Governance and Risk
The way that firms oversee its business and controls can make all the difference. Our approach is to be clear about what you can do, what you may not do, and have a discussion about what you should do given the former. The end result is pragmatic, proportionate to your business and most importantly, tailored to what you need.
Please contact us if you would like to explore this further.
Individuals are now subject to much greater personal accountability and must take reasonable steps in how they discharge their responsibilities. This is not a process to be managed, each senior manager needs to actively consider how they perform their role and, just as importantly, how they prove what they do day-to-day?
Underpinning a strong senior management team will be a clarity in allocation of responsibilities with minimal overlap. The challenges arise where one senior manager relies on another senior manager or function for some or part of their deliverables.
Effectiveness of Controls
The governance of a regulated firm is responsible for ensuring that the controls within the firm are effective. This means receiving the right information at the right time about the right issues. Management information has to be reviewed regularly to remain effective and allow governance to make informed decisions at the right time.
Governance and committee members are expected to be providing the business with direction, understanding and control over business activities. They must be identifying and managing risks in their areas of responsibility and ensure there is adequate independent oversight.
Talk to us today about how we can help you tackle these and other governance-related challenges.
Systems and Controls
Control Mapping \ Gap Analysis
Knowing that you are complying with all the rules that applies to it is a common challenge. It requires a forensic approach to identifying all relevant laws and regulations and mapping that into your business activities.
Policies, Procedures and Controls
Policies and procedures are at their best when they are succinct and use language that the people having to adhere to them, your business, will understand. They must also be up to date and effective.
Risk Assessment and Reviews
The most effective risk assessments are those which identify new risks, and therefore evolve with changing operating environments. The same can be said for risk reviews where sometimes these are required because there are known issues or sometimes because an area of the business is new or hasn't been reviewed for sometime.
Many issues and breaches that occur could have been prevented or the impact reduced had there been effective supervision in place. Good supervisors understand the issues they are facing and provide clear direction and support to the people under their control.
Talk to us today about how we can help you tackle these and other systems and controls related challenges.
The conduct rules set high level principles for good personal conduct and the FCA expects firms to be actively monitoring their staff compliance with the conduct rules, and reporting breaches. The challenge rests in striking the right balance between identifying and nipping issues in the bud and proving that you have genuinely addressed causes of misconduct.
Individuals holding certification functions must be assessed regularly as fit, proper and competent to perform their role. However issues do come up that need to be managed and the way you manage these could affect the individual's regulatory standing or references.
Firms are expected to be proactive in tackling non-financial misconduct, identifying what drives this behaviour and modifying those drivers. How your firm handles non-financial misconduct is an indicator of culture.
Talk to us today about how we can help you tackle these and other culture-related challenges.