RISK MANAGEMENT
A healthy risk management system is a must for any financial services firm. The FSA’s requirement that firms establish appropriate systems and controls is one of the cornerstones of the regulatory system.
You must have robust governance arrangements. This needs to include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks you are or might be exposed to and internal control mechanisms.
TCC provides a review service to ensure your processes are robust. This can be as detailed and as far reaching as you need it to be.
As an example of what TCC will do for you, let’s take the example of a Risk Management Framework document review; this would include:
- A qualitative test of the breadth and scope of the document
- Evaluation of the how the responsibilities for risk management have been apportioned amongst the directors and senior personnel
- A quantitative analysis of the risk appetite of the business against actions arising from the risk framework
- An appraisal of the integrity of the Management Information (MI) that is generated to monitor the risk framework of the firm
- An assessment of any defined benchmarks, tolerances and the ‘trigger points’ that are used by senior management to make appropriate decisions with regard to risk
- Tracking of a sample of actions identified from the risk framework to conclusion
- An assessment of the risk reporting process
- A qualitative test of the breadth and scope of the document
Following this review TCC will provide you with a report outlining our findings and recommendations in relation to the risk management processes. If you would like us to scope out a risk management review for you, call us on 020 3008 6020 or email info@theconsultingconsortium.com.
If you would like information on our online Risk Management tool, please see our ARROW Frameworker
