The examination focused on how effectively firms tested compliance with legal and regulatory obligations, evaluated systems and controls and responded to identified deficiencies.

Overall, the examination revealed a good level of compliance with no widespread systemic issues identified. Most firms demonstrated effective risk monitoring and mitigation. However, notable deficiencies were observed in the following areas:

• Ineffective testing: Instances of incomplete testing and missed control issues.
• Inadequate policies and procedures: Lack of clarity on development, approval, implementation, and remediation processes.
• Inaccurate or insufficient records: Particularly concerning board oversight and compliance reporting.

Firms identified with deficiencies were mandated to submit formal remediation plans detailing the corrective measures and associated implementation timelines.

For detailed feedback, the press release can be found here and the compliance monitoring examination feedback here