| For large institutions, the expectation of regulatory agencies with respect to the degree of detail in compliance programs is greatly heightened. ICS's comprehensive approach to assisting client's develop a sophisticated compliance program can help you satisfy this expectation. One of ICS's innovative services is a detailed process for creating customized matrices of all of the laws and regulations affecting your business units. In order to properly structure a compliance program, it is essential to detail each of the regulations that impact your business units. An ICS matrix will enable you to: |
- Thoroughly assess your risks
- Implement the controls necessary to address these risks, and
- Develop procedures that are consistent with the identified controls.
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ICS's customized laws and regulations matrices consist of an integrated set of documents for each law and the implementing regulation. The final product will consist of:
Overview – A complete list of all laws/regulations, with citation, by business unit.
Then, as for each law/regulation, you will receive –
Summary – A description, in narrative format, of the purpose and requirements of each law/regulation; and
Detail – A spreadsheet consisting of a series of separate documents, the core of which is a document that, in chronological fashion, provides you with side-by-side columns consisting of regulatory citations, the corresponding regulatory text, a description of the regulatory requirement and a requirement number.
The inclusion of an ICS customized laws and regulations matrix in your compliance program will unquestionably add a degree of professionalism and sophistication that will enhance your entire program and serve as its backbone; from the underlying risk assessment, to the development of internal controls and procedures, and with the on-going training requirements. |
