MorganAsh launches gap analysis service for vulnerability management standards
The analysis covers key areas like identification, customer support, data and systems, lifecycle management, reporting and audit trail.
MorganAsh has launched a gap analysis service to help financial services firms check how their approach to customer vulnerability management fits with new benchmark guidance.
The service is open to all firms and compares them to standards set by the Chartered Insurance Institute (CII) and Personal Finance Society (PFS), now used by the Financial Ombudsman Service (FOS) as the standard for vulnerability management.
The analysis covers key areas like identification, customer support, data and systems, lifecycle management, reporting and audit trail.
Firms answer 33 yes/no questions to see where they stand and spot any gaps.
The guidance is designed to help firms meet Consumer Duty rules, focusing on IT systems, processes and data needed to identify, classify, monitor, support and report on customer vulnerabilities.
Andrew Gething (pictured), managing director at MorganAsh, said: “The CII guide is an excellent and thorough specification of what is required in vulnerability management to meet FCA Consumer Duty regulations.
“But we know many firms struggle to communicate the challenges of vulnerability across management.
“This gap analysis simplifies the requirements to 33 yes/no questions so firms can quickly and easily benchmark themselves against the standard and communicate this easily across management.”
Gething added: “With this higher benchmark now recognised and adopted as the standard by FOS, now is the time for firms to look at all areas of their approach to see how they compare.
“While very few firms are likely to meet all the criteria of the gap analysis, those who find themselves unable to meet multiple parts of this criteria will quickly see a need for improvement and further assistance.
“It’s an opportunity to really raise standards and processes – helping firms on the journey to leveraging the commercial benefits and competitive advantages of a regulation that encourages firms to know customers better, to tailor products and services, and deliver better outcomes.”
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