In their 2015 thematic review into delegated authorities, the FCA reminded firms that delegating authority equated to outsourcing activity. The Regulator also emphasised that it would focus on the issues highlighted in its review as part of ongoing supervisory work “to verify that firms have reviewed their activities in the context of these findings and have taken steps to address any issues identified.”
The Regulator’s position is clear; it is looking at firms for evidence of sound controls, effective monitoring and reliable management information. It expects a broader regulatory focus with clear lines of accountability and clear remit of responsibilities.
In response, and based on our experience of supporting underwriters and auditing coverholders, we have developed an online solution backed by tailored compliance consultancy to provide a robust but practical solution – Tamar.
The key benefits of Tamar are:
- – An online, consistent due diligence and take on process, capturing key information and documents – all stored in one place with easy access.
- – Binder renewal dates which drive audit activity so you can allow time for issues to be addressed (while also strengthening negotiating positions when it comes to binder renewal).
- – Two way communication between you and your coverholder.
- – Automatic email notification and diary notes for control of key tasks and activities – for both you and your coverholder.
- – Ability to risk rate coverholders and so channel supervision where it’s most needed .
- – On line audits question sets with on line responses and evaluation – completion remotely by coverholder or F2F by auditor as applicable to the risk.
- – Audit actions are raised, graded for risk and urgency, diarised and reminders generated; there’s also a scoring system for consistent oversight and reliable MI.
- – Automatic monitoring and chasing of outstanding audit actions .
- – MI which helps you to track issues and identify your key risks providing robust reporting up and down the chain including a range of reports which take you from high level dashboards to detailed binder by binder information.
Tamar will allow you to take control and enables efficient governance and effective control of all your delegated authorities; reducing your risk and evidencing to the Regulator that you fully understand your obligations under SYSC and have taken appropriate steps to meet FCA concerns.
Contact Thistle on 0207 436 0630 or fill in your details below if you would like to know more about how TAMAR can help your business.