A robust compliance risk assessment isn’t just about identifying risks—it’s about understanding how to manage them effectively and demonstrating you have thought about potential scenarios and planned how to control their effects. From my experience, successful assessments rely on honesty, precision, and a prevention-first…
Key Takeaways Implementing a Robust TPRM Program With the stakes so high, creating a robust TPRM program is not just advisable; it’s imperative. This involves developing a framework that clearly defines the roles and responsibilities of all parties involved, and…
The PRA and FCA are changing their rules from 31 March 2022. They say that you have less than 12 months to identify “impact tolerances for the maximum tolerable disruption and carried out mapping and testing to a level of…
In this blog we look at how management of compliance risk, and hence compliance departments, have evolved over recent decades and how they fit into ERM (Enterprise Risk Management) frameworks increasingly expected by regulators. History Financial institutions have always had…
OK, bear with me on this but there is a connection of sorts and using broad brush strokes I would characterise the links as off-balance sheet lending. If you have read any business pages in the last month it will…
Recently, at the request of a client we created a compliance risk assessment template for our online shop. As is often the case with product requests the person asking is not alone in their need and our risk assessment template…
Many regulated firms rely on third parties for services such as accounting, external audit or human resources, through to developing products and services, networking arrangements, payment processing, use of services provided by affiliates, joint ventures, and subsidiaries. The current operating…
The environment in which we are working has changed. This will change how you previously assessed risks. The FCA has been reminding us recently of the need to review your risk assessments in light of the new operating environment. But…
As your firm starts doing new things and you find you have different rules and regulations to comply with where do you start? For many it begins with a Google search. The success of your Googling can come down to…