Regulatory Resilience
We are living in an increasingly regulated world which adds to the already complex nature of the risk associated with managing significant assets for families.
Global regulatory requirements are constantly changing so it can be difficult to keep up with the extent of responsibilities and easy to fall on the wrong side of increasingly onerous obligations. The risk of getting things wrong is high and the result can be increased scrutiny, reputational damage, increased costs and, ultimately, financial penalties.
The Regulatory Services team at MDR Mayfair have many years of experience in the regulatory and compliance field. Having worked as Heads of Compliance in international private banks, wealth management and investment firms they know what good governance, reporting and oversight looks like. They are able to help an organisation manage current and future regulatory change and mitigate its potential impact on a business.
We assist family offices to meet their regulatory and compliance obligations focusing on four areas:
AML / Onboarding
- Assistance to optimise the time taken to open accounts
- Guidance regarding financial crime risks
Regulation
- Assistance establishing the structure and resourcing of the compliance function
- Review of regulatory rules and horizon scanning
- Assistance with regulatory visits and information requests
Governance
- Advice on reporting to boards and committees to evidence compliance
- Provision of independent board members / observers
- Management of outsourced compliance services
Assurance
- Review of existing family office compliance arrangements
- Assessment of regulatory risks and guidance on risk mitigation
- Verification of physical asset existence and ownership
Our team always considers the type of risks being faced, reviews how those risks are managed and provides recommendations for enhancement. Ultimately their expertise will provide assurance that an organisation can continue to meet ever changing standards in management, regulatory, reputational and operational risks and that the board itself is protected from the risks of inadequate, or non-compliance.
Assurance Review
The Regulatory Services team can undertake an Assurance Review of your compliance arrangements to assess your regulatory resilience in relation to AML, Regulation and Governance. An initial meeting to understand how your office is structured and organised would be followed by a proposal reflecting the work required.
For an initial consultation, please contact:
