Safeguarding Audit

The Client:
An authorised e-money institution in the UK requiring a safeguarding audit.

Business Issues:
The client required an assessment of their systems and controls against the regulatory obligations and FCA’s guidance. They also required a report stating whether the firm has maintained organisational arrangements adequate to enable it to meet the FCA’s expectations of its compliance with the provisions of the Electronic Money Regulations 2011 (the EMRs) during the audit period.

Solution and Results:
fscom reviewed the client’s systems and controls, using a combination of document review, sample testing, walkthroughs and interviews with staff to understand how they have set up their arrangements and their effectiveness in practice. fscom provided a report describing the client’s arrangements so that both good and poor practices were identified. Any negative findings, and how they could be remedied, were fully explained. Finally, the report was presented to board and any questions were answered.

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