aware that satisfactory review work can be extremely challenging to achieve. Endowments and the spectre of contracting out loom large and need to be put behind us.
The important thing often missed from reviews are the lessons to be learned that avoid these things happening again. Identifying what went wrong and the reasons for it are, in the long term, far more important than the work itself, however difficult that may be to realise at the time.
With access to a wide range of compliance consultant experts your Review can be tackled from the smallest project to the largest full scale past business review.
For experienced resource capable of managing major review work and drawing from the lessons to be learned, look no further than AJS Consultancy Services so please contact us via our Contact Page.