In the event of your firm undergoes a CQS audit, it may result in three potential outcomes in accordance with the updated Core Practice Management framework:
(1) Manifestation of complete adherence to CQS standards.
(2) Identification of minor non-compliance issues, with a stipulated 21-day period provided for rectification.
(3) Discovery of major non-compliance issues, accompanied by a grace period of three months for corrective measures.
In practice, it is rare for a firm to demonstrate full compliance with CQS requirements.
Conducted by a CQS assessor, the assessment meticulously examines 40 distinct evaluation criteria spread across the Core Practice Standards . It is crucial to acknowledge that the CPMS does not dictate specific technologies or processes; instead, it highlights how compliance with the assessment requirements can be validated.
If your review identifies policies that need revising, explore Lexsure’s CQS CPMS policy template library for drafting starting points to adapt to your firm’s procedures.
If the review identifies gaps in risk management documentation, consider Lexsure’s CQS risk management policy template. Review the wording against the firm’s work, responsibilities and supervision arrangements, then check that the agreed procedures are applied in practice.