Our Quarterly Compliance Assessment Audit Report is an essential tool for evaluating and ensuring adherence to established compliance policies and procedures within your organization. This document provides a robust review of various key areas, including anti-money laundering (AML), whistleblowing, custody, insurance and the code of ethics. By conducting thorough testing and validation of these areas, the report helps identify any deficiencies or enhancement opportunities, allowing management to implement corrective action plans.

The audit results serve as a documented support for the chief compliance officer's assessment, ensuring that operational controls are effective and compliant with regulatory requirements. Regularly updating the scope based on revised risk ratings, new responsibilities or industry changes ensures that the audit remains relevant and comprehensive. Furthermore, the report fosters collaboration between internal audit and compliance teams, promoting transparency and accountability.

The following action plans were covered in this tool:

• Management discussed the observation with the chief risk officer of the company.
• Management will review and update the safe custody of assets reconciliation procedures for custodial clients to reflect current procedures
• Management ensured that all reconciliations are performed in timely manner.
• The chief risk officer stated that the company had reviewed the situation and believed that the current hotline sufficiently meets the associates’ needs.