The Model Office Blog

Social distancing does not mean social isolation

[fa icon="calendar'] Mar 10, 2020 1:16:08 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAMR, MiFIDII, SMCR, Data, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting, HRD, PII

[fa icon="comment"] 0 Comments

Having lived through Severe Acute Respiratory Syndrome (SARS) in Hong Kong I seem to have a deja vu with COVID-19 and social distancing upon us as we move towards a period of uncertainty where the most basic of human instincts, connecting face to face to learn and explore collaboration may be curtailed for a number of weeks or even months. We are running a webinar on this Friday 20th 11am which you can sign up for here 

So here are our thoughts on how to move forwards with composure, integrity and transparency.

The world we operate in is full of risks and risk management is a pre-requisite now for firms to survive and thrive and showcase professional practice. The FCA define risk as ‘the combination of impact (potential harm caused) and probability (likelihood of issue or event occurring)’.

 There are significant benefits to risk management:

  • Improve governance across compliance, conduct, competency
  • Increase the likelihood of achieving the organisation’s goals
  • Provide assurance and stakeholder confidence and trust
  • Establish a reliable basis for decision making and planning
  • Improve organisational resilience
  • Effectively allocate and use resources for risk treatment
  • Establish enhanced decision-making which in-turn will provide benefits by way of improvements in the efficiency of organisational operations, effectiveness of tactics (change processes) and the efficacy of the overall organisational strategy

Where a national and global health and financial challenge is concerned firms now should:

  • Focus on engaging their clients and re-assuring them that services and portfolios are risk assessed, managed and monitored
  • Re-assure staff and follow NHS guidance on cleanliness of premises and social distancing
  • Employ RegTech to ensure they identify, manage and monitor risks across the business plus using technology will minimise interpersonal interaction 

Once completed, firms can then better assess a way forward with their business and clients across:

  • Review a strategy for individual contact for example it could be wise to cease handshaking, keeping a distance and limit close social contact and ensure any staff or clients with a fever, cold or flu symptoms stay home. We’re advocating the Vulcan greeting; ‘Live Long and Prosper’
  • Ensure the principles of individual cleanliness are communicated such as hand washing and not touch your eyes, nose or mouth, plus read up on WHO Q&A
  • Design and employ a triage strategy when engaging clients to find out if a meeting is necessary or not. Advisers can then contact the client and assess how best to help the client 
  • Once triage is completed engage clients through virtual technology such as Skype, Zoom, Join.me and running online reviews and meetings plus use FinTech applications such as Client Portals, Cash flow modelling or Robo-Advice 
  • Develop content led syndication across social media, blogs, opinion pieces, video to re-assure clients
  • Work smart with staff working from home as necessary or developing shifts to minimise travel and personal interaction for staff and use webinar tech to hold team or conference meets.
  • Support home working by offering guidance around daily work routine and engagement, mental fatigue and anxiety management, support tools such as computers, cellphones and webex access
  • If consultants or Non-Exec Directors are employed then their engagements need to be assessed and a view taken on whether they need to self isolate for 14 days  before returning having visited other 'at risk' premises. 

Along with SARS, COVID-19 requires a sensible and practical strategy. Business as usual should continue until we hear otherwise, but by applying some tweaks to existing practice as above will provide re-assurance to your staff and your clients.

Live Long and Prosper...

Read More [fa icon="long-arrow-right"]

Retail Investment Adviser Benchmark Study 2020

[fa icon="calendar'] Mar 6, 2020 9:29:50 AM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, regtech, Risk management, practice management, FCA, advice, HMT, suitability, FAMR, MiFIDII, SMCR, Data, Culture, Enforcement, supervision, audit, Conduct, AI, Risk,, Accountability, Platforms, PROD, Product governance, digital,, Regulatory, Reporting, HRD, PII

[fa icon="comment"] 0 Comments

We have now launched our second bi-annual industry benchmark report which focuses on the key trends and challenges that retail investment advice firms face.

