Risk Management Control
Objective
To provide firms with data that identifies the level of compliance with UK regulatory standards (for business conduct and operational management), the effectiveness of the communication cycle between Boards of Directors and staff, and risk exposures relative to customer servicing.
Benchmark
Assessments are made against regulatory rules and requirements, accepted industry standards for Corporate Governance, the Marine Insurance Act, Law of Agency, and generally accepted legal principles of contract law in England & Wales
Service Scope
Review of existing business policy standards / operational controls for:
Advertising / Financial Promotions |
Appointed Representatives |
Conflicts of Interest |
Know your customer |
Financial Crime |
Treating Customers Fairly |
Risk Placement / Claims Handling |
Complaints |
Client Service Standard disclosure |
Risk Mitigation |
Rule Breach Escalation |
Terms of Business Agreements |
Training & Competence |
Client Assets |
Compliance Manual |
Audits covering:
Internal Audit framework efficiency |
Management Information |
Board to staff communications |
Risk Placement / Claims Handling |
Corporate Governance controls |
Binding Authority activity |
Business policy standards |
Operational controls |
Management Information |
Contract templates |
Market Reform implementation |
Key Performance Indicators |
Bespoke Training Workshops are available for all services, including training for Approved Persons / Senior Management for UK firms, in preparation for FSA ARROWS and / or thematic visits.
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RMC Reporting
Provides a detailed report measuring broker performance, highlighting areas of perceived weakness, along with proposals on possible corrective action(s).
RMC Benefits
- Business policy and operational procedure compliance with regulatory expectations;
- Corporate governance standards;
- The effectiveness of the audit function;
- Business performance against operational controls;
- Appropriateness of Management Information provided to the Board of Directors
- May assist as a negotiating tool when securing PI Insurance.
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