CASS

AutoRek significantly reduces the burden on firms required to meet the regulatory obligation of client asset protection as defined in the FCA CASS Handbook.

AutoRek is a data governance platform which includes automation of internal and external reconciliations, identification and treatment of shortfalls, execution of the daily client money calculation, production of CMAR and support for CASS RP. Interactive dashboards and reporting provide the CF10a and CASS governance teams with real time insight into status of processes and exception management, minimising the risk of regulatory breaches and reducing the cost of compliance.

Achieving CASS Automation

AutoRek is a data governance platform which includes automation of internal and external reconciliations, identification and treatment of shortfalls, execution of the daily client money calculation, production of CMAR and support for CASS RP.

  • Mitigate risk of regulatory breaches
  • Real time insight into status and exposure
  • Reduced dependency on skilled persons
  • Single platform for client money and client assets
  • Automated workflow for governance and audit
  • Efficient electronic sign off and record retention
  • Adaptable to meet new regulatory requirements
  • Centralised repository for storing CASS RP

CMAR – SUP 16.14, SUP 16 Annex 29

AutoRek continuously produces the client money requirement and resource positions, recording highs and lows throughout the reportable period, including overall month end positions on the reportable date for both client assets and client money.

Errors and Breaches Log

AutoRek provides support for identification, escalation and audit of errors and regulatory breaches. Supported by automated workflow, AutoRek ensures actions are escalated to appropriate stakeholders providing a full audit trail of all actions taken to communicate and manage both errors and breaches. Good governance and early notification mitigates the risk of errors becoming breaches.

Internal Client Money Reconciliation – CASS 7.16

Workflow and business configured calculation rules allow automation of the daily client money calculation, aggregating positions and balances across all client money accounts. Production of required cash movements and ledger journals are integrated into workflow, providing full end to end support and audit of daily processes.

Internal & External Reconciliations – CASS 6.6 and 7.15

Manual effort is significantly reduced by automating the processing and reconciliation of external statements from third parties, including banks and custodians. Internal reconciliation of client balances for both cash and assets across multiple platforms provides full breakdown and transparency of data at the most granular level, supporting root cause analysis and robust management reporting. Automated identification and escalation of exceptions, including shortfalls, reduces the potential for regulatory breaches, and highlights operational inefficiencies in BAU processing.

Resolution Pack – CASS 10

AutoRek provides a single repository for all documentation required to support the CASS RP including trust letters, process and procedures, list of responsible individuals and written agreements. Change of circumstances are monitored to ensure action is taken within five business days, and regular reviews are recorded in AutoRek’s robust audit trail as evidence that the CASS RP is being reviewed on an ongoing basis.

“We have helped many firms address control and oversight risks raised by external auditors and the FCA. For one of our largest CASS implementations, we ingest a significant number of different data feeds on a daily basis to produce the internal client money reconciliation, resulting in more efficient and effective exception management and mitigation of breaches.”

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