Risk Flashcards
What are your ongoing personal responsibilities with regards to AML?
First line of defence. Reporting all suspicions and keeping up to date with all AML training
Name the regulation that covers date protection in the UK.
UK-GDPR (post-Brexit UK equivalent of EU GDPR)
What is the time limit for us to report serious data protection breaches?
72 hours
How long does an adviser have to resolve a complaint, before it has to be treated as a full formal complaint requiring compliance investigation?
72 hours
Who’s the first line of defence?
Who’s the second line of defence?
Who’s the third line of defence?
Front-line staff (us) and Operational Risk (OR)
Compliance and Operational Oversight teams (OO)
Internal Audit
What does the abbreviation ‘RCSA’ stand for?
Risk and Control Self Assessment
What are the components of the Operational Risk Management Framework?
Operational Risk, Liquidity Risk, Market Risk, Credit/Counterparty Risk
Head of risk?
Damien Syrett
Name 2 benefits of developing our risk and control assessment process?
Fewer sudden shocks and unwelcome surprises •More focus internally on doing the right things in the right way
Two people in Ops Risk
Adam Schollar, Shanel Baker or Emily Bibire
Two people in Ops Oversight
Damien Syrett, Jo-Ann Page, James Pearce or Keiron Smith
What process does Killik & Co have in place for the escalation of process or control failures?
Operating event process
Who is Killik’s MLRO?
Julie Steele
How long do you have to keep client data for?
5 yrs
Who is data protection officer
Heidi Richer
Final response to complaint must be within X weeks?
8 weeks
What are the 6 Individual conduct rules
- Act with Integrity
- Act with due skill, care and diligence
- Open and cooperative with the FCA and PRA
- Pay due regard to interest of customers and treat them fairly
- You must observe proper standards of market conduct
- Act to deliver good outcomes for retail customers
FCA objectives
Protection customers, enhance market integrity and promote competition
3 types of market abuse
unlawful activity within financial markets, market misconduct that comes under any of the following three:
insider dealing (max 10 years in prison)
market manipulation
unlawful distribution of inside information
Information to be inside, it needs to be
precise
not public
relates to a financial instrument
significant effect on price
Three types of market manipulation
Wash trading
pump and dumping
spoofing
What is an SAR
suspicious activity report
What controls mitigate risk of internal market abuse
Auditing
Pad dealing rules
Insider List
Centralised research team
2LOD monitoring
If you suspect insider dealing, what do you do
submit a suspicion activity report
3 stages of money laundering
Placement, layering and intergration
Source of wealth examples
Employment
Bus ownership
Property sale
Rental income
Investments/savings
Inheritance
Settlement
Winnings
What is Whistleblowing and who is our champion
Whistleblowing is the activity of a person, often an employee, revealing information about activity within a private or public organization that is deemed illegal, immoral, illicit, unsafe or fraudulent.
Simon Haslam
We have a Whistleblowing mailbox
What is the risk appetite of the firm
Low
When does the new fraud offence come into force
1st Sep 2025
What is SMCR
Senior Manager Certification Regime
What does MRLO stand for
Money Laundering Reporting Officer
What does GDPR stand for
General Data Protection Regulation
What do the ICO do
uphold information rights in public
Tax avoidance is always…
legal but tax evasion is not
Compensation
financial loss + material distress & convenience
Personal Data
info that relates to identifiable living individual
Data breach
email compliance
Fines from ICO for data breaches
4% of global turnover
17.5mil
