Carne Group and CalQRisk, a developer of enterprise-wide risk management technology solutions, have launched a technology-driven solution for fund boards.
This new Carne CalQRisk product has been tailored to the requirements of fund boards and fund directors facing increased risks and responsibilities in the areas of cybersecurity and financial crime.
Carne CalQRisk aims to provide fund directors with a comprehensive and holistic assessment of cybersecurity and financial crime risks for the fund entity and its delegates. This includes a risk management framework for fund directors to assist in identifying where gaps exist in relation to policies, procedures, systems and controls, and which specifies the necessary actions required to close those gaps.
The process is based on the ISO 31000 Risk Management standard and ISO 27001/2 Information Security and Technology standards. It includes access to a real-time register, evidencing the controls in place at the fund and within each delegate, as well as recommended additional mitigation options.
Boards of directors will also be able to see an assessment of the compliance position of the fund and its delegates against international standards of best practice, as well as a single view on cybersecurity and financial crime risks.
John Donohoe (pictured), CEO of Carne Group, says: "The increasing complexity of the challenge facing fund boards, coupled with the delegated operational model, mean that the traditional 'thumbs up' briefing on the issue from each of the delegates may fall short of what is actually required. This could still leave funds significantly exposed to loss of client monies, potential reputational damage, and increased regulatory scrutiny."
Paul O’Brien, Managing Director of CalQRisk, says: "This new offering will help funds to establish an over-arching framework that will facilitate a comprehensive gap analysis, measurable against regulators' requirements. It includes those recently highlighted by the Central Bank of Ireland's thematic questionnaire and its recent Dear CEO letter on fund frauds. Fund directors will be able to use this to provide continuous visibility on the status of risk assessment and management processes for each delegate. Boards will need this assurance that all identified risks are being addressed at the delegate level."
The Carne CalQRisk offering is the result of a joint exercise to develop a solution that will bring real value to fund boards. CalQRisk has already developed successful risk management and reporting solutions within the wider financial services and other sectors, including, pension and investment, credit unions, healthcare and the aviation industry.