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CP86 On-site inspections due to start November 2019

Updated: Dec 12, 2019

Michael Hodson, Director of Asset Management & Investment Banking said "we expect that a series of onsite CP86 inspections will commence in November 2019 which will continue into Q1 2020."


By now, all ManCos and SMICS who received the desk-based review letter should be well underway with their preparations.


We predict there will be 5 key areas at the forefront of the CP86 on-site inspections agenda.


5 areas we predict to be at the forefront of the CP86 on-site inspections agenda:​​

  1. Organisational Effectiveness

  2. Governance

  3. Investment Management

  4. Risk Management

  5. Resources


4 ways to ensure you are prepared for the best possible outcome would involve the following:

  1. There will be areas of weakness; know them inside out.

  2. Preparation as a group is critical

  3. Being inspected? Expect a Risk Mitigation Programme at the very least

  4. Mock Interviews are the cornerstone of being prepared you will want at least 2 full days dedicated to this.

Things worth noting: ​​

  1. The OE role will have significant interest. We have suggested 6 questions we'd expect you to be asked in the 5 Key Issues report. Download below.

  2. The Central Bank will be reviewing minutes to see the extent to which the directors are engaging with the materials presented to them by delegates. We've identified a few queries that we expect will be thoroughly probed during an on-site inspection.

  3. The extent to which the ManCo and/or SMIC relies on the information provided by the delegate investment manager will be another area of particular interest to the Central Bank.

  4. Finally, SMICs and Legacy ManCos should be well prepared with detailed answers to questions about how they have responded and adopted to CP86 in light of the current level of resources requirement for new ManCos.


FREE DOWNLOAD


5 KEY ISSUES WE PREDICT TO BE AT THE FOREFRONT OF THE CP86 ON-SITE INSPECTION FOR MANCOS AND SMICS; AND HOW BEST TO PREPARE!




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