With a wide range of rules concerning acknowledgement of trust letters, due diligence, unclaimed assets and transfers of business affecting most firms regardless of industry sector or size, ensuring compliance with CASS regulations can prove tricky. Other rules regarding things such as use of buffers, delivery versus payment exclusion, and custody reconciliations will apply to some firms but not others, often based on firm size (small, medium, or large) —depending on how much client money your organization currently holds.
Coupled with a stringent enforcement regime, including fines levied against firms that have failed to adhere to CASS rules, this ensures CASS compliance remains a top priority for UK companies handling client assets. The total amount of fines in 2017 was £229,515,303, a figure that includes substantial fines to individuals as well as to organizations.
As protecting client assets is a core element of risk and compliance management for UK organizations, keeping up with the tracking and reporting required to achieve CASS compliance costs organizations considerable time and resources.
Fortunately, Signavio Business Transformation Suite creates a strong and transparent CASS control framework, allowing you to better protect your client’s assets and overcome the biggest CASS compliance challenges.
If you’d like to know more about how Signavio can help manage risk and compliance issues, download our. If you’re confident you have a handle on things and are keen to get started with optimizing your business processes, try a with Signavio today.