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.
Your Focus
Your Focus
Strategy, governance, key financial ratios and managing riskHow 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 engagementHow 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 propositionIs 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 supportHave 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 DevelopmentHow 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?
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
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
