Financial services

This sector is governed primarily but not exclusively by the FSA.Processes and actions need to be evidenced and readily retrievable.

Systems need to be provided that offer alerts, instant visibility of controls and progress, dynamic reporting, clear coded results and escalation on non-performance.

Genius Methods offers a comprehensive service.

Wherever your obligations may lie …     … we will help you identify them.

The frameworks we provide enable you to establish the infrastructure to service this often-complex area of information gathering and reporting. We’ll help you ensure that the processes drive knowledge and awareness throughout the organisation.

Examples of current applications in the financial services sector include, but are by no means limited to:-

∗  Know your Client (KYC) / Customer Due Diligence (CDD)
  • All businesses need to know who their clients are and to perform many checks to correctness of this knowledge, as well as its ongoing validity.
  • Therefore processes and checklists are required when bringing on a new customer, for annual checks and for withdrawal.
∗  Client Risk Assessment (CRA) / Politically Exposed Persons (PEPs)
  • Accurately assess the risk category of the client.
  • Leave no risk of misinterpretation by staff.
  • Ensure process is complete and transparent and information readily available.
  • Assess people within the client structure for their political or other considered status.
  • Assess people within the client structure for their relationship to a PEP.
  • Ensure that this is easily performed, complete and accurate.
∗  Treat Your Customer Fairly (TCF)
  • This section can range from complaints management, to marketing content, verbal contact, correspondence, frequency of engagement, information imparted and ways to keep the client informed of progress on a pertinent issue.
  • These are all good business practices in themselves; in terms of regulations, however, proof of actions are required when handling a complaint or claim.
∗  Complaints management
Ensure that:

  • the information is gathered;
  • the problem is addressed;
  • the client is correctly treated;
  • all risks are addressed.
∗  Fraud management
  • Define procedures.
  • Ensure they are followed.
  • Collate information.
  • Respond rather than react.
  • Manage risks and regulatory issues.
∗  Audit controls
  • These can arise in many guises, from internal monitoring checks and audits, through to regulator visits.
  • Regardless of the nature or purpose of the control, it requires a process to be followed within a given timeline,
  • A means of measuring and validating the results of the exercise should also be put in place.
∗  Compliance Monitoring
  • Ensure right checklists are developed.
  • Ensure the alerts demand action.
  • Escalation of results.
  • Comparative reporting.
  • Management of results.
  • Implementation of controls.
∗  Fund Administration
  • The fund administration involves tasks that are performed daily, weekly, monthly, quarterly, bi-annually and annually.
  • These need to be controlled and evidenced with an audit trail of actions performed.
  • This may include valuations, dividend processes, and annual reporting and audit checks.
KNOW YOUR OBLIGATIONS

As stated, the above does not constitute an exhaustive list.

Other areas might include:

  • Risk Management;
  • Client or Employee on-boarding or off-boarding;
  • Outsource Rebalancing;
  • Middle Office Management;
  • Handbook checklists;
  • Anti-Money Laundering (AML).

Again, this is a cross-section of examples.

Genius Methods can help you gain a definitive understanding of how, and in which areas, your organisation is affected by regulations.

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