Our client, a large UK bank, was looking to improve the quality of its submissions to the banks regulators and the industry schemes that it belonged to.
Their internal auditors had identified flaws in both the data collection and quality of submissions, the bank had set up a new department to co-ordinate these activities but 5 years after being set up the quality reviews were still showing to much time was being taken up in the reviews performed by 2nd Line Risk Function and Internal Audit.
Our client asked us to focus on improving the quality of submissions and provide assurance to the group’s directors over completeness and accuracy of scheme submissions prior to their sign off by the directors and Internal Audit.
To ensure thorough and accurate responses to regulatory and scheme questionnaires we implemented the following steps:
- Careful review of the questionnaire to gain a clear understanding of the information and requirements being requested.
- Identify the information needed to address each question, we then put in a review step here to ensure we were happy with our assumption
- Collect relevant documents, data, policies, procedures, and other supporting materials to evidence our response.
- Assigned clear responsibilities for delivery of evidence supporting responses.
- Engaged with relevant stakeholders, SME’s and compliance officers to gather insights and verify accuracy of response.
- Review the applicable regulatory requirements, guidelines, or industry standards referenced in the questionnaire.
- Ensure that responses align with the specific regulatory expectations and compliance obligations.
- Draft clear and concise responses that directly address each question using plain language, avoiding jargon or technical terms that may be difficult for regulators to understand.
- Provide accurate and complete information, supporting responses with relevant data and evidence where applicable.
- Include any supporting documents or evidence requested in the questionnaire, such as policies, procedures, certifications, or reports that validated our responses, and ensured documentation is organized, properly referenced, and easily accessible for review.
- Performed thorough review of the completed questionnaire to ensure accuracy consistency, and compliance with regulatory requirements.
- Validate the responses with internal stakeholders to ensure consensus and eliminate any potential errors or misunderstandings.
- Engaged legal or compliance experts where necessary to review the responses before submission.
- Ensure timelines are clearly defined and kept to, starting in reverse order from submission date, Internal Audit review and signoff, allowing contingency time for any rework, 2nd Line check and challenge, again allowing sufficient contingency time for any rework.
- Keep track of any follow-up actions or requirements from the regulatory authority or schemes, and respond promptly.
Overall this approach allowed us to improved the quality and accuracy of responses to over 95% effective. This improvement in quality and accuracy meant that there was a reduction in the number of staff required for 2nd line check and challenge and Internal Audit review, prior to signoff. Overall there was a 30% saving on manpower.
One Scheme Auditor stated to us at a meeting that “we had exceeded their requirements and meant we were very low on their list of banks that caused them any concern”.
If you need assistance with completing scheme and regulatory questionnaires then contact our team of experts. We have extensive experience in navigating complex regulatory requirements and can provide comprehensive support in accurately and efficiently completing questionnaires for various schemes and regulatory bodies. Whether you’re seeking assistance with compliance, risk assessments, or data gathering, we are ready to assist you. Contact us today to discuss your specific needs and how our expertise can streamline the questionnaire completion process for your organisation.
