GRC In Malta: Preparing For Regulatory Compliance Visits – Best Practices For Success

The receipt of a letter informing a licence holder that the MFSA will carry out a compliance visit is generally met with trepidation at best, and often with panic. However, regulatory compliance visits are an integral part not only in ensuring that an institution continues to meet its legal requirements but also serve to maintain an open channel of communication between the regulator and the institutions which it supervises.

The issue as to whether an upcoming compliance visit is a cause for alarm is dependent on the level of preparation. Regulatory compliance is not a one-time meeting with the regulator, it is an ongoing process of updates and improvements. It is only by being committed to dedicate the necessary time and resources to compliance that such visit can be successful.