- Discuss the planning process related to monitoring and the influence of a risk-based approach on the planning process;
- Discuss the compilation of a monitoring programme/plan. The discussion should include the content of a monitoring programme/plan, e.g. objectives, scope, etc.;
- Discuss the purpose of monitoring;
- Discuss the different types of monitoring and the most appropriate monitoring methodologies applicable to the various types;
- Discuss the various factors which influence the sample sizes selected;
- Discuss what information compliance monitoring work papers and documentation should include;
- Discuss the importance of tracking of the results of compliance monitoring;
- Discuss the differences between monitoring done by various stakeholders;
- Discuss the frequency of monitoring, e.g. daily, continuous;
- Explain the use of Key Risk Indicators (KRI’s) and factors to bear in mind during the design and set-up of KRI’s.
- Develop a detailed compliance monitoring programme/plan for the compliance planning period, typically annually.
- Develop a compliance monitoring programme/plan for a longer term (typically 3 years) at a compliance monitoring/strategic level.
- Develop a monitoring programme/plan to achieve the objectives of monitoring.
- Prepare compliance monitoring working papers as appropriate for a given scenario.
- Evaluate sample monitoring working papers and identify good practices, short comings and inconsistencies.
- Develop a risk-based compliance monitoring programme/plan that is appropriate to the organisation’s business activities and the compliance risk profile, specifically in respect of routine and independent monitoring and formal and informal monitoring.
- Apply appropriate tests of controls, e.g. adequacy and effectiveness testing using appropriate monitoring techniques such as walk-through tests, interviews and more detailed testing.
- Use appropriate monitoring sampling methods and sizes.
- Analyse the compliance monitoring findings and draw valid conclusions.
- Produce compliance monitoring reports as appropriate for the type of monitoring conducted.
- Distribute reports in accordance with the organisation’s policies and procedures.
- Develop a follow-up/track tracking plan for compliance risks and exposures that were identified in terms of compliance monitoring and reporting undertaken.
Who should register?
Financial planners, financial advisors, para-planners and business owners will benefit from enrolling for this course.