PIMFA
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Wealth Managers are increasingly reliant on third-party suppliers to deliver business critical services and innovative products to their clients. There’s no doubting that third parties provide Wealth Managers immense value. Yet, unseen failures by third parties can damage your firm’s brand, impact your bottom line and generate the unwanted attention of a regulator who expects your firm to demonstrate a greater level of compliance and monitoring of third parties under new operational resilience regulations announced in March 2022.
In this live, interactive, online training session provides Wealth Managers with both a checklist and framework they can use to minimise risk much more effectively, even with a complex network of third-party relationships.
The session will be in 3 parts:
• Part 1 – What is Going on Here? A full update on the outsourcing, third party risk and broader operational resilience obligations and expectations regulators have imposed on Wealth Managers.
We take a deep dive look into challenges Wealth Managers face responding to the ever changing risk and compliance landscape, of critical third parties, treating customers fairly, vulnerable customers, consumer duty and ICARA (Internal Capital Adequacy and Risk Assessment); and UK Government strategy and trends for changes to data protection, artificial intelligence (AI) and cyber security.
• Part 2 – When Things Fall Apart: Lessons Learned from R. Raphael & Sons plc. Your trainer will dispel the myth that your firm is ‘too small to fail’ by working through A the case study of R. Raphael & Sons plc failure a firm that failed to capture and assess information regarding business continuity (BC) and disaster recovery (DR) arrangements of outsourced service providers. This led to a joint £1.897mn fine by the FCA and PRA and the subsequent winding down of the business.
• Part 3 – A Step by Step Guide. Having diagnosed what is going on here (part 1); and a case study to bring it to life (part 2) your trainer will walk you through a framework strategy for operational resilience, with a focus upon outsourcing and third-party risk management and resilience and a set of coherent actions to consider.
By the end of the session, you’ll learn:
• How senior managers in forward looking firms maintain effective oversight and governance of Third-Party Risk Management
• How to refine, strengthen and continuously improve your approach to (TPRM)
• How to effectively respond to current and future regulations on outsourcing and TPRM
• How to identify and close the gaps in your approach to TPRM to ensure your firms commitment to managing third-party risk is maintained
• How to become safer and better prepared to face both expected and unanticipated cyber risks in an increasingly digital environment
Who should attend?
The course is aimed at PIMFA members, in particular those with accountabilities and responsibilities for outsourcing, third party management and M&A, in particular for data and technology enabled services .
Training Approach
The course will be delivered virtually, however, if there is sufficient demand, this can be in-person and or hybrid.
