BACKGROUND

Whether you are a wealth manager, financial adviser, planner or banking firm, Model Office-MO® is a concept that uses ongoing compliance-driven research and data to benchmark your working environment against 5 regulatory keys that demonstrate sustainable and professional good practice. MO®s algorithms will automate your diagnostic, gap analysis and audit reporting against all FCA regulatory requirements. Our research evidence those firms using MO® gain significant compliance cost and time savings, better Professional Indemnity Insurance (PII) renewal rates and increased quality MI and Governance, Risk and Compliance (GRC) data.

Using Natural language processing (NLP) artificial intelligence and expert systems, MO® will provide instant benchmarked and heat mapped GRC dashboards with alerts and resources to improve your scores and integrate with third party software such as back office/CRM to provide real time streamlined data and regulatory dashboard reports, automate audit activities and update the governance, risk and compliance diagnostic platform regularly and provide instant alerts, so that your business can keep track of new regulatory requirements, relevant regulatory directives and papers and our good practice benchmarks.

The purpose of the diagnostic is to encourage holistic and strategic thinking, and benchmark the firm’s performance against professional good practice and learn more about your personal view of the firm’s performance in the 5 key areas:

Your Focus

Your Focus

Strategy, governance, key financial ratios and managing risk

How well you are leading the business through key business functions, individual, systemic, and cyber-risks and regulatory directives, such as the Consumer Duty, Advice suitability, AML, KYC etc

Your Engagement

Your Engagement

Client and stakeholder engagement

How has your brand’s presence, marketing plan and documentation supported the client journey, embraced digital design, and involved key stakeholders

Your Promise

Your Promise

Client service proposition

Is your investment/mortgage/insurance and or retirement proposition robust in assessing investment service and product suitability and appropriateness, and identifying and incorporating new technologies? (Which are all crucial in meeting UK regulatory and ongoing client needs)

Your Systems

Your Systems

Operations and service support

Have you streamlined back, middle and front office administration tasks and Client Relationship Management (CRM) activities to interlink, control and share high quality data information, plus ensure financial, operational and cyber resilience?

Your People

Your People

Human Resource Development

How well have you complied with the SM&CR, training and competence, engaged staff and employees and employee engagement, incorporated technology and ensured you have the right people in the right place with the right skills, all of which are crucial to business success and building client loyalty and trust?

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The results can be used constructively as a means of establishing a collaborative culture for improving compliance, business, and people performance, increasing client engagement, along with improved Management Information, corporate governance, risk, and due diligence thus achieving better business and compliance outcomes and potentially helping with financial challenges such as PII.

Analysing the results

  • The output of the diagnostic questionnaire will provide a high-level strategic benchmark plan which you can analyse
  • The main output will be heat mapped regulatory dashboards along with a radar chart and key areas for focus and development
  • An Action tracker automates the audit processes providing resources, alerts, and a compliance calendar to ensure the compliance team stay on track
  • Ideas to improve your scores to nudge your professional service development journey in the right direction are included
  • A chat bot is available to offer guidance and resources to improve compliance scores
  • MO®nitor compliance document audit software will auto-audit suitability, Finprom, AML, client agreements and offer automated client file reviews
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Taking the diagnostic test

Expressing your opinion

  • Each key will have a list of positive statements on core practice strategy based on the firm’s past and current practice
  • Questions will be a mix of Likert scale 1–5 and will be qualitative in nature and Yes/No or is/is not applicable based to ensure the diagnostic is relevant to your firm
  • We will ask some quantitative questions based on key facts such as when you plan to implement required actions, fee charging rates, the number of active clients and key financial ratios (profitability/turnover/expenses)
  • The results will be meaningful if honest and realistic answers are provided, so go on, be realistic with yourself but enjoy taking the diagnostic assessment

MO®s algorithms and scoring system

Based on our 7 years of research and analysis of the industry and regulatory papers, in each regulatory key we have produced a list of statements considered to be relevant to the business workings in this area. A sliding scale will be used for ease of answering and encompass a negative to positive spectrum.

This scoring system is designed to highlight and address biases that may affect your business decisions and influence your business practice. See our example scoring system below

Learn how to grow your score

Once you have your results you can learn how to improve your score against our industry benchmark. MO®s regulatory dashboards and tailored dynamic steers and resources will provide insights into strategic action planning to ensure each of the 5 keys calibrate together to ensure your business grows across all 5 areas and meets key stakeholder requirements and expectations, namely your clients and the regulator.

Compliance Chat
Hi, Nice to meet you.
I'm MO® your Digital Compliance Assistant.
I work on the Enterprise platform, or you can hire me 😃 You can chat with me online anytime and ask me all sorts of questions (within reason, mind) about your compliance and professional development journey.
I can interrogate the FCA Handbook, advice suitability or file review requirements, KYC, AML, TCF, ESMA’s MiFID II and much more. I can also talk to certain back office systems to provide a client ‘Suitability Health Check’. My mission is to make compliance more pro-active, prescriptive and yes engaging, whilst saving you time and money, so you have comfort in knowing you’re compliant at all times. So come and join me at MO® Enterprise. See you soon.

compliance. alignment. sustainability

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