What Should You Expect
What should you expect from a compliance management system painstakingly and uniquely designed around the smaller FSP?
Why?
How?
What?
Satisfies All Your Questions And Provides You With Compelling Reasons For “Why We Comply”?
Enables You To Effortlessly Master And Demonstrate “How We Cultivate A Client-Centred Culture Through Responsible Conduct And Effective Risk Management, In Practice”?
Allows You To Assess Periodic Outcomes And Determine
“What We Can Improve”?
If you can relate to these simple concepts, this remarkable solution is definitely for you!
We provide an online compliance management software system designed to enable small FSP’s in the South African financial services arena to comply with regulatory requirements in a risk- and conduct based environment, in a way that significantly adds meaning and value to their core business objectives.
Conduct-based compliance places emphasis on the behaviour of individuals and entities, expected to instill a culture of integrity, honesty and ethical conduct.
Subscribing & implementing this software will:
- Remove uncertainty, mystery and frustration out of the compliance process
- Empower the layperson to manage the compliance process efficiently
- Enable FSPs to successfully establish a healthy value-adding compliance function
- Instil confidence in a robust compliance management process capable of being customised in proportion to the FSP’s nature, size, complexity and risk
- Prove that reputational risk improvement is imputable to fundamental benefits and advantages of effective compliance management
- Discard restricting paradigms that no longer serve the wellbeing of the business
- Provide a single platform that contains an all-encompassing system that facilitates all aspects of the compliance process.
- Promote and cultivate a culture of compliance and client-centredness by all role players.
- Empower FSPs to demonstrate their capability to effectively manage their compliance process professionally and independently.
This compliance software solution removes uncertainty, mystery and frustration out of the compliance process for the novice FSP.
We not only offer you access to this tried and tested compliance management system, we also provide an ongoing training and support program designed to grow your FSP’s compliance management capabilities.
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System Features
Each feature of the system is painstakingly designed and monomaniacally crafted to the needs of the small to medium financial services provider.
The system is developed to comprehensively cater for the entire scope of a provider’s compliance function needs and obligations.
Conduct Assessments (“CAs”)
- CAs are first and foremost designed to provide the FSP and internal compliance function team with feedback in respect of the performance of duties and responsibilities by specific role players, within the FSP.
- The monthly frequency creates the desired momentum for reminding key role players of their regulatory obligations, thereby contributing to the promotion and cultivation of a compliance culture within the entity.
- When specific CA questions show up in Flagged CA Reports (automatically distributed by the system during the first week of the month), these are required to be processed by the key individual in conjunction with the affected role player, who completed the relevant conduct assessment in which a question(s) was flagged.
- This process ensures that the seriousness of such flags is prioritized, risk-rated, and mitigation procedures recorded, for rectification of each identified issue.
- CAs serve to identify any areas where the FSP may need to tighten its controls and thereby consistently improve its risk response.
Risk Assessment Processing
- In the new Risk- and Conduct-based environment it is imperative for FSPs to conduct ongoing assessments of the regulatory and operational risks to which they are exposed.
- This valuable tool facilitates an in-depth processing of risk items by determining their inherent risk by considering the type, likelihood, impact, risk indicators and consequences, for the entity.
- Once the risk has been processed, the FSP can now consider the controls that have been established, including their design and execution effectiveness before the residual risk is determined.
- The status of risk items may be set by deciding whether they are either “in progress”, “not applicable”, or “completed”
- Risk outcomes that are considered to be on the high side will warrant further action by the FSP to develop stronger controls and can be efficiently project planned on the system by determining “What needs to be done?”, “Who needs to do it?”, “When is it due?”
Comprehensive Competence Maintenance
- Where FSPs have appointed Representatives and/or Supervised Representatives, the FSP has a regulatory obligation to maintain a Competence Register.