Read More [fa icon="long-arrow-right"]

The SMCR and Emotional Intelligence–Model Office-MO Key 5: Your People

[fa icon="calendar'] Nov 24, 2017 4:07:37 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, suitability, FAMR, MiFIDII, SMCR, Data, Systems and controls

[fa icon="comment"] 0 Comments

MO’s 5 keys act as your compliance and professional development foundations so you can map and self-audit your journey as a professional practice, to ensure you not only meet the regulatory rules: TCF, KYC, Suitability, MiFIDII, GDPR, SMCR but also benchmark against the FCA papers and good outcomes they covet and also track performance against your peers.

Read More [fa icon="long-arrow-right"]

Operations and Data–Model Office-MO Key 4: Your Systems

[fa icon="calendar'] Nov 10, 2017 1:07:13 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, suitability, FAWG, FAMR, MiFIDII, Data, Systems and controls, Back Office

[fa icon="comment"] 0 Comments

We now move to our 4th blog in our series on our #RegTech platform Model Office – MO and the 5 keys our research has found are crucial in building a compliant, client-centric and sustainable professional practice. Click here sign up for our weekly blogs.

Read More [fa icon="long-arrow-right"]

Meeting your commitments–Model Office-MO Key 3: Your Promise

[fa icon="calendar'] Nov 3, 2017 11:50:14 AM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, MiFIDII, Data, CIP, Service Proposition

[fa icon="comment"] 0 Comments

This is our 3rd blog across Model Office’s (MO’s) 5 keys and we now focus on your service proposition that MO classes as ‘Your Promise’ that you are making to meet your on-going clients needs.

Read More [fa icon="long-arrow-right"]

Taking Action–Model Office-MO Key 2: Your Engagement

[fa icon="calendar'] Oct 27, 2017 12:53:29 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, Data, GDPR

[fa icon="comment"] 0 Comments

In this suite of blogs we’re covering our digital compliance and business development platform Model Office (MO)’s 5 keys that form the foundations for MO’s #RegTech platform and ensures any retail investment adviser (RIA)/planner firm remain compliant, client-centric and sustainable in their professional development journey.

Read More [fa icon="long-arrow-right"]

Taking aim – Model Office-MO Key 1: Your Focus

[fa icon="calendar'] Oct 20, 2017 12:43:52 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, Data, GDPR

[fa icon="comment"] 0 Comments

In this next suite of blogs we’re covering our digital compliance and business development platform Model Office (MO)’s 5 keys that form the foundations for MO’s #RegTech platform and ensures any retail investment adviser (RIA)/planner firm remain compliant, client-centric and sustainable in their professional development journey.

Read More [fa icon="long-arrow-right"]

The General Data Protection Regulation -GDPR and your business

[fa icon="calendar'] Oct 5, 2017 10:11:59 AM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, Data, GDPR

[fa icon="comment"] 0 Comments

The new EU General Data Protection Regulation (GDPR) in Europe, adopted in 2016, will be directly applicable starting on May 25, 2018. GDPR comes with significant changes compared to the Data Protection Directive 95/46/EC involving operational changes in organisations.

Read More [fa icon="long-arrow-right"]

Building the case for constructive compliance

[fa icon="calendar'] Sep 21, 2017 3:58:00 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, SMCR

[fa icon="comment"] 0 Comments

With The FCA now focusing on the implementation of MiFIDII plus with the SMCR and GDPR also on the way, we are now seeing far more focus on transparency, accountability, roles and responsibilities.

Read More [fa icon="long-arrow-right"]

The Senior Managers and Certification Regime

[fa icon="calendar'] Sep 4, 2017 5:06:55 PM / by Chris Davies posted in Benchmark, compliance, client centric, Financial regulation, Financial business development, fintech, Human resource development, client engagement, regtech, Constructive compliance, Risk management, practice management, FCA, advice, HMT, suitability, FAWG, FAMR, Fitbit, MiFIDII, SMCR

[fa icon="comment"] 0 Comments

‘Culture and governance in financial services and its impact on consumer outcomes is a priority for the FCA. The extension of the Senior Managers and Certification Regime is key to driving forward culture change in firms.’ Jonathan Davidson Exec Director for Supervision for retail authorisations FCA.

Read More [fa icon="long-arrow-right"]

Subscribe to Email Updates

Recent Posts