Tips to create risk ownership with your firm

One of the fundamental obligations applicable to all regulated firms is the need to implement appropriate processes to manage risks.

A firm must have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, and internal control mechanisms, including sound administrative and accounting procedures and effective control and safeguard arrangements for information processing systems.

(Source: FCA Handbook, SYSC 4.1.1 R )

But how do we encourage our staff to take responsibility and raise issues appropriately?

Good risk management brings many benefits to firms.  Whether you’re a regulated firm or not, there is a lot to be said for nurturing a corporate culture where staff throughout the company seek to improve standards.

To read further, please click here.

Priscilla Gaudoin, FICA, ACISI

Head of Client Regulation
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