Financial Services Regulatory Risk
Effective regulatory risk management requires firms to be proactive about assessing risk and responding to risk. The development of ARROW and ARROW-style visits by the FSA places even more onus upon senior management and at Michelmores, we make it our business to work with senior managers to keep their businesses out of harm's way.
We monitor the changing FSA thematic approach and keep in touch with sector focus, to ensure that we can advise on key risk areas and provide recommendations, when necessary. We can also liaise with compliance functions and work alongside compliance consultants, to provide legal support to regulatory risk and compliance projects.
Our regulatory risk management services include:
- Senior management arrangements, systems and controls (SYSC)
- Advice on ARROW and risk mitigation programmes
- Reviewing TCF policies
- Assessing operational risk, including material outsourcing and people risk
- Reviewing outsourcing arrangements and commercial contracts
- Reviewing originating mortgage documentation
- Reviewing appointed representative agreements and introducer agreements
- Contested applications for approved person status
- Reviewing website interface with customers
- Due diligence audit of legal documents that impact upon a firm's risk assessment framework
- Reviewing customer classification
