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1RS supporting Wealth Management Companies ‘Planning for the Future’

1RS is looking forward to supporting the ‘Planning for the Future’ event organised by Compeer on o4th December. Wealth Management Companies are increasingly bringing those tasks such as inheritance tax planning and all-round wealth planning, previously outsourced to an IFA,…

SM&CR- are you ready for Day 2?

The December 9th deadline for SMCR is fast approaching and firms are focused on putting all the necessary legal and HR documentation in place for that date.   December 9th is Day 1 for Senior Management under the new regulations,…

Has the Motor Finance Industry had its head in the sand?

Even since the FCA launched a review into Motor Finance and published their report in Mar 2019, there has been much speculation as to whether the industry is careering towards another PPI type mis-selling scandal. As we all know, the...

SM&CR Solutions

The deadline for compliance to SM&CR regulatory changes is fast approaching. The majority of the Legal, HR and Compliance departments are well aware of the operational activity that needs to be completed prior to the deadline such as: Creating Responsibilities...

1RS and Streamline CASS best practice seminar

1RS is excited about our upcoming CASS best practice seminar being held in conjunction with Streamline recruitment. We will be meeting with current CF10a's and all 3 Lines of defence to discuss:  - Key Challenges seen with achieving and maintaining...

New additional Risk & Compliance functionality added to ERIC

1RS are excited to roll out 2 additional Risk and Compliance modules to ERIC- our integrated GRC solution. We have implemented the Compliance Approval Module- this module will enable instant, automated workflow and audit trail of requests and approvals of...

1RS launches ‘One Stop’ solution for your Regulation, Risk & Control data management

1RS has used its experience of building, running and managing multiple businesses and functional areas to create a comprehensive , effective database of the most common risks faced by each key business process or function. These are mapped to industry…

Managing Risk and Regulation in the Automotive Industry

1RS has been providing cost-effective and pragmatic GRC solutions to Financial Services for a number of years but could your industry also benefit from an integrated Governance Risk and Compliance vision? Any regulated industry can save time, resources and money…

How to quantify the benefits of an automated GRC system

Many organisations are held back from pursuing the benefits of an automated GRC vision due to concerns of the cost and concern how this can recognised as saving money in the longer term.  Perhaps the benefit and return on investment…

The Top Challenges for Regulatory Compliance

At 1RS, we work with Compliance departments of all sizes and at varying degrees of maturity. Here are some of the key challenges we find in the Compliance department of a growing firm. If any of these resonate with you,...

Challenges of managing the Compliance Function of a regulated firm

To survive in today’s economy and meet customers’ expectations, the business strategy of an organisation is constantly changing with growth into new products, different markets, digitalisation and the implementation of new technology and pressure to drive revenue,  presenting new challenges…

ERIC- our leading Governance, Risk & Compliance Solution

In recent years, regulated industries have seen an unprecedent level of regulatory change. These changes can be complex and expensive to implement, and challenging to manage on-going compliance. ERIC can help in many ways to manage your Compliance and Risk...

1RS appoints new Director to manage Regtech Software and drive growth

1RS is extremely pleased to announce that Stewart Foster has joined the Management Team as both a Director and shareholder to drive new business growth and build out the software side of the 1RS business. Stewart Foster has spent over…

What do you need from a Risk & Compliance database

There are of course existing risk and compliance system solutions on the market, with varying degrees of functionality, cost and ability to meet your firms’ requirements. However, when it comes to looking at the minimum you need from a risk…

Why you need to review your operational risk management framework

Q. Has your operational risk management framework been in place for a number of years without having been refreshed? Q. Has your business undergone significant organisational and strategic change? Q. Do you ever question what value you are getting from…

The 10 top reasons why your operational risk framework may be failing

  By Bea Stafford- 1st Risk Solutions An effective, consistent operational risk framework is essential to enable your organisation to manage risk within appetite. Too many organisations are tying up unnecessary resource on the process of running the framework, diverting…

What makes a good operational risk manager

“You’re not supposed to be sycophants; you’re supposed to be sceptical. (…) And having you in this building has made this workplace better. It keeps us honest, makes us work harder.” This may be a quote from Obama addressing the…

1RS launch cutting edge, cost-effective Risk & Compliance software

1RS has launched ERIC- Enterprise Risk & Compliance. ERIC is the perfect solution built for firms who want to reduce the cost of their risk management and compliance, and future proof their ability to react to and comply with all...

