Peach, a compliance, risk and change management company in the UK, has released its unique ARROW/Balance-sheet Procedure Workflow (ABPW)framework for the FSAs ARROW requirements.
ARROW stands for; Advanced, Risk-Responsive, Operating frameWork. It is the FSAs risk-based approach to regulation, being the risk-assessment work that the FSA conducts in firms. ARROW is applied to determine the risks a firm poses to the FSAs four statutory objectives, namely: maintain market confidence; maintain consumer protection; promote public awareness and reduce incidence of financial crime.
ARROWs added objective is to enhance foresight and early warning system of pending financial mishaps with diligent, proactive, and preventative approach to avert financial disasters.
Peachs ARROW application ABPW will help banks and financial services firms not only in the UK but also in the US, Canada, Australia, and elsewhere in the world to avert financial disasters by exercising a more diligent scrutiny on their loan and risk assessment operations.
It would also help these financial institutions to comply with on/off balance sheet reporting requirements of International Financial Reporting Standards (IFRS).
Both ARROW and IFRS implementation will be affected by and will affect Sarbanes-Oxley Act, Markets in Financial Instruments Directive (MIFiD), Solvency II, Basel II Accord, Asset & Liability Management (ALM), Anti-Money Laundering (AML), and other related frameworks.
Instead of working in silos, ABPW and other Peach applications help auditors, compliance officers, banks, financial institutions and solution providers to cross reference compliance mandates for overlaps and conflicts and strengthen effective risk management.