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Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate…
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Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your…
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QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal…
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Download our tax brochures
The tax teams at Grant Thornton aim to provide the Channel Islands with a premier tax advisory service both…
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Jersey Tax Return
A secure sign in page to file Jersey Tax Returns through the Grant Thornton tax portal.
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ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your…
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Professional Services
Business and accounting support for professional services
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Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to…
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Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local…
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Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and…
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Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in…
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Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and…
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Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to…
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Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders,…
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Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our…
The only constant in regulation is change. The rate of change in financial services regulation in the Channel Islands and around the world is increasing. Given global political issues and developments in international regulatory standards it is unsurprising we are seeing unrelenting change to regulatory requirements for AML, CFT and PFP as well as existing products and services. Neither is it surprising that new regulatory requirements are being imposed for developing or innovative services and products.
It is important to recognise that with regulatory developments accelerating in the Channel Islands, firms must have effective programmes in place to monitor these changes. Early insight will allow firms to identify relevant changes in a timely manner and consider making any necessary adjustments.
Firms can respond to regulatory developments in one of three ways. The first, and most risky option, is to ignore the regulatory changes and leave the rest to chance. The downside of this is that this chicken will generally come home to roost.
The second option is to review the individual area required by the regulatory change and make only the necessary modifications. While relatively quick, if this is done all the time, ad hoc changes can quickly make processes inconsistent and complicated and ultimately negatively impact a firm’s controls.
The third option is for the firm to respond to regulatory developments by taking a holistic approach to their reviewing policies and procedures in light of the changes. This avoids a piece meal approach to the evolution of processes and systems and helps to keep all areas up to date and aligned.
The latter two options can each be used judicially to balance time and financial cost of keeping up with regulatory change as well as ensuring that your firm continues to meet regulatory requirements.
Grant Thornton’s Regulatory Consulting team understand the challenges involved in a firm to keep up with regulatory developments and recognise and execute necessary changes on top of day-to-day business. We are well placed to assist firms in identifying and implementing responses to regulatory change in an effective and commercial manner. If you would like to discuss your firm’s needs or how we can assist you, please do not hesitate to reach out to a member of the team.