Buzzacott's specialised CASS (Client Assets Sourcebook) review services are tailored to help your firm complete a thorough, effective review of its CASS systems.
Helping you keep on the right side of client money rules.
Our top-to-bottom assessment of your systems, processes, and controls, will ensure they meet the requirements of the FCA's Client Assets Sourcebook. This review aims to identify gaps, manage CASS risk and uphold the safeguarding of client assets.
Some key CASS challenges are:
Financial institutions often operate within intricate systems, managing client assets alongside their own. Through a rigorous operational assessment we'll ensure proper segregation and protection of client money
Data management and reconciliation
Managing and reconciling data related to client asset movements can be complex. Our comprehensive review ensures your data's accuracy, integrity and completeness
As regulatory requirements evolve, financial institutions must keep systems, controls and documents updated to avoid compliance gaps
Getting audit ready
CASS audits are critical to financial institutions holding or managing client assets. Preparation demands sufficient documentation, accurate reporting, and detailed understanding of CASS requirements.
Our approach aligns to the 'Guidance on effective internal audit in the financial services sector' issued by the Chartered Institure of Internal Auditors (CIIA). Our CASS review work assists management in discharging their duties to ensure adequate protection of client assets. Our rigorous and independent view established whether key CASS risks have been identified and effectively managed.
Here's our clear, three-stage approach:
Data, document, and information gathering
Review documents, policies and procedures including CASS Resolution Pack and CASS Risk Mapping documentation.
Summarise findings and discuss future actions with management.
Process, controls, and system walk-throughs, including daily reconciliations
Benchmarking CASS compliance to CASS rules and industry standards.
Analysis report mapping key rules against current processes. Observations and suggestions offered.
Interviewing key stakeholders in CASS compliance
Assessment of staff involved in CASS‐related functions.
Interviewing key stakeholders in CASS compliance. Assessment of staff involved in CASS‐related functions. Review and annotation of key documents. Provision of CASS Resolution Pack, and CASS Risk Mapping documentation if necessary.
Ongoing discussion/feedback with management.
The Buzzacott difference
Thorough systems assessment
We’ll take a microscope to your CASS systems, processes, documents, and controls, suggesting what can be improved, or better aligned with regulatory requirements.
Regulatory compliance guidance
We’ll ensure your systems are keeping up with the ever-evolving regulatory demands, and guide any necessary changes.
Our collaborative approach involves working closely with your team to understand your unique operations and systems. We tailor our report to your needs, ensuring practical and effective solutions. True collaboration: Our team will work side-by-side with yours, to understand your operations and systems. Our tailored reports offer practical, effective, and targeted solutions.
Integrity through independence
Our comprehensive and unbiased review offers an additional perspective on the core CASS systems, policies, controls, and oversight. It allows any issues identified by external auditors to be resolved, and any recommendations implemented.
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