To some extent the result is an anti-climax.
- No grey listing
- No national remediation project; and
- No mass exit of business with corresponding impact on the finances of the island
We passed the exam with apparently minimal actions to remediate. So, what were the ingredients of that success?
- We reflected on our previous exams and learned lessons
- We prepared well. The co-ordinated approach across the island, its agencies and industry was critical
- We brought in experts who had been through an exam before who knew what the examiners were expecting
- We undertook our own simulated exam using an independent, experienced firm to see how much work needed to be done
- Key to the preparation was getting industry staff ready to answer the questions well- including mock interviews
- We took what we had learned from the simulations and feedback and reviewed our framework
- We knew and acknowledged our weaknesses
- We went over the report carefully and challenged where appropriate
All of the above is not that different than preparing for a regulatory exam as a business. The one thing we can be sure of is there will be more exams to come, so if your business wants its next exam to be an anti-climax then please get in touch.
Appleby Regulatory Consulting can help with testing your framework, helping you prepare your management and staff for the examinations and with any remediation that may be needed.
For details of the full report, click here.
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