Is a Clean CASS Audit Really Enough? Escaping the Complacency Trap
Even the most robust firms can slip into complacency with CASS compliance. In this episode of the PIMFA Podcast, Katherine Leman, Co-Founder and Lead Trainer of the PIMFA CASS Academy, and Priscilla Gaudoin, Ruleguard's Head of Risk and Compliance, share their strategies for getting ahead of risk, before it catches you out.
A clean audit is comforting, but it does not mean we should stop looking for cracks. The FCA wants to see proactive risk management in action, even if there are no obvious breaches.
Can you prove you’ve been looking and that no issues lurk in the background?
In this podcast, find out how to get ahead of the curve:
Tactics to Challenge Complacency
- Mock Resolution Events
Simulating a resolution scenario will often spotlight vulnerabilities before they become expensive realities. Consider conducting a trial run with your in-house CFO or an insolvency practitioner.
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Consider Changing Auditors
If things feel too settled, switching auditors now, when everything’s calm, could be less disruptive than having your hand forced later.
- Visually Illustrating Risk
A compelling visual can motivate senior executives to act quickly. Heat maps can be a powerful tool for pinpointing riskiest areas, both with and without existing controls.
The Bigger Picture: Consumer Duty
Today’s regulatory focus on consumer outcomes means you can’t afford any compliance gaps. CASS compliance isn’t just about ticking boxes; it’s about ensuring your clients and the broader financial market are fully protected.
Want to know more about crushing your CASS controls? Download our infographic.
Feel free to browse our upcoming and on-demand CASS webinars here, alongside informative infographics and blogs on this topic.
