Compliance & AML Solutions has provided leadership and guidance to many institutions with developing their own Compliance Testing Program. In the world of three-lines-of-defense, Compliance Testing is line 2.5. Typically a department or team within Compliance, that resembles an Audit function. Compliance Testing is an advocate for Compliance and a support function for the first-line. This team evaluates risk and controls to determine effectiveness. An institution would much rather an issue be uncovered by Testing than by Audit or an Examination. Testing can assist in the remediation. Once an issue is identified, your compliance managers/ officers take over to ensure controls are effective. Compliance & AML Solutions is available to provide proven design and controls for your Testing team.
- Why re-create the wheel?
- Proven successful implementation
- End-results that receive acclaim from supervisory agencies
- Easy, simple and effective processes
- Provide education and sound reasoning for the program’s design
- Establish a 3-year audit/ testing schedule
- Conduct / participate in risk assessments