Conduct Risk should now be readily identifiable within your firm’s Risk Register, along with effective controls and named owners.

Effective risk management and the associated mitigating controls should be at the heart of the ‘first line of defence’ in any firm.

A well-defined Conduct Risk analysis should be reflected in the firm’s Risk Register and acted upon.

 

Conduct Rules and requirements within COCON may need you to redefine the profile and descriptions of how regulatory risk may materialise in your firm. The impact of such change may require a review of the type of controls being employed, how they are tested and how risk is reported to your Board and senior management team.

“Beyond the SMCR, Culture continues to be an issue of the highest importance for the FCA”

SMCR is “Live”! But many firms continue to be daunted by its complexities, particularly as the repercussions for getting it wrong are potentially so severe.

 

A Risk Register is critical to giving senior management, auditors and regulators a clear view of what are considered to be the principle threats to the firm’s strategy and its ultimate success. This stage of FSTP’s Culture Assessment Process is designed to ensure the Register tells a good story of your firm’s analysis and classification of risk, along with implementation of controls. The ultimate Reasonable Steps Defence!

 

The banking sector has been subject to SMCR since 2016, so we have supported numerous firms through implementing and embedding the Regime in the last 5 years. Many of these would admit that they did not allocate sufficient time, or resource to getting SMCR implemented within the given timeframes.

So the key message is:

Do not under estimate the amount of effort that’s still required to be ready for 9 December 2020.

 

If you’re looking for reassurance that your implementation of the Senior Managers Regime and / or the Certification Regime is being done properly, you are not alone.

 

We can provide you with as much or as little support as you need.

 

Contact us to discuss our unique Culture Assessment Process and any other support that will be of benefit to you and your firm.

Do not under estimate the amount of effort that’s still required to be ready for 9 December 2020.

 

If you’re looking for reassurance that your implementation of the Senior Managers Regime and / or the Certification Regime is being done properly, you are not alone.

 

We can provide you with as much or as little support as you need.

 

Contact us to discuss our unique Culture Assessment Process and any other support that will be of benefit to you and your firm.

To discuss next steps, please call us today on 0203 178 4230. Or email info@fstp.co.uk.

Please get in touch today. We’ll quickly discuss the challenges you’re facing and explain how we can help you.


0203 178 4230

info@fstp.co.uk


What we can do;

 

  • Work with those responsible for Risk in your firm to ensure the proportionate representation of Conduct Risk in the Risk Management process.
  • Stress-test the controls associated with Conduct Risk to ensure they are appropriate and proportionate.
  • Coach risk owners on what FCA’s expectations are likely to be, based on the potential for customer detriment.
  • Review the Conduct Risk management information being produced at risk owner level and reported to the Board and senior management team.
  • Create and deliver bespoke training and developmental solutions to close identified gaps.

Highly experienced consultants

We only provide sector specialists with experience at the highest levels in the industry. And with our finger constantly on the regulator’s pulse, you can expect knowledgeable and up-to-date advice.

We’re always easy to work with

This is often underrated, but it makes a difference. We quickly get a feel for your firm, working with not against your team. It means we get the job done without friction and without fuss.

Advice tailored to your business

You need consultants that get your business, not just financial firms in general. So we first understand the specific needs and nuances of your firm, resulting in more relevant, practical and effective support.