FCA Review: How quickly can you react?
On 14 April 2015, the Financial Conduct Authority (FCA) imposed a £126 million fine on two Bank of New York Mellon entities for failing to adequately safeguard client assets in breach of the FCA's Client Asset Sourcebook (CASS). How quickly could you react if you heard the FCA were undertaking CASS reviews. This short video from Governor Software shows how you can pull a full report on your Cass Compliance in minutes using GovernorReg: FCA.
What is Govenor Reg: FCA
Governor Reg: FCA is a live version of the Financial Conduct Authority (FCA) Handbook that allows UK regulated financial institutions to map, track and report regulatory compliance as it happens. Governor Reg also provides UK regulatory news in real time, powered by Corlytics RED
Currently most financial institutions have to map their FCA regulatory obligations manually into tools that are not purpose built for compliance oversight, such as Microsoft Excel, they then need to manually manage status and obligations with an error-prone and non-auditable operational model, knowing that having to use such methods exposes institutions to unnecessary risk but also prevents them from proactively managing ongoing changes within specific regulations.
Governor Reg: FCA has used Governor Software’s unique visualisation technology allowing them to provide FCA authorised firms with an actual live copy of the FCA Handbook. This allows users to benefit from the:
- improved search functions,
- increased visualisation of regulations,
- the ability to download specific modules.
Governor Reg also has its own inbuilt history feature that allows users to see changes by date, and provides breaking UK regulatory news, powered by industry leading regulatory intelligence from Corlytics, in real time.