Risk Monitoring
In a highly regulated environment it is fundamental that senior management are acutely aware of the risks that their business faces, and can demonstrate how these risks are being monitored and mitigated.
This activity is an essential element of managing the
relationship with the regulator.
The basic principles of risk monitoring are:
- A common understanding, among the senior
management team, of the business - A clear articulation of a firms risk appetite
- A common understanding of where a firm sits against
its risk appetite - A clear action plan to mitigate or manage known risks
- A method to identify and prioritise inherent, emerging and future risks
- A framework for monitoring risk throughout the organisation.
Huntswood has in depth experience at assisting firms in developing effective risk monitoring frameworks, covering stakeholder management, approved persons coaching, ARROW preparation and skilled persons reporting.
