Anaapp's online system is designed for Broker's risk & compliance needs

Risk and Compliance

In today’s business environment of scarce financial resources and regulatory challenges it is critical for brokers to identify and control risks, and demonstrate compliance. For example, Threshold Condition 4, as laid on in the FSA handbook, is an area where 'insfficient attention' is paid by financial intermediaries. The FSA has issued direct remedial instructions in this area.

The supervisory work of the FSA with insurance intermediaries shows that sufficient attention to threats to the financial viability of firms is not done. Consequently firms are not taking steps to guard against such threats or to develop management plans for the materialisation of those threats. For example, UK Insurance Brokers must meet condition 2.4.5

"In complying with SYSC (Systems and controls), a firm should plan its business appropriately so that it is able to identify, measure and manage the likely risks of regulatory concern it will face, SYSC 3.2.17G (Business strategy) and SYSC7(Risk Control)." - FSA Handbook

Governance, Risk & Compliance System


Level2 Governance, Risk & Compliance identifies more critical risks that conventional techniques as risk assessment methods from investment bank tests have been converted for use by financial intermediation. The methods are embedded in the Level 2GRC design.

Level 2 Governance, Risk and Compliance will raise operations to a high level of maturity and performance as is also focused on improving the stewardship of events, actions and people. It enables operational departments to comply with management risk frameworks.

Level2 GRC focuses on Operational Performance and Risk

Management System Description Typical Maturity
Level 1 Management Risk Frameworks High
Level 2 GRC Operational Performance Low
Level 3 Audit High

Typically Level 2 management systems need to be upgraded and this is the focus on Level2 GRC.

GRC has been implemented in Banking in companies such as Royal Bank of Scotland and UBS and in Insurance in companies such as JLT and Swiss Life.

In Summary

• Build a structured view of risks, their causes and mitigations
• Design and manage your governance and compliance structure
• Oversee events, manage actions, timely intervention
• Run highly effective management meetings with real time reports
• Address issues through KPI and statistical analysis
• Build an online virtual control room for international oversight
• Protect data and ensure service reliability
• Fully comply with Threshold Condition 4 and other regulations

Please visit the Level2 GRC website or contact us on 0203 286 4556 for further details.