How do you manage MAR and conduct risk in a small firm?

Following the 2016 Market Abuse Regulations (MAR), followed by MiFID and GDPR in 2018 and the impending changes to be implemented under SM&CR and the Conduct rules, one of the key focuses of the regulator is how the business identifies…

Regulation Overload – is the level of regulatory change creating more risk in the short term?

I am sure that anyone involved in financial services will agree that the unprecedented level of regulatory initiatives and change since 2016 (such as SM&CR, AML, MiFID 2, GDPR) have tested (and in many cases are still testing) management, resources,…

The benefits of outsourcing your Data Protection Officer role

The impending EU General Data Protection Regulations (GDPR) in May 2018 requires many firms and entites to appoint a Data Protection Officer (DPO). Broadly, the DPO will be responsible for: Informing & Training – ensuring all employees and management are…

What are the most important elements of an Enterprise Risk Management Framework?

The effective management of all risk types within your organisation can be greatly enhanced by using a consolidated Enterprise Wide Risk Management Framework (EWRMF). However, implementing such a framework presents challenges! Here are some of the most important elements to…

GDPR in a small firm- are you ready?

GDPR and its impact on your firm You will most likely be aware of some of the impending changes under the General Data Protection Regime (GDPR).  When this comes into effect for all companies in Europe in May 2018, it will…

Why Conduct Risk Management and Culture should be a top priority in 2018

It’s almost one year on since the publication of the new Conduct Rules by the FCA, against which all firms’ must comply, and Conduct Risk Management is high on the agenda of Board’s and Senior Management. As clearly stated by the FCA in their 2017/2018 Business…

How to ensure your firm is CASS compliant

As most firms will attest, the FCA rules around the safeguarding of clients assets effective from early 2016, have placed a considerable burden on firms to put in place the required processes and controls to comply. Compliance to the CASS rules is assessed annually…

CASS Compliance – Top 5 reasons why a firm may breach the CASS rules

This week marks the 10th anniversary of what is considered to be the beginning of the financial crash. This set in motion a series of events leading to government bailout of underfunded banks, failure of some global financial institutions, and…

How early implementation of regulatory requirements gives your organisation the competitive edge

Many organisations are currently focused on the implementation of regulatory changes impacting revenue generating and business operations such as the new Client Assets Sourcebooks rules and audit requirements, and the Markets in Financial Instruments Directive (MiFID). It is easy to…

Taking your business from AIM to Main Market – how your operational risk management framework supports meeting this important strategic objective

One of the key challenges for an AIM organisation moving to Main Market is being able to manage the more stringent regulatory requirements within Main Market impacting both your business processes, and your risk management and governance frameworks, in a…

What digital transformation means for your operational risk management framework

Digital transformation is undoubtedly streamlining and simplifying financial services processes, however the downstream impact of the change from the technology can reach across multiple processes and functions, changing your operating model and infrastructure. This can change not only the risk…

Multiple risk management frameworks to manage compliance to regulations – can you see the wood for the trees?

Imagine if the finance function in an organisation had created separate accounting systems and separate departments for fixed assets, debtors, creditors, cash and sales ledger with no common hierarchy, no common cost centre structure, and no method of accurate consolidation…

Operational Risk-Who is responsible? Who is accountable? Who gets consulted, and who is just informed?

By Bea Stafford – 1st Risk Solutions Unravelling the operational risk management roles and responsibilities with a RACI. Put simply, a RACI model (Responsible, Accountable, Consulted and Informed) clearly breaks down ‘who owns what’, ‘who needs to do what’, ‘who…

Operational Risk Framework- What does good look like, and how do you get to the right level for your firm?

Article by Tim Bailey – 1st Risk Solutions A robust, effective operational risk framework that fits the needs of your organisation, is critical for the appropriate management of business operations, risk and governance. What does good look like? -Operational risk…

Implementing SM&CR simply and effectively

The Senior Manager and Certification Regime (SM&CR) will be mandatory for nearly all FCA regulated firms by the end of 2019. SM&CR is designed to improve governance, increase individual accountability, and to hold individuals to account for regulations or failure…