ABOUT US
We are VAPS Consultancy
VAPS Consultancy has been in operation since 2004 in providing Value Added Products and Services, mainly in the motor industry. The compliance function has become a major value-added service to customers to provide guidance, support, policies and procedures, monitoring and risk management to ensure customers operating within a compliance framework. Effectively VAPS offers compliance solutions to business partners.
VAPS provides different compliance services to customers depending on their needs. These services include external compliance officer (compliance practice), juristic representatives, consultation on compliance (projects or gap analysis), compliance monitoring on an outsource basis, as well as various ad hoc services such as fit and proper assessment, call centre F&I, CPD, and other training, and premium handling solutions.
What is Compliance?
Compliance in Perspective
Compliance reflects conformance to the required legislative aspects. Failure to comply with these standards will result in businesses being exposed to risk, often with adverse effects. Through the FAIS and FIC Acts, compliance has been made an integral part of the business processes with more focus and reporting on compliance aspects.
With this focus and the negative impact and implications of not complying, non-compliance is simply not an option.
There are many complexities to incorporate compliance into daily business activities. It is the focus of VAPS Consultancy to assist customers to incorporate legislative requirements into policies and procedures to manage the risk of the business.
Annexure A
Compliance Approach
Compliance Monitor
The level of compliance is monitored within the organisation to establish the level of compliance based on the compliance risk management plan. Reports are issued accordingly.
Compliance Risk Assessment
Compliance aspects are assessed on a risk basis. The risk rating will take into account the business priorities and risk approach.
Compliance Risk Plan
As combined Compliance Risk Management Plan is drafted and implemented for the business.
Compliance Risk Identification
Compliance aspects are continuously reviewed. This is done by reviewing all amendments to acts, board notices, directives, information letters and Ombudsman cases, as well as any changes to the regulatory universe. The current plans, policies and procedures of the business are also reviewed.
Compliance Process
This process is not a static one and forms a continuous cycle to identify, assess, plan, monitor and review. This processed support continuous improvement as well as staying abreast with legislation changes and challenges. All of the above processes are aligned with the business and tailor-made to meet the business requirements.