Governance, Systems and Controls
Never before has the need for strong governance across a financial institution, whether that be a bank or any other firm engaged in the provision of financial services, been imperative.
Invariably, good governance will be a key focus area for the legislators and regulators going forward. Related to good governance is, of course, the requirement to adequately identify and controls risks arising across a business.
Authorised firms are required to establish and maintain systems and controls as are appropriate to the scale of their businesses. It is the responsibility of senior management to ensure that a firm's business is adequately monitored and controlled at all times. A central theme running through recent FSA enforcement action is that breaches of specific rules or (increasingly so) the FSA's high-level principles, are leading to findings that the cause of such failings is a weakness in a firm's systems and controls.
Robust systems and controls are not merely desirable in order to comply with FSA rules; they form the foundation for prudent oversight and risk mitigation in a business.
We are able to assist with the production of processes and systems, risks maps and management information proportionate to the nature and scale of regulated business being carried on and to the risks posed to the FSA's statutory objectives.
We can also carry out a bespoke review of a firm's existing systems and controls, in order to identify risks and minimise exposure – both to the firm itself and senior management, where ultimate responsibility rests.