The Model Office Blog

What's New with MO® Compliance Chat?

[fa icon="calendar"] Apr 18, 2018 8:07:23 PM / by Chris Davies

MO® represents an industry first in many ways. Not only is MO® a standalone Artificial Intelligence driven compliance chat bot, but she also offers 24/7 service and her knowledge base is programmed with the very latest from the FCA handbook, their papers plus other directives such as MiFID II, AML 4, SM&CR and the GDPR. Essentially, MO® is now empowered to perform a regulatory audit. 

MO® is also never short of something to say, she even tells jokes if you get bored of her compliance chat :) But to ensure MO®'s users gain the most of of her compliance and business support guidance, we have designed a crib sheet to prompt the appropriate response across Model Office's 5 key's. A selection of  such questions are below:

Your Focus Business Function

User Engagement

Strategic planning

What is a bonafide business plan?

 

What is wind-down planning?

 

What types of technology that can help?

 

What technology due diligence do we need?

Key Financial Ratios

 

What type of financial strategy is required to be sustainable?

Compliance & Corporate Governance

What systems and controls do we need?

 

What does The FCA require from us on research and due diligence?

 

Where do we find the latest AML requirements ?

 

Where can I find information on target Markets or Treating Customers Fairly?

 

Where can I find the Client’s Best Interest rules? 

 

What processes do we need for file reviews?

Advice

Where can I find rules on Adviser charging?

 

Do the adviser charging rules apply to firms managing investments?

 

Am I providing Regulated advice?

 

When does generic advice become regulated advice?

 

Am I providing a personal recommendation?

 

Where can I find details on advice suitability?

 

What is streamlined advice? 

What is is focused advice? 

What is Simplified advice? 

 

What standards need to apply to automated advice processes? 

MiFID II

What do we need to implement in relation to MiFIDII? 

 

What do we need to do regarding, Disclosure of costs, The 10% drop reporting requirement, Client communications recording, Advice suitability, structured products, Legal Entity Identifiers, Product Governance, Appropriateness? 

Risk Management

What types of risk do I need to consider? 

 

Tell me more about risk? 

 

What is Conduct risk? 

 

What is the GDPR about? 

 

What is the latest on Anti-Money Laundering –AML? 

 

What AML Systems and Controls do we require? 

 

How can we plan for BREXIT? 

Board development

Do I really need a Board? 

What strategies do the FCA require for a Board to be effective?

Culture

How can I assess our culture and conduct? 

 

Your Engagement Business Function

User Engagement

Marketing

What does my marketing activity really require? 

Client On-boarding

What does on-boarding require? 

 

How does Know Your Customer – KYC fit here? 

Client Communications

How can we ensure fair, not misleading communications? 

Client Surveys, research and feedback

How do we survey our client’s? 

 

What is the best survey strategy? 

Client Documentation

What about MiFIDII disclosure of costs and charges? 

 

What information is required in our Fact Find? 

 

Where can I find rules on and guidance on fact finding?

 

How should we structure our Client Agreements? 

 

What content is needed in a suitability report? 

 

Where can I find information on Key feature documents?

How does PRIIIPS affect us?

Client Segmentation

 

What do we need to do regarding segmentation? 

Digital experience framework

What type of digital services do we need?

Professional Partners

What do we need to do to ensure right professional partners? 

Stakeholders

What type of stake holders should we engage with? 

 

Your Promise Business Function

User Engagement

CIP

What do I need to do regarding CIP research and due diligence? 

Risk Profiling tools

 

What do we need to do to ensure risk profiling is fit for purpose and meets MiFID II requirements? 

Charging plan

 

What are the rules on adviser - fee charging? 

 

What are the Disclosure requirements? 

Research Tools

What are the key issues regarding research tools? 

Cash flow Modelling

Do we need to have cash flow modelling technology? 

Data Flows

How do we ensure clean data and Straight Through Processing? 

Technology

What technology do we need across the service proposition? 

What is the latest FCA position on outsourcing technology?

Financial planning/advice process/specialist advice

What is the FCA position on the planning and advice proposition?  

Is our advice - planning process aligned? 

How can we align our Tech with our service proposition?

 

What are the FCA directives around Pension Transfers? 

Recommendation

What do the FCA require in relation to our recommendations? 

Monitoring and analysis

 

What does the FCA need in monitoring and analysis of advice suitability and our services? 

Reporting

What are the latest FCA client reporting requirements? 

 

What do the FCA require when reporting to them? 

Reviews

How often do we need to review clients? 

 

Your Systems Business Function

User Engagement

Accounting software

What is needed to comply with regulatory needs? 

Client Relationship Management

What features do we need within our CRM system? 

Policies and Procedures

What does the regulator want and need? 

Workflow management

How do we align workflows with regulatory needs

Client Portal

Do I need a client portal? 

Activity Management

What activity management do we need?

 

What about diary management? 

Document Management

What is document management required and for how long

Compliance Function

What is required to ensure we have a robust compliance function? 

Complaints Handling

What represents good complaints handing practice? 

Outsourcing

What has changed and how do we protect outsourcing risk? 

Data flows, quality and security

How can data processing this be streamlined? 

The GDPR

 

 

 

 

 

 

 

The Privacy Electronic Communications Regulations (PECR)

What is changing from the Data Protection Act?

What lawful basis should we require?

Do we need a Data Processer/Protection Officer

Who should be the Data Controller?

What is an Information Asset Register?

How do we structure a Data impact assessment?

What are the new rights under the GDPR?

What is the PECR?

 

Your People Business Function

User Engagement

Organisational Structure

What is needed to comply with regulatory needs

Position Descriptions

What features do we need within our CRM system

Senior Managers and Certification Regime - SMCR and Conduct

What is the SMCR

 

How does the SMCR apply to our firm

 

What SMCR category applies to our firm?

 

How does the certification regime affect our firm?

 

What is the latest on the conduct rules?

Recruitment

What Recruitment strategy do we need? 

Induction Programme

Do I need a induction programme? 

Performance Management

What Performance management strategy do we need?

Staff Learning and Development

What is document management required and for how long? 

Reward and Recognition

What is required for our reward and recognition framework? 

How do we assess culture? 

Retention

What represents good complaints handing practice? 

Compensation and Benefits

What has changed and how do we protect outsourcing risk

Competencies

How can we measure our staff competencies against the FCA professional development framework? 

Staff Engagement

How can we keep staff engaged? 

Professionalism

What is the latest FCA position on Professional Practice and standards? 

 Please click the below icon link to MO®'s platform and learn more about MO® today..

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Topics: Financial regulation, Financial business development, Risk management, fintech, regtech, practice management, FCA, Constructive compliance, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, GDPR, Data, Chatbot, Culture, Enforcement, supervision, FCAbusinessplan, audit

Chris Davies

Written by Chris Davies

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