CASS and Safeguarding
We are seeing increasing focus and elevated numbers of Skilled Persons Reports regarding CASS. Adequate and effective safeguarding of clients’ assets and money (CASS) should be a fundamental element of all firms’ systems and controls.
Attention is being placed on all elements of the CASS framework including Governance and personal accountability, reconciliation arrangements, acknowledgement letters, resolution packs, Client Money and Assets Reporting (CMAR) and the oversight of third parties. Recent Dear CEO letters have reminded all firms of the importance of CASS controls, including the oversight of third parties where custody is arranged with another party.
We offer a range of services including Skilled Person assignments, independent assurance reviews, advisory mandates and training. We support firms with:
Assessing independently a firm’s controls for CASS safeguarding.
Assessments of CASS Arrangements
Assessing specific elements of the CASS processes and/or ‘end-to-end’ the Firm’s CASS arrangements in conjunction with the firm or on an independent basis.
All elements of CASS applicable to the firm and/or more targeted CASS training focussed on process, team or control.
Ensuring that CASS Governance is adequate, effective and aligned with the broader governance framework of the firm.
We support front and back office design, implementation and review. We help firms enhance their CASS control environments and compliance and risk functions to ensure that their frameworks have full coverage and are operated effectively.