Within the backdrop of a challenging implementation timeframe, there are many challenges with the introduction of this new principle– not least with wrestling the practicalities of conducting and reviewing outcome testing; structuring benchmarking reviews to ensure their firms stay on the rails of “what good looks like”, and managing overlapping multiple rule sourcebooks against existing process and controls. Managing and evidencing such activities is expected to be manual and administratively daunting with a reliance on traceability matrices housed within multiple data sources, excel tracking and emails. The collation of these disparate activities into meaningful management reporting and board level reporting will inevitably create its own difficulties.
Grath understands the challenges of formalising those implementation plans and managing the wide-ranging impacts of consumer duty across business, products and end to end customer journeys.
Grath offers an Assurance Manager solution, automating assessment and review activities (not solely for Consumer Duty but any 2nd line compliance, audit, or assurance review). These are linked to the underlying rules, controls, processes & risks, easily connecting to evidence and showing detailed tasks, actions and objectives, with purpose-built management information, reporting & dashboards to monitor real-time progress.
Your board & management reports are structured for you with visual graphics and narration to present your findings and next steps professionally.
We know the October deadline isn’t far away, but did you know all of this can be rapidly deployed for you in a controlled manner to give you assurance and confidence in handling this wide-reaching regulation?
If you’d like to know more, speak to us – contact hello@grath.com or visit us here
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