A complete audit trail for every compliance check
When auditors ask how you monitor your FCA-regulated counterparties, you need more than a spreadsheet. FRN Watch automatically logs every check, every change, and every action your team takes, creating an unbroken record of due diligence.
Why audit trails matter for FCA compliance
Regulated firms are expected to demonstrate that they actively monitor the firms they work with. It is not enough to say you checked. You need to prove it, with dates, details, and evidence of what you found and how you responded.
During regulatory audits, Section 166 reviews, or internal compliance assessments, auditors will ask for evidence of your monitoring process. They want to see when each firm was last checked, what the result was, and how your team responded to any changes or concerns.
Spreadsheets and manual logs are fragile. They rely on individuals remembering to record their work, they lack timestamps that cannot be edited after the fact, and they do not scale as your monitoring obligations grow. An automated audit trail solves all of these problems. Combined with automated FRN monitoring, it gives you both coverage and evidence.
What gets logged automatically
Every monitoring check
Each time FRN Watch checks a firm on the FCA register, the check is logged with a precise timestamp. You can demonstrate exactly when each firm was last reviewed, even if no changes were found.
Every change detected
When a change is found, whether it is a permissions change, a new warning, a disciplinary action, or a status update, the before-and-after state is captured and stored permanently.
Acknowledgements
When a team member reviews and acknowledges an alert, their acknowledgement is logged with their identity and a timestamp. This shows auditors that changes were not just detected but actively reviewed.
Notes and comments
Compliance officers can add notes to any alert or firm record. These notes are timestamped and attributed, creating a narrative of your team's response to each change that auditors can follow.
Demonstrating due diligence to auditors
Show continuous monitoring
Your audit trail provides evidence that every firm on your list is checked continuously, not just at quarterly intervals. Auditors can see the frequency and consistency of your monitoring programme at a glance.
Prove timely responses
Timestamps on alerts, acknowledgements, and notes demonstrate how quickly your team responded to each change. This is critical for showing that your compliance process is not just thorough but also prompt.
Document your reasoning
Notes attached to alerts and firm records capture why your team took specific actions or decided that a change did not require escalation. This documented reasoning is invaluable during regulatory reviews.
Export when needed
Need to provide records for a specific firm or time period? Your audit trail can be filtered and reviewed directly in your dashboard, giving auditors exactly the evidence they need without delays.
Replace spreadsheets with timestamped records
Spreadsheet problems
- Timestamps can be edited or fabricated after the fact
- Relies on individuals remembering to update records
- No attribution of who checked or who acknowledged
- Difficult to search and filter for specific firms or dates
- Version control issues when multiple people edit the same file
Automated audit trail
- Immutable, system-generated timestamps that cannot be altered
- Records created automatically with every check and change
- Full attribution showing who acknowledged and when
- Searchable and filterable by firm, date, or change type
- Single source of truth accessible to the entire compliance team
Benefits of an automated audit trail
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