Funds Industry Report - Flipbook - Page 41
Andris Macs, Natasha Quinn GECKO Governance
Organizational effectiveness
Managerial functions
Delegate oversight
Operational issues
Procedural matters
the underlying detail. The ‘Reporting Scheduler’ within GECKO provides an automated
reporting/notication system with customizable parameters allowing users to set time and
frequency of reports on when tasks have been
updated and what changes have been made.
A board of directors must have sufcient skill
DPs can receive real-time notications via
and expertise to properly full its responsibili-
email improving organizational effectiveness
ties and many boards can nd it difcult to
with robust reporting to the CBI, easy review of
govern and manage without the right technol-
framework and oversight of delegate perfor-
ogy to assist them. Utilising RegTech can allow
mance.
directors better manage delegates, delegated
tasks, while keeping a full audit trail of all activi-
The process of recording board meetings,
ties. Using a software solution to manage the
directors’ time commitments and ensuring
ever-increasing burden of regulatory and
appropriate policies and procedures are in
reporting requirements, encourages best prac-
place, can all be dealt with more efciently
tices for ManCos and their daily activities.
having a solution in place. Data can be collated
quicker, speeding up the information gather-
For example, GECKO Governance’s software
ing process and a better representation of data
can be used to oversee the responsibilities
makes it easier to understand and retrieve in
assigned to each Director, Designated Person
the future. Duplications and errors are mini-
(DP) and Delegate. CP86 requires that there
mized allowing management to focus on core
must be a DP under each managerial function
tasks rather than spending time making
that control delegates on a daily basis and
amendments and resolving issues that could
carry out activities which can be clearly dened
have been avoided. RegTech enables effective
and documented within the system. The
decision-making and challenges all risk and
streamlining of managerial functions is a major
compliance reports to engage appropriately
benet for ManCos. With a ‘Document Reposi-
with regulators — driving a strong compliance
tory’ available within the system, users have
culture. It is vital that FinTech providers strike
the ability to easily record and retrieve docu-
the right balance between the compliance
ments with the click of a button and also have
function and business needs.
a greater overview of tasks to ensure the delegate knows their exact responsibilities and
Challenges & Future Opportunities
timeframe to complete those tasks. The user
can set the due date for each task which the
GECKO can be used as a governance tool for
system can ag when any task are approach-
organizing
ing their deadline date or if they have hit an
projects within nancial services organizations,
overdue status. These can be actioned upon
which has traditionally been, and still remains
immediately allowing users to drill down into
on spreadsheets. However, companies who are
data
and
compliance
related
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