The Client:
An authorised e-money institution in Ireland seeking a review of their safeguarding arrangements.
Business Issues:
The client, a flexible spend management platform for companies and employees, engaged fscom to carry out a ‘point-in-time’ audit and state whether the firm has maintained organisational arrangements adequate to enable it to meet the Central Bank of Ireland’s expectations of its compliance with the provisions of the European Communities (Electronic Money) Regulations 2011 (the EMRs).
Solution and Results:
fscom used a combination of document review, sample testing, walkthroughs and interviews with staff to understand how the client has set up their arrangements and their effectiveness in practice. fscom understood the clients arrangement and worked with their staff to transfer knowledge and understanding of the regulatory obligations and the Central Bank’s expectations.
fscom provided a report describing the client’s arrangements to identify both good and poor practices, fully explaining any negative findings and how they could be remedied. Finally, This report was presented to board.
