Scope and purpose
A defined scope ensures the review addresses your core questions. Some prefer full framework assessments; others target specific areas like representative monitoring.
Frequency
Depends on product types, operational size, retail client involvement, regulatory changes since the last review, and available resources.
Methodology
- Evaluating compliance policies against regulatory requirements
- Testing implementation and adherence
- Assessing overall framework effectiveness
Output
A formal report covering review, findings and recommendations. You decide internally whether to implement, and document the rationale either way.