Senior Managers with prescribed responsibility for CASS are expected to take reasonable steps to ensure their firm protects client money in compliance with CASS. They must ensure that all staff involved in client money processes and to whom they delegate responsibility for CASS controls are effectively trained on how client money is protected at the firm and the parts of CASs that are relevant toothier specific roles.
A comprehensive CASS training solution
Training based on just a regurgitation of the CASS rules book will never be enough. The trainer must take the time to understand the firm’s business and CASS operating model. The training needs to integrate with, and reflect the firm’s CASS rules mapping.
The training must be adapted for the different roles staff have in the various client money and CASS compliance processes and controls.
Senior Managers and designated Client Money Managers need full training on all the relevant sections of CASS and a full understanding of the firm’s CASS rules mapping if they are to delegate appropriately and maintain effective CASS oversight.
Staff involved in the processing of client money receipts and settlements and those producing client money calculations and client money bank reconciliations need to understand the relevant sections of CASS, the firms operating model and their role and responsibilities within the CASS rules mapping .
Staff who are managing Insurer TOBAs and binder wordings must be very clear on the detailed checks that need to be performed. They must understand the specific CASS rules that are relevant to their role and the vital importance of ensuring that key written terms are fully consistent with the firm’s CASS operating model.
Compliance, Risk and Internal Audit must have sufficient understanding of the CASS rules, the firms CASS operating model and its CASS rules mapping. Only then can they effectively assess the risks and challenge or test the operation of key client money and CASS compliance processes and controls.
If you are looking for an experienced professional with detailed knowledge of the CASS rules and uniquely extensive experience on the practical issues in applying them to a wide variety of situations at different insurance brokers and agents, then please get in touch using the form on the right.