Are We Fit?
Under our Fit For Business? service we are able to offer you ongoing support to help you ensure that good corporate governance and business risk management is embedded in your brokerage.
We have developed a unique RWA Corporate Governance Evaluation Package for brokers which will help you identify your company gaps and produce a report which wil enable you to ensure that you have the tools and knowledge needed to help you and your business.
For more information about the Fit For Business? service please visit the website: www.arewefit.com
FSA Business Risk Awareness Reviews
No matter how big or how small, all Insurance, Investment and Mortgage brokers should, over the coming months, be checking their email inboxes to see if they have received an invitation from the Financial Services Authority (FSA) to attend a Business Risk Awareness workshop.
All brokers in the UK should receive such a missive and it would be a good idea to attend one of the workshops, as each and every firm will be under scrutiny later on by means of an assessment.
The FSA will be looking to see how individual firms manage the risks that their businesses face and how they protect their customers from such risks. In essence, this is all about Corporate Governance, and how you manage it effectively.
Many firms perhaps will see this as a matter more relevant to the big PLCs or the national firms, but the FSA have made it quite clear that they expect all firms to have appropriate systems and controls in place to manage their businesses, no matter what size they are.
The workshops being run by the FSA will give you a flavour of what the assessments will be focusing on, but as usual, will not give you any hints or practical advice on how to ensure that you have a workable, proportionate system in place.
This is not just a matter of making sure that you have ticked all the “compliance boxes” and ensuring you send out Demands & Needs and a TOBA. It is all about ensuring that you have sufficient detail to know how healthy your business is (and we are not just talking cash here), why it is in such a position and what could happen to disturb that state and then how you will react and deal with any issues.
RWA are putting together a series of seminars around the UK to assist brokers with Business Risk assessments and we have developed a specific tool to help brokers evaluate where they are in relation to good corporate governance and business risk awareness. Specialist help is then at hand should this be needed.
