UK Bank - Regulatory Testing over Third Party Administrator

Client issue

Our client, a UK bank, needed to ascertain if customers were protected against unnecessary risk.

PwC approach

Our team provided ongoing testing support to the risk function, supporting Senior Management to gain assurance over the effectiveness of operations that were performed by a third party administrator.

We performed risk assessments and quality assurance testing over regulatory-focused areas including conduct risk, regulatory code compliance, ABC, AML, transaction monitoring, consents, complaints, records management, training and litigation.

Outcome and benefit to client

Our assistance allowed the bank to determine if its outsourced sub-participated customers were protected against conduct, reputation and regulatory risks.

We supported the client in enhancing the client’s control library and developed robust process notes, control assessments and testing scripts which allowed us to help the bank judge the effectiveness of operations at the third party administrator.

Contact us

Lyn Trimble Carson

Lyn Trimble Carson

Director, Compliance Testing, PwC United Kingdom

Tel: +44 (0)7718 864880

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