Platform Audit

Having invested substantially in the development of your platform, you are proud to have your core asset in place. But can you be confident that you are ready to run your business end-to-end with the existing systems? Have all stakeholders adequately contributed to the process, or will you find shortcomings when it comes to scaling your business?

Make the most of your marketing spend by investing the time to get things right first time.

Get a Platform Audit to find out:

  • Would an existing regulated P2P lending business be willing to use your tech and systems?
  • Could they run their business on your infrastructure?
  • What are the main limitations?

In undertaking a Platform Audit, we will interview key stakeholders, evaluate important documents and review various systems, in order to understand and evaluate both the systems themselves, and their suitability for the challenges that lie ahead. The consultant undertaking your audit has over five years’ experience in the P2P and P2B lending industry and will help you prepare for your platform’s future.

How It Works

Our team has several years of practical experience running a P2B lending platform and has navigated the regulatory framework to achieve full FCA authorisation. We are, we believe, therefore qualified to provide a unique and valuable platform audit service.

The formation and implementation of regulatory policies and process based on the FCA handbook is a key aspect of achieving FCA permissions. However, it is only through experience that a business truly learns whether its platform and systems can successfully, efficiently and consistently meet the high standards required of P2P and P2B platforms.

While preparing the business for launch, many companies will create ‘complementary offline’ processes and systems to help meet compliance requirements. It is possible that some of these ‘complementary offline’ procedures can be incorporated into your platform, with the help of detailed specifications that meet the needs of the administrator and are sufficiently comprehensive for your developers.

Our Platform Audit Service will review key areas of both the operation of your platform and the processes involved, and provide you with vital feedback. We will offer suggestions for how to improve and adapt your platform to more efficiently meet regulatory requirements and better serve both your business and your clients. Whether you are in the process of applying for authorisation or have already obtained it, our audit will prove invaluable to the improvement of your business.

Post-Audit Capabilities

Following the audit, you will be able to:

  • Demonstrate to regulators that you have undertaken an independent external review of key systems and processes;
  • Identify areas of regulatory, operational and systemic risk within your platform systems;
  • Recognise and mitigate non-conformities, and adopt best practices early, thereby reducing the risk of potential fines.

Platform Audit Report

Upon completion of the platform audit, we will provide your firm with a detailed report. This report will specifically focus on the following key areas:

  • Review of administration interfaces used by internal staff and their suitability
  • Analysis of admin user roles and permissions configurations
  • Review of client money management processing and its suitability for CASS compliance requirements
  • Macro <> microloan integrity audit to validate and verify the data integrity. Where a platform doesn’t yet have data, we can provide the testing framework to be able to perform internal audits, once launched
  • Review of development, deployment and testing best practice
  • Evaluation of the implementation of key interfaces used by the different users, and suggestions of adaptations that may be necessary for vulnerable investors

These areas will specifically relate to the following:

  • An in-depth and practical analysis of the suitability of your user onboarding processes
  • The appropriateness of and extent to which the platform systems aid in adhering to Anti-Money Laundering and Financial Crime Prevention responsibilities
  • The platform’s contribution to and the efficiency of the management and control of Financial Promotions
  • The extent to which the platform assists in the management, control and safeguarding of Client Money and Assets
  • The efficiency and accountability of the platform’s Investor Reporting
  • The suitability and proportionality of the firm’s Staff Training and Competency requirements
  • The information and user access platform security

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