CASS Oversight of Third Party Administrators
Third Party Administrators (TPAs) typically perform back office activities including cash and transaction processing, settlement, reconciliations, record keeping, and CASS compliance functions.
The FCA has made clear that it is the outsourcing firm’s responsibility to ensure that it has effective oversight of its TPA in place. Under the FRC’s enhanced Assurance Standard, CASS auditors will seek to ensure adequate oversight is undertaken by firms on an ongoing basis.
AutoRek provides an automated control framework which minimises the need for manual processing of data received from TPAs. Key benefits include:
- Daily analysis and MI on TPA data
- Daily validity and integrity checks on TPA outputs
- Automatic workflow on breaks and exceptions
- Instant alerts and notifications direct to the TPA
- Trend analysis to affect meaningful discussions with the TPA
- SLA monitoring
- Consolidation of data to produce the CMAR
- Full audit trail supporting oversight controls
- Re-performance of reconciliations and calculations as required
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