Preparing your board for a regulator's first visit
Inspectors judge culture as much as paperwork. How directors can show that compliance is owned at the top, not delegated to a single team.
A first regulatory visit sets the tone for the relationship that follows. Boards that prepare well are treated as partners; boards that do not are treated as risks.
Know the framework
Every director should be able to explain the main compliance risks of the business and how they are controlled, in their own words.
Show the paper trail
Minutes should record how compliance issues were discussed and decided. A one-line note that a report was received is not enough.
Rehearse
A short mock interview with each director surfaces gaps far more effectively than another policy document.
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