Independent reviews are vital to all organizations. It determines if the current policies and procedures put in place are compliant with the standards implemented by the regulatory bodies such as the Financial Services Commission (FSC). It also determines whether actual business practices are following the written policies documented by the company. Compliance consultants regularly conduct these independent reviews and submit their findings to the Company. The company usually is required to submit these reports to the relevant authorities by specified deadline.

As Compliance professionals, it is important to know the steps that are employed within an independent review process include:

The importance of these assessments is that it ensures all organizations are following protocols and proper business practices are being followed. This is essential as it maintains the integrity of doing business within the country and makes it a viable option for investors. In essence, independent reviews can be considered a monitoring system that is directly linked to trust and reliability of a business, whether on the local, regional or international level.