Nimbus survey highlights lack of readiness for FSA ARROW audits

Nimbus revealed the results of its FSA ARROW Audit survey – “Benchmark your Controls Effectiveness” at the European Banking Forum today. One of the surprising findings - 60% of financial services firms surveyed say they are failing to keep business process documentation up to date.

Does this matter? Yes. The current regulatory environment for financial institutions is increasingly focusing on risk mitigation and more stringent risk assessment. Firms are not only being asked to document their core business operating processes, but also to be able to provide evidence for the controls they have against those activities.

The research conducted in February 2010 among heads of risk, operations and compliance at UK based financial services organizations, asked participants how they document, control, measure and audit complex operational processes, particularly with respect to regulatory requirements such as an FSA ARROW audit.

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