How are you providing crucial regulatory information timely and keeping financial soundness under control?
Early in March the CSSF issued a press release (March 2, 2020).pdf stipulating that long-distance work is temporarily acceptable, subject to satisfactory IT security conditions: security of communications (e.g. through the setup of a VPN), access monitoring, definition of activation / deactivation conditions of remote access. Nevertheless, not all employees are able to work remotely during this time of crisis for different reasons.
The CSSF also asked supervised entities to perform regulatory reporting when it is due – leaving the acceptance of delays subject to a case-by-case evaluation – in its press release (March 23, 2020).pdf.
This situation has been opening a Pandora’s Box, with many urgent business aspects to cover quickly, coupled with the additional requirement to provide crucial regulatory information timely to keep financial soundness under control.
How we can help
Grant Thornton professionals are currently working remotely and have been facilitating the setup of secure IT connections with our clients.
Our flexible team is able to help both support functions (e.g. accounting, finance, reporting) and control functions (Compliance, Risk) with their ongoing controls, but also to satisfy specific regulatory obligations (update of ICAAP documents and Recovery plans, production of quarterly regulatory reporting, execution of regular Compliance controls, ...).
Are your current working conditions ensuring full productivity and access to all IT systems?