FIS Horizons 2023 Brochure - Riding the wave - Flipbook - Page 15
Achieving good
outcomes whilst
managing competing
priorities - Quality
Assurance
Emily Reid
Partner, London
Mark Aengenheister
Director, London
Caroline Walters
Adviser, London
Ben Goodman
Principal Consultant, London
Nick Oxley
Principal Consultant, London
The months ahead are set to be challenging for all, with the cost of living
crisis taking its grip on all firms and customers, incoming regulatory changes
such as the UK’s Consumer Duty demanding widespread cultural change,
along with updated guidance and expectations on firms to support their
customers through this period, and an increased focus overall on achieving
good outcomes. Having legally appropriate policies and documentation is
no longer enough – it’s increasingly important for firms to demonstrate that
they are consistently delivering good customer outcomes in practice.
Effective quality assurance frameworks are
key to helping firms identify and address
emerging risks as part of the three lines of
defence. Demonstrating appropriate action off
the back of reporting and MI produced from
these activities will enhance both customer
outcomes and demonstrate a culture of
effective governance and controls.
Whereas “quality control” often measures
whether a process is being followed correctly,
“quality assurance” is typically an independent
review of the key outputs and outcomes. This
lends itself to helping firms to evidence that
good customer outcomes are being achieved,
but more importantly, helps to identify what
may be impeding the outcomes a firm intends
to provide.
