With the new regulations from the FCA & PRA around Strengthening the alignment of risk and reward in Financial organisations, there is a lot of work to be done over the next two years.
Bringing together governance and operational elements, and providing transparency and on-going accountability will be crucial.
- Senior Management Functions will require pre-approval by the regulators
- Certification Regime requires individuals to be certified as “fit and proper for their roles in the business
- Annual re-assessment against new Conduct Rules
- Breaches must be reported to regulators
- Evidence of compliance required on request
- Gaps/issues to be identified with plans to address
The Individual Accountability Risk ( IAR) solution is automated software that guides you through the new regime step by step – helping you deliver a comprehensive compliance assessment, and keep it up to date. Individuals can see their all their responsibilities in a single, accessible location
With our solution
- Individuals can see all their responsibilities in a single view
- Complete allocation of responsibilities across the company with gaps and changes easily identified
- Manages the process of assigning responsibilities, fit and proper tests, with follow-on actions such as training identified
- Enables raising and reporting of breaches to be done easily and consistently
- Single point of record to demonstrate effective compliance to regulators
- Fully Auditable