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IFARM(tm) System overview


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The regulators have always provided a requirement for authorised firms in the UK to have adequate risk management systems in place and in the current handbook under SYSC 4.1.1R A firm must have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, and internal control mechanisms, including sound administrative and accounting procedures and effective control and safeguard arrangements for information processing systems.

As with all of the regulators rules, this has to be proportionate to the nature and scope of the regulated activities conducted; which means that it is up to you to come up to the mark, but we won’t tell you what the mark is.

Published in: Business
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