There are many reasons for financial institutions of any size to consider outsourcing the administration of all or a portion of their compliance programs, including:

• Turnover in compliance staff
• Offering new products or services
• Engaging in new business activities
• Expanding geographically
• Acquiring a new business or venture

In addition, outsourcing of certain compliance activities may simply make more sense from a cost perspective.

ICS will provide compliance program administration services on a short- or long-term basis.

Services offered include:

• Developing and conducting compliance monitoring
• Performing a comprehensive risk assessment and developing appropriate controls and processes
• Ensuring an appropriate oversight structure by the client’s compliance or risk managers, executive management, and the board of directors (or a board committee)
• Developing an appropriate compliance program and internal support structure for the applicable product, service or business activity
• Creating a compliance reporting structure and preparing reports on the results of compliance monitoring and on regulatory
• Participating in the development of new products, services, lines of business or expansion plans to ensure relevant compliance issues are addressed
• Conducting compliance training for management and staff