M1 will, from 1 January 2007, provide full Internal Audit services to Teachers and are also separately providing the majority of its ongoing support in the area of Compliance. Teachers became M1’s twenty first building society audit client, but the first full client of its newly developed Compliance Collective proposition.
The Compliance Collective aims to build on M1’s existing, proven and established offering of compliance documentation, by supplementing this with a new suite of monitoring plans covering all main areas of a building society’s business. Any client society then has a further option through the Compliance Plus service of asking M1 to effectively be their “outsourced compliance department”, making recommendations to them on regulation change, best practice, policy variation as well as giving practical day to day support on all compliance related matters. Under this service M1 will also undertake the level of monitoring requested by Teachers.
Barry Meeks, Mutual One’s managing director said ..
“The Compliance Collective has been designed as a means of providing compliance support to building societies in an area that is increasing in demand, complexity and cost. By being part of a collective approach we hope to deliver such services expertly and more cost-efficiently than any society continuing to work in isolation. This is the same philosophy that has proven to be so successful in our internal audit services, now used by over a third of the building society sector. We are delighted to be welcoming Teachers as both an important new internal audit client, but also in helping us to pioneer the launch of the Compliance Collective.
James Bawa, chief executive officer of Teachers Building Society said..
“With the fast moving market place we operate in, it is essential to have the support of a compliance function that has access to a comprehensive range of tools and resources. M1 has demonstrated to us that they can provide Teachers with this service and have proven expertise and knowledge as internal auditors into the building society sector and we are looking forward to working with their team in the future.
