Phase 2 – Orange Zone ‘Regulatory Confidence’
The objective of Phase 2 is to restore the confidence of the Regulator by communicating that the business understands the gravity of the situation and is proactively working to address the compliance deficiencies and regulatory concerns. This is achieved by demonstrating an understanding of the scope and extent of the regulatory risk, delivering interim mitigation controls and providing a comprehensive remediation programme with defined delivery dates and governance. The communication process also leverages the reputation of The Compliance Group and Compliance Management (formerly eups).
Objective: Communication and Endorsement.
Description: Communicate the plan to the Regulator and gain endorsement of the compliance programme.
Inputs: Remediation Plan – Communications Plan.
Description: Deliver the action and remediation plans.
Inputs: Remediation Plan – Action Plan.
Description: Monitor progress and provide support and resources to ensure ‘on time’ and ‘in full’ delivery of the programme and ensure any new issues or concerns are managed appropriately.
Inputs: Progress Tracker – KPIs – Governance Plan.
Objective: Stage Gate 2: Remediation Completion.
Description: All remediation actions fully complete.
Inputs: Progress Tracker – KPIs.