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A CMP template covering scope, testing, evidence capture, and board reporting requirements.
A practical framework for building and running an effective Compliance Monitoring Plan (CMP). This guide helps compliance teams design monitoring activities that provide genuine assurance, create defensible evidence, and support governance reporting across the firm.
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Map regulatory obligations to business activities requiring monitoring.
An effective Compliance Monitoring Plan starts with a comprehensive understanding of your regulatory obligations and how they map to your business activities. This 'monitoring universe' forms the foundation for all subsequent monitoring work.
Begin by identifying all applicable regulatory requirements: FCA rules, relevant EU-retained legislation, industry codes, and internal policies that go beyond minimum regulatory requirements. Then map these obligations to specific business functions, processes, and teams.
Your monitoring universe should be dynamic, not static. Build in mechanisms to capture new obligations arising from regulatory change, new products or services, or changes to your business model. A monitoring plan that doesn't evolve with your business quickly becomes ineffective.
Related Nasara Connect Feature: This chapter aligns with our compliance monitoring module.