Regulatory Knowledge and Skills

Regulatory Supervision - Understanding ARROW

Understanding how the FSA goes about supervising regulated firms is a key knowledge area for governance competence of senior managers.

This workshop is designed for those in general insurance who:
- need to complete their knowledge of their regulatory responsibilities
- are planning for a forthcoming ARROW supervision visit
- are preparing to participate as an interviewee in a visit

Clearly the benefit is avoiding extensive remedial, risk mitigation action. At the same time the resources and effort committed to regulatory compliance need not be disproportionate to the risk that the firm presents to the FSA’s statutory objectives.

This short workshop enables participants achieve this balanced response through understanding how the FSA assesses this risk, and its expectations of firms.

WORKSHOP OBJECTIVES

Explain the FSA’s risk-based approach to supervision

Describe the ARROWS assessment methodology

Apply the risk and control categories to your own firm: what is your regulatory footprint?

Assess the likely rigour of your regulatory compliance regime

Identify potential gaps in your regulatory regime and consider possible responses

Plan and prepare for an ARROWS visit

Respond effectively to typical questions

Confirm the responsibilities expected of senior managers

Duration: 0.5 day(s).  Level: Regulatory

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