Ruleguard | Best Practice in Third Party Risk Management

Here’s a quick reminder of what the whitepaper covers

✔️Regulatory Emphasis: Third party risk management has risen to the top of the regulatory agenda across various industries. What began as a focus on cyber risk management has expanded to encompass a broad array of third-party arrangements. Regulators emphasise the importance of firms considering the risks posed by their relationships with third parties.

✔️Accountability: Regardless of whether a firm conducts activities internally or relies on external parties, it remains ultimately accountable to regulators. This point underscores the importance of firms having robust processes in place to manage and evaluate the risks associated with their third-party arrangements.

✔️Supervisory Stress: Supervisors worldwide are eager to stress the necessity for firms to have effective processes for managing third-party risks. This underscores the global significance of TPRM and the need for comprehensive strategies to mitigate associated risks.

✔️Risk Evaluation: Firms must establish processes for appropriately managing and evaluating the risks associated with their third-party arrangements. This involves identifying potential risks and implementing measures to mitigate them effectively.

Compliance and risk management

Keep abreast of regulatory changes, manage policies, processes, and procedures, and build a solid framework to manage and mitigate critical risks.

Regulatory
Updates

Ruleguard has built-in functionality designed to help firms identify regulatory changes and assess their impact on their operational processes, policies, risks, and controls. Users have access to a repository of regulatory content from multiple public and subscription sources.

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Policy and Document Management

Policy & Document Management solution helps enterprises to organise and manage policies/procedure documents centrally and facilitates collaboration between employees to ensure policies are up to date and have been acknowledged by the relevant parties

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Operational Risk Management

Ruleguard has an integrated solution to enable firms to track all identified risks and corresponding controls and mitigations across the enterprise. The solution has built-in features to help users assess, quantify, remedy, report and streamline their risk management processes

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Incident and Breach Management

Ruleguard users have access to a fully configurable incident and breach management solution to record, track, investigate and remedy any identified regulatory incidents/breaches and risk events and map them to the impacted rules, controls and operational processes.

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CASS Compliance and Audit

The platform has a suite of functional features designed primarily to enable CASS-regulated firms to evidence compliance with the requirements of the FCA’s Client Asset Sourcebook – including CASS rule mapping, Resolution Pack, ISEM, breach management and integrated tools for audit collaboration and oversight of transfer agents.

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Compliance
Monitoring

At the core of the Ruleguard platform is a suite of functional features, user-defined workflows and questionnaires to help users to design compliance monitoring plans, test and report on the performance of controls and evaluate a firm’s overall compliance with applicable rules.

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Operational
Resilience

Ruleguard can facilitate your planning for extreme scenarios, model your impact tolerances and identify investment gaps. Firms can collaborate with third parties to easily identify gaps for investment and automatically create a resilience self-assessment document for board review.

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Service Organisation Assurance Audits

Ruleguard has an integrated solution designed to enable service organisations to document their internal controls, map these to applicable control objectives in compliance with any applicable standards or requirements (e.g. AAF, SOC, ISAE); and integrated workflow solutions to streamline information sharing with auditors

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Evidence Management and Task Lists

Ruleguard enables firms to administer and control evidence related to an event or multiple events. Firms can provide assurance relating to events with supporting evidence that can be tested by independent parties.

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Client Assurance
Portal

The Ruleguard platform facilitates the sharing of key data between firms via a secure gateway. Firms can share specific content, allocate & track tasks to completion whilst also establishing a full audit trail.

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Employee Compliance

Ensure your staff understand what's expected of them, hold them to high ethical standards, and manage breaches or complaints fairly and transparently.

Accountability Regime

A fully configurable solution designed to streamline compliance with the requirements of the international accountability regimes including Senior Managers & Certification Regime and SEAR. Requirements supported include: fitness & propriety and T&C assessments, certification, MRMs, SORs and individual conduct breaches.

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Personal Account Dealing

The Personal Account Dealing module is a fully configurable workflow solution designed to provide compliance officers with a comprehensive, integrated and auditable view of all employee trading/dealing activity.

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Gifts and Hospitality

The module is designed to automate, streamline and simplify the gifts and hospitality submission, review and approval process and enables compliance departments to monitor and mitigate against any risk of misconduct and drive a culture of compliance across the enterprise.

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Conflicts of Interest

An automated, structured software solution designed to help regulated firms to manage employee disclosures, increase transparency and mitigate the risk of conflicts across the enterprise.

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Employee Attestations

The Employee Attestation module works in conjunction with Ruleguard’s Policy Management module to enable firms to increase policy participation, obtain employee attestation to key policies and embed a culture of compliance.

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Consumer duty

Loyalty is increasingly at a premium. Give your clients a reason to stick around long term by showing them you're serious about putting their interests first.

Product Governance

A fully configurable workflow, collaboration and document management repository to govern and monitor the lifecycle of financial products – from initial design, approval to distribution/marketing to ensure compliance with the FCA’s product governance rules.

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Complaints Management

The Ruleguard Complaints Handling platform is a configurable workflow solution designed to manage the requirements of the entire complaints life-cycle from initial receipt/identification of complaint, assessment, investigation, escalation through remediation and reporting.

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Client File Reviews

An end-to-end technology solution to streamline the assessment and grading of client files against relevant FCA principles in response to the Consumer Duty Outcomes: Products and Services, Consumer Understanding, Consumer Support and Price and Value

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Financial Promotions

A dedicated solution to streamline collaboration between product, marketing and compliance teams in the creation, review and approval of compliant promotional and marketing materials.

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Supplier Oversight

Ruleguard’s integrated solution enables distributors (advisers) to automate the process of investigating and conducting due diligence reviews on product manufacturers (investment platforms) to “avoid foreseeable harm to retail customers in compliance with the cross-cutting rules

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Appointed Reps Oversight

In compliance with the FCA’s enhanced AR due diligence requirements, Ruleguard have developed a suite of functional features to assist principal firms in monitoring risks presented by the activities of their appointed representatives including annual compliance & self-assessments.

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Stress-Tested for Reality: Beyond Paper Plans

operational resilience, SM&CR, third party risk

In a recent blog, the UK’s FCA strikes a frank and open tone: operational resilience is not a box-ticking exercise. This is a message that has been sent before, and we hear it again in this blog issued on 15th April 2025. Operational resilience is business critical....

Complaints in a Changing World

FCA, FOS, Consumer Duty

FCA Establishes Regional Presence in the USA and APAC

FCA, innovation, competition, global standards

UK regulator establishes footing in USA and APAC The FCA has announced the appointment of two regulatory representatives establishing its presence in the USA and APAC regions. Why is this necessary? How will help the UK? Establishing two regional offices aim to...

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