As part of our recent webinar on iGaming Audits, White Hat Gaming’s General Counsel and Head of Legal, Compliance & Regulation Emma Richardson shared her top tips for audit preparation. Establishing regulatory compliance isn’t something that can be achieved overnight. But these tips provide some quick routes to a successful audit.
1 – Keep a diary
Keeping a diary is important because it allows you to track any changes you made over time. Auditors will ask for a rationale behind any threshold you put in and because it’s a risk based approach you have to have evidence to show when, why and how you made the decisions you did.
2 – Have staff on call
Have an experienced audit team on call, ready to jump in at any moment to handle any potential issues that may crop up during the audit process.
3- Chairperson for audit
Choose a senior chairperson, such as a lawyer or senior compliance person who will help run the agenda and determine who answers what question. This person can tactically ask for breaks during audits, monitor the audit team and set tone for the day.
4 – Opening Presentation
If you are allowed, open with a 15 minute presentation to set a professional and collaborative tone. Introduce yourself: who you are and what you stand for, the team ready to help the auditor, what happened since the last audit.
5 – Closing Speech
If you are able, assign someone to keep track of all positive comments during the audit, as well as a note taker to keep track of what the auditors are picking up. You can then include this in a closing speech at the end of the process along with your task list going forward.
6 – Keep a repository
Have a repository of all of your policies and processes and examples and evidence of them working in practice. A champion is needed to monitor the repository and push when policies need renewal or updating.
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