Select a compliance officer

The following factors must be considered by each FSP that wants to outsource compliance services to REGSERV or to any other Independent Compliance Officer [ICO]:

  • Meeting regulatory responsibilities
    • REGSERV is able to provide our clients with a service that will enable them to work within the applicable regulatory and risk management frameworks.
  • Initial planning
    • Plans should include how a FSP will ensure a smooth introduction or transition from the current compliance arrangement to a new arrangement with REGSERV.
  • Due diligence
    • Before selecting a specific ICO a FSP should conduct an appropriate due diligence. The REGSERV due diligence report is available on request.
  • Key Performance Indicators
    • Before outsourcing any compliance services a FSP must consider the measurement of the performance of the ICO by clearly defining the Key Performance Indicators.
  • Contracts & Service Level Agreements [SLA]
    • The SLA with REGSERV assists our clients to mitigate risks associated with the outsourcing arrangement and also facilitate on-going monitoring of service levels.
  • Availability of information and management reports
    • In an outsourced relationship there is an onus on both parties to make available to each other all information relevant to the provision of the outsourced services.
  • Confidentiality
    • REGSERV will protect confidential information of its clients and information of their clients from intentional or unintentional disclosure to unauthorized persons.
  • Termination
    • Termination of the relationship with an ICO and exit strategies should be as thoroughly planned as the implementation of the initial outsourcing program