Operational assurance

By bringing together our key legal, technical, monitoring, risk reporting and delegate oversight capabilities we can offer support in achieving full regulatory compliance.

Operational Assurance

Our Operational assurance team covers four areas critical to the efficient and compliant functioning of funds: Legal & technical, Monitoring & risk reporting, Delegate oversight and Regulatory change.

Legal & technical are responsible for the creation and ongoing maintenance of your fund / scheme documentation, for example:

• Fund Prospectus,
• Key Investor Information Documents (KIIDs),
• Investment Management Agreements, and
• Sponsorship Agreements.

Legal & Technical also processes applications to the FCA in order to launch a fund, implement any significant change, for example an investment objective change, or wind-up schemes.

Monitoring & risk reporting have a number of key responsibilities including:

  • the monitoring of funds’ investment and borrowing powers,
  • the monitoring of the eligibility of any assets within the funds,
  • the monitoring of funds’ liquidity, performance and turnover,
  • the monitoring of best execution,
  • the production of management information, Key Risk Indicators and Key Performance Indicators to SWFAL’s Risk Committee, SWFAL Board, Group Risk Management Committee, and the CASS Committee for example,
  • regular returns to the FCA, for example Solvency II and AIFMD returns,
  • maintenance of SWFAL’s Risk Management Policy, and
  • supporting Legal & Technical by conducting stress testing on new funds

Delegate oversight is responsible for conducting initial due diligence on new investment managers and new fund propositions, as well as ongoing due diligence on existing relationships. Reports on the due diligence are submitted to the monthly SWFAL Risk Committee.

Regulatory change contributes to the overall process of regulatory change by:

  • Liaising with Compliance to ensure that forthcoming change is identified,
  • Engaging with operational areas to highlight any changes to regulation that affect their areas,
  • Report back to Compliance on progress of any implementation, and
  • Chairing monthly regulatory meetings to ensure that operational areas remain aware of progress.

Service

You will have access to a dedicated in-house team with specialist expertise and any enquiries will be responded to quickly and efficiently.

Trusted

Smith & Williamson Fund Administration was established over 30 years ago and today administers over 170 funds with over £13.5 billion of funds under administration. (as of 31 March 2019)

Experienced

The team has significant experience and a deep understanding in an increasingly prescriptive regulatory landscape to propose and manage solutions.

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