Governance and your firm’s corporate culture.
Effective risk management as a continual cyclical process designed to identify potential risks and mitigate them.
Your firm should be able to demonstrate your internal risk management procedures and show that these are ‘proactive’ not just reactive.
The firms ‘Risks’ could be rated on a sliding scale of low, medium and high, with appropriate priority given to each and any corrective steps should be taken in accord with your plan of action.
On-going monitoring and re-evaluation is part of the cyclical process.
The firm’s management’s culture should demonstrate what is acceptable and show the clarity and transparency of decision-making.
Where problem are evidenced the firm should show how these are escalated, including any checks and reviews on quality of any processes and procedures and advice to clients where necessary.
Trinity can help your firm achieve these aims contact us here.