- Representatives/Supervised Representatives, are required to maintain their competence records, on their personal profiles on the system, that is developed to cater for every component of the statutory competence requirements, consisting of experience, qualifications, regulatory exams, classes of business and continuous professional development tracking.
Periodic To-Dos
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Individually assigned Periodic To-dos is the net that pulls an FSP’s entire risk management plan together, by providing a schedule of allocated compliance tasks to be executed according to a predetermined frequency, in proportion to the FSP’s nature, scale, complexity and risk.
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Over 60 pre-determined To-dos have been identified that may apply to FSPs, depending on their make-up and their needs.
- Periodic To-dos act as reminders for role players to attend to a specific identified requirement and for them to demonstrate their efficiency through conduct.
Statutory Registers
- The system boasts nearly 30 statutory and other registers to record complaints, POPIA Incidents, Gifts, Product Suppliers, PI Claims, Supervision Activities, and many more.
Responsible & Accountable Persons Setup
- An FSP is able to assign various areas of responsibility to specific persons within the FSP that can be reviewed on a periodic basis to ensure effective accountability.
FAQs
- What type of system is it?
The system is a cloud-based Software As A Service (“SaaS”) application, uniquely designed for licensed financial services providers. - How is the system rolled out in our FSP?
Don’t worry, we’re not going to abandon you for as long as you are invested in your FSP’s compliance wellbeing.
We have created a detailed manual and a series of short videos that demonstrates every employable activity and feature on the system, accessible through login to our Subscribers Section on Conduct Catalyst website (Coming soon).
We recommend that you assign one or more staff members to coordinate and manage the compliance function obligations. You may also choose to involve your FSP’s appointed external compliance officer as a User on the system for monitoring and guiding purposes. The governing body (top management) and key individual(s) are then responsible for overseeing and assessing the compliance outcomes on a cyclical basis and taking appropriate mitigating actions as recommended by the FSP’s appointed compliance oversight. Our offer incudes continuous brief online support meetings to get your team engaged, comfortable and confident with managing their ongoing compliance obligations independently. We are also committed to training any new compliance staff members, within reasonable requirements. We keep you updated on further system developments and useful compliance hacks through training initiatives and communication. - What are the terms of use?
There is no contractual obligation or notice period.Terms and conditions are agreed when an individual signs up as a User. Immediate termination may be requested at any time by email to Conduct Catalyst (info@conductcatalyst.co.za ), after which no further subscription fees will be charged. - What happens to our information when we terminate our subscription?
You have the option to have the data archived for a period of 5 years from the date of termination, at a once-off fee payable immediately, prior to archiving the data.The archived data will then be provided to you by way of a data transfer facility. Any data on the system or elsewhere will be permanently deleted after 5 years. Should you not opt to have the data archived, all data and records will be permanently deleted from the system or elsewhere with no possibility of recovery.
What People Say
The compliance management software system contains all our compliance risk management activities, records and returns, reminding us timeously to attend to periodic tasks and allowing us to execute our compliance obligations efficiently and effectively.
The compliance management software is the central hub, including a record keeping and tracking system for all compliance related requirements as provided in the various bodies of legislation applicable to an FSP. These requirements are presented on the system in a simple and easy to navigate webapp. Without the system it would be impossible for me, as an outsourced key individual, to manage and ensure compliance obligations are attended to timeously and effectively. In my view this system is an essential tool for all KIs and compliance officers in the financial services industry.
I have always found the constantly changing landscape of Compliance very difficult to navigate and monitor. I am now confident in my FSP’s ability to maintain compliant status and to display that at any point. The system is intuitive and easy to follow and takes away a lot of the mental load required in maintaining a license. I would confidently recommend it to anyone.
Using the compliance management system to manage our compliance obligation as a FinTech company has been one of the best decisions we have made. When it comes to risk management and policy controls in a fast-paced tech world, coupled with a heavily regulated sector, you need a tool that provides peace of mind and instils confidence. I am convinced that without the system our compliance commitment would be a challenging and daunting prospect.