Policies and Procedures
There are a range of regulations and legislative provisions affecting Jersey, that a business must comply with. The purpose of policies and procedures is to help ensure a high level of client service, ensuring that the regulatory requirements are adhered to and whilst simultaneously minimising the business risk. Which policies and procedures are required will depend on the type of business, what services are being provided, and the regulatory status of the business.
Regulatory changes occur frequently. Building an effective regulatory mapping process is part of a business’s compliance program and is the mechanism for being aware of regulatory changes. It is an integral part of a registered person’s risk management framework; specifically in relation to compliance risk.
The Commission considers Compliance Monitoring to be the assessment of a registered person’s adherence to applicable legislative and regulatory requirements and corresponding controls. With reference to the guidance notes issued by the Commission, it can occur throughout the business and need not be solely undertaken by the compliance function (e.g. the Compliance Officer, MLRO, MLCO, and staff who directly report into the individuals appointed to these Key Person positions).
The cyclical process of compliance monitoring consists of the following steps:
- identifying relevant legislative and regulatory requirements;
- identifying relevant controls (which would include the policies and procedures);
- conducting a risk assessment;
- producing and approving a CMP;
- undertaking testing;
- reporting; and
- overseeing remedial action
Services provided by Virteffic
Virteffic provides virtual assistant and administration services which include assistance with policies and procedures. Virteffic can assist to draft and/or review of policies, procedures, and checklists. In addition, Virteffic can assist to reconcile these against the legislation and perform GAP analysis.
Background and Merits
In my previous role, I drafted the policies, procedures and checklists and assisted with the compliance monitoring. By way of background, I am a qualified chartered secretary and an associate of the Institute of Chartered Secretaries & Administrators. I also hold a Bachelor of Social Science in both economics and financial administration. I have deep technical expertise and an excellent understanding of the financial industry after working in the private wealth, and corporate services industry for almost 15 years. My expertise is most noteworthy in governance, policies & procedures, and in all aspects of company secretarial work. For further background, I invite you to review my Bio and CV.