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Financial Regulation and Risk Management


Sound governance has long been recognised as the foundation block of good organisational management but recent failures in the banking sector have highlighted the importance of effective challenge. The FSA is highly focused on effective governance of the entities within its supervision and this often presents a challenge to UK fund management groups that are part of a larger international group. We work with our clients either to proactively enhance their governance arrangements or specifically respond to FSA concerns.

Investment management regulation

Our team has expertise in many different areas of the regulations, often with individuals acknowledged to be an authority in their field. Our work covers the spectrum of regulations and for example includes: regulatory capital related issues, FSA authorisation applications, assistance with regular reporting to the FSA, market abuse, conflicts of interest, treating customers fairly, the broader conduct of business issues and due diligence work. We frequently work with fund management clients in connection with their ARROW visits, and we are often engaged to enhance their ICAAP. Our extensive work in this area enables us to perform our own internal peer group comparisons.

Risk Management

The boundaries of risk management and regulation are becoming increasingly more blurred. This is unsurprising given that much of the regulations in place are in some way about managing risk and that through the Capital Requirements Directive (CRD), for those firms within its scope, risk and capital requirements are directly linked.

The FSA’s expectations and the recent economic climate is causing firms to focus more sharply on their operational and broader risks and the regulatory expectation is causing firms to address their risk appetite and effectiveness of controls against risks with more rigour. These areas together with stress and scenario testing are the main areas where we are currently working closely with fund management firms.

The Deloitte approach

Regulatory and risk management services are an integrated part of the Funds Advisory Team. The services offered are extensive and cover Governance, Risk Management and Regulatory issues.

Through our deep experience of the Fund Management sector we apply tailored technical expertise to meet the specific needs of our Fund Management clients which range from large international groups to small boutiques.

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