The web-based tool enables financial services firms of all sizes to "self assess" their firm's progress using a set of key questions and provides a vital audit trail for dealing with FSA visits. It covers a range of key areas such as Senior Management Arrangements, Risk Management Systems and Controls, Liquidity Risk, Credit Risk, Market Risk, Insurance Risk and Group Risk.
Of particular relevance to all regulated firms, the Risk Frameworker provides a test of preparedness, a repository for key information and a "heat map" highlighting firm’s areas of strengths and weaknesses in one graphic and clear snap-shot.
The tool takes firms through each topic asking critical questions to which they will respond according to their state of preparedness. As the individual firm works through the questions, the heat map changes to green, amber or even red therefore immediately highlighting areas where further attention is required. By simply working through the seven headings and their associated questions, green indicates that they have answered yes and provided supporting evidence or information, amber indicates some action is required, and red indicates that urgent action is required.
Joanne Smith, managing director at The Consulting Consortium, said: “We are delighted to have added this latest product to our range of useful tools that assist regulatory professionals in their roles as risk managers and advisers to their boards. After a very successful pilot we are confident that Risk Frameworker will prove a critical addition to the armoury of all compliance officers. It will help firms of all sizes be suitably prepared for regulatory visits as all the relevant information needed to fulfil FSA requirements is stored in one place complete with a full and readily accessible audit trail.”
