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Peruse our blogs for the latest, fresh perspective on navigating the maze of global regulations and upcoming milestones. This is your shortcut to staying ahead, packed with insights and expert tips from the forefront of GRC innovation. (5)

CASS Firms: Focus on Resilience

governance, third parties, CASS, client assets, resolution pack, outsourcing, client money

In 2020 the FCA issued three Dear CEO letters. The letters were a reminder to firms of the obligations relating to client assets and client money. FCA reminded firms of the importance of maintaining adequate measures to protect client money and assets in the current...

How to Demonstrate Good Governance

governance, culture, corporate governance, monitoring, controls, communication, audit trail, data sharing

How well can your firm demonstrate effective systems and controls? Corporate Governance isn’t just about who sits on your board and how often the board meets. It’s about the systems and controls as well as the standards set within a firm. It’s about ensuring that the...

UK SOX: Why We Need Reform

accountability, oversight, SOX, trust, audit trail, audit reform, UK SOX

In 2002, the USA implemented the Sarbanes Oxley Act (SOX). It caused quite a stir at the time due to the time and effort required to make changes to comply with it. Some felt that it was too onerous. Others felt it was an overreaction to some large corporate failures....

Accountability in Financial Services

governance, accountability, SM&CR, MIC regime, FAR, BEAR, SEAR

Since the financial crisis of 2008 regulators worldwide have been introducing reforms to improve individual accountability within firms. Regulators were criticised for their lack of action and not preventing the crisis. Further criticism was aimed at firms’ failings...

Better Breach Management

third parties, culture, breach management, risk management, issues, data sharing

A firm’s operational error log can provide a great deal of information about its compliance culture. Consider the following: Is it always the same individuals recording all the issues? Has the log remained untouched for several months? Are the identified issues...

Tips for Effective Compliance Monitoring

assessments, monitoring, audit trail, data sharing

All regulated firms are obliged to conduct compliance monitoring. The compliance function is required to monitor and test compliance by performing sufficient and representative compliance testing. Then the results are reported up through the compliance reporting line...

Operational Resilience: Why Setting International Standards is Crucial

third parties, accountability, corporate governance, oversight, risk management, operational resilience, monitoring, audit trail, BCBS, IOSCO

We’re all aware that operational resilience requires an holistic view of a firm’s operations. The Financial Services industry operates globally and requires a coordinated effort to establish a resilient framework. Current work to improve resilience focuses on being...

How does the implementation of SM&CR impact CASS firms

Implementation of the Senior Managers and Certification Regime is currently underway and may well have an impact on your firm’s existing CASS arrangements. This is because the FCA, as part of the SM&CR rules, has introduced a new Prescribed Responsibility for firms...

Creating Resilient Payment Services

governance, third parties, accountability, operational resilience

Build Resilient Payment Services in an Evolving Regulatory Landscape This was the view of the Payment Systems Regulator (PSR) back in 2015 when the PSR was still relatively new. Six years later and it’s fair to say that payments systems are even more critical today....

Building Resilient Third Party Chains

governance, third parties, oversight, operational resilience, data sharing, outsourcing, EBA

Strengthening Resilience: How to Build Robust Third Party Risk Management Chains Both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) require firms to identify and manage their risks. Over the years we’ve seen both regulators focus...

FMIs, Get set for SM&CR

accountability, SM&CR, certification, conduct rules

HM Treasury issued a consultation earlier in July. The proposals signal HMT’s intention to extend the Senior Managers & Certification Regime (SM&CR) to include Financial Market Infrastructures (FMIs). Interested parties should submit their responses by 22 October 2021....

Operational Resilience – Is Outsourcing on your Radar?

governance, third parties, oversight, risk management, operational resilience, outsourcing

Build a Stronger Operational Resilience Framework With the publication of final policy statements there is a clear message that firms must look externally at third party relationships as part of their Operational Resilience framework. The requirements are designed to...

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