Loan Market Way Audit Program
The Loan Market Way Audit Program is designed to add value to your business with the ultimate goal of keeping you safe whilst also suggesting ways in which you can improve your process so that you can provide great outcomes for your customers.
You can see more information about the scoring bands and process below:
Three types of audits
There are three types of audits, so you can be confident that your business is always protected.
1. Standard Audit
Every 6 months every broker has at least 5 files reviewed by the Loan Market internal audit team. You are provided with a score out of 10 and thorough feedback on how to improve through the Audit Summary Report. Your Broker Success Manager and the compliance team will walk through the results with you with a focus on improving business processes whilst ensuring you are protected. The Loan Market Way Audit Checklist is your guide to nailing the audit - located in the Important Documents section in MyCRM.
2. Targeted Audit
We recognise that every 6 months may be too long between audits for some businesses, so the Loan Market internal audit team will be watching data trends to pre-empt any issues before they arise. If we notice any areas for improvement, our compliance team will reach out to you.
3. Induction Audit
Brokers that have just joined Loan Market will also undergo an Induction Audit, which will be conducted once they’ve reached their three months with the group. This induction audit will ensure your applications are compliant but also your process is fine tuned to keep you safe in the future.
A formal remediation program exists to provide support and training to our brokers post audit results being received. These actions are located within the Audit Summary Report for any unsatisfactory outcomes to the questions as outlined in Loan Market Way Audit Checklist.
The level of action required for each remediation activity is guided by the level of risk to you and your business, whilst also highlighting any required process improvements to ensure you are kept safe.
- Red - Statutory contraventions/ breach
- Amber - Regulatory contraventions/ breach
- Blue - Policy or other contraventions with minor consequence
Failure to show you have corrected errors and/or failure to provide missing supporting documents within an appropriate timeframe may result in further actions as you will be at risk of not meeting Loan Market’s requirements.
If you have any questions, please contact firstname.lastname@example.org