Auditing the Second Line of Defense: The Compliance Monitoring and Testing Function

Genesis Martis, CAMS-FCI

The purpose of this white paper is to provide the auditor an audit approach to test the effectiveness and efficiency of the compliance monitoring and testing function.

The audit approach that is discussed, is developed with the focus of enhancing the quality of testing in the timely identification of weaknesses in compliance-related controls, mitigating AML-related risks, and avoiding AML fines and penalties. While working optimally, it provides advanced warning of any looming problems before they become significant and potentially damaging, resulting in AML-related fines.

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