ARROW VISIT PREPARATION

ARROW stands for Advanced Risk Response Operational FrameWork which is not one of the FSA's best acronyms but it is probably the most intensive FSA visit to a firm with the exception of enforcement. Telos can provide the expertise of how to prepare for a visit using resource from individuals who have successfully supported Arrow visits. Take a look at the FSA views on how to appoint a consultant.

It is important to appreciate that an Arrow visit does not measure risk within a firm as it is designed to identify what risk the firm presents to the FSA achieving its statutory objectives of market confidence, public awareness, consumer protection and reduction of financial crime.

ARROW II is the latest FSA risk programme which includes a review of TCF and they have even developed an ARROW Lite version.

Fortunately most firms will never receive a visit of this nature but if your firm is identified as one of the FSA's higher risk firms you will be assessed probably every three years.

An ARROW visit will last for several days and include detailed meetings with senior management and approved persons to review the impact and probability of a matrix of risks. Following the visit each firm receives a low to high assessment and a Risk Mitigation Programme which requires regular feedback to the FSA.

Most well run firms benefit hugely from an ARROW visit but careful and detailed preparation is the key essential to a beneficial outcome. Remember that Arrow is not the only programme of visits the FSA are using to evaluate the market. Have a look at our small firms regional assessment section.

The Telos Compliance service senior consultants are specialist in ARROW visits and previously, as firms' compliance officers, they have taken charge of successful ARROW preparation and assessment visits. We can assist you in detailed preparation for a successful outcome.

For more information on using a compliance consultancy the following organisations have useful information

FSA - Using a compliance consultant
APCC - Appointing a consultant
AIFA - Using a compliance consultant
AMI - Directory of services