In a business you have to be prepared for everything and so should your staff. Though according to FCA compliance they have to give you advanced notice before a test if you are not prepared when that date does come you could find your business in dire restraints. There are many ways to help yourself and your staff prepare for this situation through tools such as online assessments.
The first step of being ready for an FCA compliance assessment is to know the standards that they are expecting of your business. These standards will differ from the size of the businesses and so an audit can be completely individual to a company. Additionally a company will have more of a responsibility if it is public as opposed to private. As soon as you know that your company is up for an FCA audit make sure that all employees are available.
Before your assessment it is a goo idea to self assess your company yourself so that you can fix any issues before your compliance test comes along. If you do not possess enough information about financial compliance then consider hiring an outside consultant from Pragmatic Compliance that can give you advice on how to proceed.
Keeping organised is vital to making sure your compliance test runs smoothly. An FCA auditor will be looking through your records to ensure conformity to regulations, which is why it is imperative that all records are up to date and easy to understand. To leave a good impression on the auditors ensure that your office is tidy and everything is in place. One-way of achieving this is to have a list of tasks that are updated daily. Just make sure everyone is in the loop and ready to work.