CP86 — Fail to Prepare, Prepare to Fail
As we near the deadline (31 March 2021) for firms to critically assess their daily operational, resourcing and governance arrangements against all relevant rules and guidance following the publication of the Central Bank of Ireland’s (Central Bank) Dear CEO letter, now is the time to reach out and allow GECKO Governance to do the heavy lifting.
What is GECKOs CP86 Compliance Solution?
GECKO is the best possible solution for the management team, board and Designated Persons (DP’s) to manage and control the burden of responsibility that is placed with CP86.
If you looking for a better way to have complete oversight of your compliance and regulatory needs, outsourced third parties, legal frameworks, governance and operational flows — GECKOs end-to-end platform does all of the above, giving users the ability to interact meaningfully, supervise employees and their activities, and monitor delegates while documenting and reporting the communication received between each party.
Save Time & Resources
A valuable commodity of any fund management company management team is their time. We understand that proving out steps of compliance can be time consuming and often creates inappropriate levels of resourcing within the organisation, leading to an over-reliance on group entities/or delegates. So, when it comes to gathering documentation, hunting down the correct file is tedious enough without having to locate the most up-to-date version of that file and then prove who it has been signed and approved by and when.
Using smart technology will make many tasks easier and create many efficiencies for staff enabling them to pinpoint information within three clicks of a button, make better use of their time and invest those minutes into their core activities. Our centralised dashboard is a key feature that assists with demands on resourcing as it clearly demonstrates management of all activities, including high quality and effective oversight of those activities performed by delegates.
Our team of experts have established and built workflows with our existing ManCo clients that are ready-to-go and can be applied around your daily activities, facilitating a quick, efficient and seamless set-up. We understand that time is of the essence for the management team which is why we apply SMART goals to our client onboarding process.
Work Smarter, Not Harder…
From our discussions with existing clients, prospects and having walked in your shoes, we understand that management teams are faced with multiple, complex tasks and struggle to keep track of these via multiple office tools, causing them to push themselves to the point of exhaustion to get things done and working longer hours. The quote “Work smarter, not harder” speaks for itself and is a concept we interpret at GECKO. Working smarter and not harder involves better managing your time, knowing what needs to get done and when, and utilising tools that will keep you on track — all of which can be done via the GECKO system.
When it comes to assessing your organisation and developing your action plan, integrating a system will make your compliance regime a lot easier.
Firms can dramatically reduce the associated administrative burden by deploying a dedicated central repository and task management system. Selecting a software that is more than just a regulatory solution, GECKO acts as a workflow tool, document repository and bespoke report generator that will provide your entire organisation with transparency and clear accountability.
More Focus on Effectiveness Than Compliance
Strong governance remains in the Fund industry’s best interest which is why our existing clients globally are gaining a competitive edge by using our solution. A lot has changed from 2020 and as we move through 2021, regulation is not easing off. Management must enhance and adopt an outcome-based approach, rather than simply following a prescriptive rules-based approach. This is because every firm differs and the “one size fits all” technique is not effective enough. Now is the time to incorporate the latest guidance and resources of your firm with smart technology to remain competitive, keep pace with these ever-increasing requirements and avoid the regurgitation of information to regulators upon data requests.
If you have not yet made adequate preparations for your CP86 action plan, you are unlikely to succeed. With less than 6 weeks until the deadline, we can help be part of the plan, and have our software implemented before the deadline. See how GECKO can free up resources and address all matters highlighted in the Central Bank’s letter by getting in touch — hello@geckogovernance.com
About GECKO Governance — GECKO Governance is a RegTech system purposely built to meet the dynamic needs of the Financial Services and Funds industry, providing definitive solutions to meet the dynamic needs and compliance pain-points across a multitude of financial service areas on a global basis. GECKO is the overarching solution to streamline, oversee and adhere to all governance, operations and compliance requirements.
To learn more about GECKO Governance, please visit: www.geckogovernance.io
