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Consortium turns up the heat on risk

The Consulting Consortium has set up a web-based Risk Frameworker tool to allow firms to self-assess their internal risk management systems and controls.

The tool covers key areas such as senior management arrangements and five areas of risk, including liquidity, credit, market, insurance and group risk.

TCC says that the system provides a repository for key inf-ormation and a heat map highlighting firms’ areas of strengths and weaknesses as well as an audit trail for dealing with FSA visits.

Managing director Joanne Smith says the tool asks firms critical questions about each area of risk. As the questions are completed, a heat map changes to green, amber or red, highlighting areas where further attention is required.

Smith says: “This latest product to our range of tools that assist regulatory professionals will help companies of all sizes be suitably prepared for regulatory visits as all the relevant information needed to fulfil FSA requirements is stored in one place, complete with a full and readily accessible audit trail. “

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