1 Staff Audits and Monitoring
The purpose of a call monitoring audit is to assess and monitor employee performance, adherence to regulations and competency. Firms should have a structured and robust internal audit and monitoring programme, which includes employee assessments, monitoring and training, with a view to ensuring that controls, measures and procedures are compliant with the regulatory requirements and company standards.
Section SYSC 6.2 of the FCA Handbook advises that a firm has a responsibility to: –
- Establish, implement and maintain an audit plan to examine and evaluate the adequacy and effectiveness of the firm’s systems, internal control mechanisms and arrangements
- Issue recommendations based on the result of work carried out in accordance with (1)
- Verify compliance with those recommendations
- To report in relation to internal audit matters in accordance with SYSC 4.3.2 R
Being part of a regulated industry means that many jobs roles within a firm require specific training, skills, expertise and/or qualifications to discharge the responsibilities of the role effectively and in accordance with the regulatory system. Firms should aim to have employees who are not only competent, skilled and fit to perform the role for which they have been employed; but also, have in place robust and comprehensive procedures, programs and tools for support, training, assessing and guiding staff in relation to their specific job role, regulatory requirements and business objectives.
A regulated firm should ensure that any employee who is in a customer facing/communication role, has the appropriate skills, knowledge and understanding to provide advice, information and/or the product and services relevant to the business. Call monitoring and gap analysis reporting is just one way of assessing an employee’s knowledge and understanding and allows the firm to demonstrate compliance and adherence to the rules and regulations. Additional tools and measures that should be used to assess an employee’s level of competence are: –
- Assessment Quizzes
- Coaching Sessions
- One-2-One Discussions
- Audit Checklists
- KPI Target Achievements
2 Call Monitoring Checklist & Assessment
[Please edit this template to utilise the questions most relevant to your firm and industry. Soft skills, Data Protection and TCF requirements are a minimum standard for all regulated firms and should not be deleted but can be added to].
To ensure compliance and understanding, it is an essential part of call monitoring to provide feedback of your assessment to the employee. A copy of this completed sheet should be retained in both the employee’s training file and in the compliance monitoring programme records.
Has constructive feedback been given to the employee?
Has training been provided in gap/negative areas?
Signed: ______________________ Signed: _______________________
Print: _______________________ Print: _______________________