In governance we trust
When operating in a highly regulated industry, you need a partner who walks the walk. With extensive governance, processes, and oversight in place to ensure our own regulatory compliance, you can trust that your business is in safe hands.
The risk paradigm
Our Board is committed to high standards of risk and regulatory management across our business and service operations.
We operate a ‘three lines of defence’ model, which enables us to monitor and proactively manage risk; allowing us to respond swiftly to any identified issues.
1st line
Provided by individual business functions who have primary responsibility for implementing key controls for identifying and managing regulatory risks. Helping to ensure on-going compliance and monitoring of their control’s effectiveness.
2nd line
Provided by our expert risk and compliance function who are responsible for monitoring, reporting and providing advice to individual business functions.
3rd line
Provided by our internal and external audit teams, offering independent assurance that the processes and controls in lines 1 and 2 are appropriate and operating effectively.
Mitigate to innovate
The risk governance structure includes a monthly Management Risk Committee, which assesses the day-to-day governance of risk.
Appropriate records of risk management activities are retained in Management Risk Committee minutes, supporting documentation, and data recorded on Target’s Risk Management system.
Compliance management
Our Compliance function spans over three key areas:
The advisory team
The Advisory Team provides advice and guidance to the business via service desk requests and project support to ensure all staff are conducting business in a compliant way that ensures fair outcomes for consumers. The team review and approve operational policy & procedures, letter suites, training material and system changes/testing to ensure regulatory compliance.
The regulatory development team
The Regulatory Development Team continually monitor developments within the industry. They produce monthly compliance bulletins and regulatory alerts to assess impact to clients and address any regulatory/industry change.
The financial crime team
The Financial Crime Team provides oversight and support relating to financial crime matters to the operation. Responsible for dealing with all aspects concerning financial crime, including money-laundering & terrorist finance prevention, sanction checking, anti-corruption policy, and fraud management issues.
Monitoring and Audit Functions
The Risk & Compliance monitoring plan is set on an annual basis with a degree of flexibility built in to accommodate any emerging issues.
We utilise several monitoring techniques in our approach to compliance monitoring, including regular monitoring, thematic reviews and ad hoc monitoring checks.
Internal Audit follows a risk-based annual audit programme approved by the Board. This ensures appropriate coverage of operational and support areas, including focusing on information security and regulatory adherence. Internal Audit management of the closure of audit findings and significant matters are escalated to the Risk & Audit committee as appropriate.
Authorisations and accreditations
Our servicing division is authorised and regulated by the Financial Conduct Authority, number 454569, and we have the following authorisations:
Administering and arranging a regulated mortgage contract – customer
Administering and arranging a home reversion plan – customer
Arranging deals in investments – Professional/Retail
Permission on the FCA Register
We also hold the ISAE3402 (SAS70) accreditation
Turn risk aversion into opportunity conversion
It’s difficult to know where to start when assessing risk across your business. By tapping into our proven credentials and expertise we can help you minimise risks and maximise opportunities in your business. Take a look at our Risk and Compliances Services page.
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