RETAINER SERVICES

A fixed-cost solution designed for start-up and smaller firms that need flexible compliance & risk support.

Overview of Retainer Services

Our retainer solution is designed for smaller and start-up firms entering, or already working in, the regulated space, which recognise the value of bespoke advisory support that is tailored to their strategic objectives. We offer a fixed cost solution that combines knowledge, expertise, resourcing and technical support, leaving you to focus on growing your business.

What We Offer

Our retainer model is based on the Compliance and Risk needs of FCA regulated firms. The core offering provides:

A flexible solution for small and growing firms;
Ongoing support and advice for firms across the risk and/or compliance functions, provided by subject-matter experts;
Optional introductory Compliance Health check and Risk Assurance review to help prioritise your requirements;
Named individuals that can work as part of your team, supporting your routine Risk & Compliance activities;
Assurance and comfort for your senior leaders around the adequacy of your systems and controls;
Flexible additional resourcing and services, based on specific needs or projects.

What’s Included – Overview

Our standard model provides for a fixed number of days support for clients, covering:

Monthly allocation meetings to discuss and agree needs and requirements;
A specified list of services that will be provided and task that will be completed, for risk & compliance;
Compliance: 1 day per month
Risk: 3 days per quarter (aligned to your quarter-end), recognising that the support is generally required in blocks, rather than monthly.
All allocation meetings, service days, and tasks outlined below included in the fixed cost;
A full service-level agreement for any additional support that may be required outside of the standard agreement.

Compliance Health Check

Our Compliance Health Check is designed as an introductory service that allows you to understand the key issues your business is facing and prioritise actions based on the regulatory and business requirements. Our Compliance health check offers you:

Assurance for your senior management;
A clear report identifying any gaps and issues;
A detailed report documenting the findings and recommendations;
A fully tailored approach to regulatory compliance as part of your business planning.

A Compliance Health Check can be provided on its own, or in conjunction with the Risk Assurance Review. It is available as a one-off service or incorporated into an annual fee as part of our retainer.

Risk Assurance Review

Our Assurance Review is an introductory assessment of the enterprise risks your business is facing, enabling you to prioritise actions based on the regulatory and business requirements. Our Risk Assurance Review covers your:

Risk Framework
Risk Culture Review
Risk Register
Incident Management
Emerging Risk Log; and
Risk Policies

A Risk Assurance Review can be provided on its own, or in conjunction with the Compliance Health Check. It is available as a one-off service or incorporated into an annual fee as part of our retainer.

2nd Line Assurance Review – Joint Risk and Compliance

For clients wishing to conduct a joint Risk and Compliance Health Check, we offer a ‘2nd Line Assurance Review’, providing you with a single report outlining the status of your Risk and Compliance functions. When delivered as part of our full Retainer solution, this will help drive recommendations to prioritise tasks according to your business needs.

Conducting a 2nd Line Assurance Review is a more efficient process and we are able to offer you the benefit of this efficiency in the form of a reduced fee when undertaking this broad Assurance check for your business.

Included Services

Compliance

The following services are all included as part of our standard retainer fee. There is no additional cost to you for the BAU delivery of these services.

Complaints management support and advice
Compliance advisory (i.e. BAU query management)
Compliance breach management
Compliance MI and reporting
Compliance monitoring
Drafting and reviewing Annual Compliance Plan
Drafting and reviewing, on at least an annual basis, Policies and Procedures (including Business Continuity and Disaster Recovery, Complaints, Conduct Risk & TCF, Consumer Duty, Conflicts of Interest, Data Protection, Financial Crime, Financial Promotions, Fitness & Propriety, Product Governance, Remuneration, SMCR, Vulnerable Customers, Whistleblowing)
Horizon scanning
Maintaining Compliance logs and registers
Regulatory reporting support

Risk

The following services are all included as part of our standard retainer fee. There is no additional cost to you for the BAU delivery of these services.

Risk and Control Self-Assessments (RCSAs)
Incident Event Management
Emerging Risk Review
Drafting and reviewing, on at least an annual basis, Risk Framework and Risk Policies
Assistance with drafting and reviewing any Regulatory Reporting
Quarterly monitoring of Risk Appetite Statements

Optional Services

Compliance

The following services are not included as part of our standard retainer fee, but can easily be added. The exact cost will depend on the specific requirements of each scenario.

Implementation of new regulations
Project work (i.e. non-BAU work with a defined scope and a specific set of deliverables)
Regulatory liaison (e.g. preparation for regulatory visits, thematic review responses, etc.)
Training (e.g. bespoke training, case studies, Q&A-based refresher tests)

Risk

The following services are not included as part of our standard retainer fee, but can easily be added. The exact cost will depend on the specific requirements of each scenario.

Development of Board Reporting
Project work (i.e., non-BAU work with a defined scope and a specific set of deliverables e.g., GRC Build)
Thematic Reviews
Annual Report drafting and review (ORSA, Internal Model Validation, Risk Function Effectiveness Review, and setting of Risk Appetite Statements)
Stress and Scenario Testing