How do you provide assurance on your CASS controls?
Join Katherine Leman, co-founder and lead trainer at the PIMFA CASS Academy and Priscilla Gaudoin, Head of Risk and Compliance at Ruleguard, as they talk about how you can take control of your CASS Controls.
In our podcast, you will learn the Key Steps to Ensure Compliance
Review which CASS rules apply to your business regularly, especially when your business model changes or new regulated activities are introduced. This vigilance ensures compliance from the outset and helps you adapt to new regulatory demands.
Comprehend the specific CASS risks inherent in your operations. Implement appropriate mitigating controls and ensure they are documented. Regularly update policies and procedures to reflect any changes in processes or controls, maintaining clarity and relevance.
Your procedures should clearly outline what you do, how you do it, and the evidence supporting your actions. An audit trail is crucial, it demonstrates compliance and provides a record of decisions and changes over time.
Assign qualified individuals to undertake monitoring activities that can alert you to CASS vulnerabilities. This includes oversight of any outsourcing arrangements. Effective monitoring enables timely identification and remediation of issues before they escalate.
Establish consistent reporting mechanisms to the board, facilitating effective risk management. Act on the findings from monitoring exercises promptly. Document decisions and actions taken in response to identified risks, ensuring accountability and traceability.
Want to know more about CASS controls? Download our free infographic.
Why not browse through other CASS thought leadership pieces here, including a range of webinars, blogs, infographics and videos!