RISK ASSESSMENT

Any business benefits from conducting risk assessments of future scenarios in order to minimise the likelihood of severe unanticipated circumstances. Sometimes the problem is knowing where to start and the Telos Compliance service has useful healthcheck services to address this very point.

SYSC Reviews and Sample Business Quality Checking

We can review the existing systems and controls, ensuring that they meet the latest standards. In addition, a sample review of sales can be undertaken to highlight potential areas of weakness with regards to Quality of Advice and Treating Customers Fairly.

Where weaknesses are identified recommendations will be made. By following through on the recommendations the firm will be able to demonstrate to the FSA that they are proactive in assessing the risks to their business, have commenced remedial action to assess any past customer detriment and made changes to their operating practices to limit any potential future risks.

Getting Ready for an FSA visit

For all firms a visit from the FSA is a time of stress and disruption. No matter how much preparation is undertaken beforehand there is always the concern that something will have been overlooked.

The Telos Compliance service can work with the firm's principals to review the existing operating processes, systems, controls and documentation to establish any shortfall in relation to current FSA expectations. We can help to prepare them for interviews by the FSA, highlighting key areas of interest and/or weaknesses which the FSA may explore.

We will make recommendations as to how any shortfall could be addressed and how the documentation should be presented. Typically, the information required by the FSA exists but is not readily available or obvious. By putting all of the documentation into a standard and logical format, the FSA should be able to understand the way the firm operates and have confidence that there is control in the business.

To find out more contact us for an initial discussion.