Exciting news: Launch event for the Rosediem CASS RACI Utility

4^th December 2018: Rosediem was excited to host a breakfast briefing in the Main Reception Room at the ICAEW today for the launch of its new CASS RACI utility.

The CASS RACI Utility brings much needed innovation to managing this complex regulation. It is a licensable library and methodology that translates the legalistic CASS rulebook into detailed operational processes and risks.

This significantly improves CASS oversight and risk management and delivers significant cost savings, reduced risk, and increased operational efficiency. The CASS RACI Utility can also be used for managing SMCR and provides a risk register for all control functions within an organization.

The current industry model is for each firm to create its own mapping between the CASS rulebook and the processes and controls that demonstrate compliance. This is very expensive and time consuming to create and maintain, each firm does it differently, and in most cases there are gaps as they don’t include the business as usual processes that impact CASS.

Rosediem has built a standard model that works for all CASS firms and meets the requirement to include business as usual operational processes. This is available on a licence from £25,000 a year plus VAT, including updates. The price point recognises the need for the utility to be accessible for all sizes of CASS firm in order to be of benefit to the industry.

The library is designed to be used within a technology solution and the three authorised technology partners were all present as Nisha Sanghani, Rosediem CEO, described the utility. The library comes ready loaded in these systems for firms to specify the elements of CASS that apply to them and add local controls and owners. These technology solutions all include the capability to manage the subsequent attestation process and report on results.

Nisha provided examples of some of the reporting views available to help firms proactively manage CASS. These included reporting on areas where controls have design weaknesses, where they haven’t been performed, and where breaches have occurred. She also showed some of the views available – functional (IT, Operations, etc), thematic (reconciliations, client on boarding, etc), and by CASS rule.

A User Group is being formed to manage future changes to the library, in particular to provide a collective view where changes are requested or new rules arise. Attendees were asked whether they would like to participate in this and a significant number asked to be involved.

The Rosediem CASS RACI Utility is currently being rolled out to early adopters. The goal is to create a standard, governed by users, and used across the industry.