Respond to regulatory regimes

The regulators’ purpose is to ensure there is a level playing field and protect the weaker party in any transaction (which is usually the client/customer).

If a regulator has cause to investigate a business, they will try to demonstrate insufficient control over business processes.

It makes sense to be in a position to show that you have done everything possible to comply and that you carry out checks to make sure that your procedures work.

That way the regulator will be more likely to help resolve compliance failures, rather than take enforcement action which can prove costly for a business.