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1st April 2020

3rd Party Attestation Tools for FCA regulated firms are essential to good governance.

Author: TriLine GRC

 

Senior Managers within FCA regulated firms are now held personally responsible for the actions of their 3rd party suppliers and vendors.

The SM&CR increases the onus on a firm’s compliance and risk management of their 3rd parties, with some Senior Managers ‘prescribed responsibilities’ including overseeing the standards of 3rd parties, and ensuring that their actions are compliant with the regulators ordinance.

Contract clauses are no longer sufficient evidence of 3rd party attestation. Documented processes evidencing a firm’s considered evaluation of a) selecting 3rd party suppliers / vendors and b) continuing to monitor and maintain their procedural standards, are now essential tools for evidencing good governance and 3rd party attestation to the regulator.

TriLine GRC’s new Contracts Module enhancement will enable a firm to increase the standard and efficiency of due diligence and monitoring measures regarding 3rd parties.

As FCA regulated firms will be aware, providing clear, concise and detailed evidence of governance is vital to ensuring that their network of 3rd parties are working to the same high standards set by themselves.

By having the 3rd party attestation tool firmly rooted within the Contracts Module of the solution, firms are able to effectively monitor that their 3rd parties are operating to the standards of both the firm and the regulator.

3rd party attestation will provide the ability to build out forms / questionnaires and workflows where TriLine GRC users can effortlessly manage 3rd parties (including brokers, dealers, intermediaries and suppliers).

For example, brokers and dealers can fulfil attestations and compliance actions around policies and procedures, responsible lending and treating customers fairly, suppliers can sign-off their obligations around Modern Slavery etc. As many of these 3rd party requirements are integral to a contract it makes perfect sense to facilitate within one module, where evidence of previous attestations to compliance, governance and risk management requirements can be accommodated.

TriLine GRC has close ties with several financial services trade associations and we are actively engaged with the FCA. We strive to ensure that our solution meets the ever-changing compliance and regulatory demands facing our clients and firms in our target sectors.

To arrange a demonstration of our 3rd party attestation tool, SM&CR module and wider GRC solution, please complete the form below and a member of our team will be in touch shortly.

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