Filetype Excel XLS | Posted on 07 Jul 2022 | 3 years ago
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216x Filetype XLS File size 0.38 MB Source: www.fsca.co.za
Sheet 1: Instructions
| TCF READINESS: SELF-ASSESSMENT TOOL | |||||||
| This sheet provides information on how to complete this workbook | |||||||
| 1 | Enter the name of your firm in cell B5 in the "Main" sheet | ||||||
| 2 | Enter the date of the assessment in cell B6 in the "Main" sheet | ||||||
| 3 | Select the category that best describes your company from the list in cell B7 in the "Main" sheet | ||||||
| 4 | Switch between outcome worksheets by clicking on the link on the mainsheet or by using excel's navigation tab below | ||||||
| 5 | Completion of each worksheet is as follows: | ||||||
| 4.1 | Drop Down Menu Item | Select one of the options from the drop down list | |||||
| 4.2 | Free Text Input | Free text cells in which you should type (Firm Name, Date) | |||||
| 6 | The "Summary Report" sheet contains all the information regarding the completion %, final scores and graphs | ||||||
| TCF READINESS: SELF-ASSESSMENT TOOL | |||||||
| Note: Before completing this self-assessment, you should read the document "Assessing your TCF readiness: How to use the FSB's self-assessment tool" published on the FSB website www.fsb.co.za. | |||||||
| Please enter name of firm | ABC Firm | ||||||
| Please enter the date of the assessment: | Saturday, March 31, 2012 | ||||||
| Please select the group: | Category A | ||||||
| This is a self-assessment prepared by the Financial Services Board to provide guidance for firms in their preparation for TCF implementation. This is not necessarily the basis upon which the FSB will conduct its on-site or off-site supervision, however. Questions differ slightly depending on which of the above categories you select (These questions are highlighted in light grey in the different sheets). If your firm falls under more than one category, please select the category that you regard as the main focus of your business. Alternatively, you may wish to complete the self-assessment more than once (i.e. separately for each relevant category), to compare your TCF readiness in different capacities Each of the accompanying spreadsheets that form part of this Excel file - and that are listed in the Index below - relate to the six TCF outcomes. Please complete each spreadsheet to obtain an overall assessment. Ratings of "0" to "4" have been assigned to each question. The rating schedule is as follows: "0" - Not applicable. "1" - No, we don't do this "2" - Informal or implicit in what we do "3" - Consistently, but we don't monitor / control the process on an ongoing basis "4" - Yes, fully embedded in our business. We have explicit controls / ongoing monitoring and MI Note that the spreadsheets have been set up in such a manner that you can only select one of these ratings for each question. These "entry cells" also include data validation that prevents you from entering values that are out of range. If you believe that certain questions do not apply to your operations, you may select "0". In addition, Outcomes 2-6 have 2 additional questions which take on the answer Yes or No. |
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| Outcome | Description | Link to Outcome Sheet | |||||
| Outcome 1 | Culture and governance | Outcome 1 | |||||
| Outcome 2 | Product and service design | Outcome 2 | |||||
| Outcome 3 | Disclosure | Outcome 3 | |||||
| Outcome 4 | Suitable advice | Outcome 4 | |||||
| Outcome 5 | Performance and service against expectations | Outcome 5 | |||||
| Outcome 6 | Claims, complaints and changes | Outcome 6 | |||||
| TCF readiness summary | TCF readiness summary | Summary | |||||
| No. | Outcome 1 Customers are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture |
Rating (Click here to see rating description) | What This Rating Means |
| Leadership | |||
| 1.1 | TCF objectives have been adopted by the Board | ||
| 1.2 | Senior management have adopted TCF objectives and are specifically responsible for them | ||
| 1.3 | Senior management have conducted a review of the main business processes to identify areas requiring improved TCF outcomes | ||
| 1.4 | TCF objectives have been communicated to all staff across the business | ||
| 1.5 | A process is in place for assessing staff and management understanding of TCF and the organisation's TCF commitments | ||
| 1.6 | Senior management in all areas of the business that contribute to the provision of financial services to retail customers (whether directly or indirectly) understand their role in delivering TCF outcomes to those customers | ||
| 1.7 | Delivery of the TCF outcomes is a feature of the firm’s stated values, code of conduct or ethics policy | ||
| Subtotal | 0 | ||
| Strategy | |||
| 1.8 | The strategic planning process explicitly makes allowance for considering the TCF implications of any new strategy or change in strategy | ||
| 1.9 | The current strategic plan includes TCF deliverables | ||
| Subtotal | 0 | ||
| Decision-making | |||
| 1.10 | It is a requirement for approval of a business case or project expenditure motivation that it should consider TCF implications | ||
| 1.11 | There are accessible forums or structures in place in the firm through which staff and management are able to debate TCF related matters, or to which TCF questions or concerns can be referred | ||
| Subtotal | 0 | ||
| Governance and Controls | |||
| 1.12 | Oversight and monitoring of TCF delivery has been explicitly assigned to appropriate governance structures (eg. Risk committee of board) and control functions of the firm (eg, risk management, internal audit, compliance function, etc) | ||
| 1.13 | Processes are in place for formally and regularly reporting organisation-wide progress in achieving TCF deliverables to the Board and senior management | ||
| 1.14 | The management of TCF and market conduct risks are formally included in the risk management framework | ||
| 1.15 | Processes are in place for identifying and reporting (at organisation-wide level) TCF risks or failures to senior management and the Board | ||
| 1.16 | There is ongoing evaluation of whether the firm's governance framework as a whole has been effective in achieving TCF outcomes | ||
| Subtotal | 0 | ||
| Performance Management | |||
| 1.17 | All staff members (including senior management) whose roles require delivery of TCF outcomes have been identified | ||
| 1.18 | Performance evaluation criteria incorporate TCF objectives and are rigorously applied at all levels | ||
| 1.19 | Staff members undergo training on TCF principles and deliverables | ||
| 1.20 | Recruitment processes have been revised to ensure staff in relevant positions will have the necessary skills to deliver our TCF objectives | ||
| Subtotal | 0 | ||
| Reward | |||
| 1.21 | Remuneration is meaningfully linked to the achievement of TCF objectives, at all levels | ||
| 1.22 | Reward and recognition processes have been revised in the light of TCF objectives | ||
| 1.23 | There are meaningful consequences (such as retraining, re-assignment or disciplinary action, as appropriate) for staff or management who do not achieve agreed TCF deliverables | ||
| Subtotal | 0 | ||
| Measurement and Management Information (MI) | |||
| 1.24 | Existing MI measures have been reviewed to determine which are useful for TCF monitoring and new measures have been identified where necessary | ||
| 1.25 | Processes are in place to collate and summarise TCF related MI in such a way as to present a meaningful picture of organisation-wide TCF progress to the Board, senior management as well as other parts of the business that need this information | ||
| 1.26 | Processes are in place to analyse and act on MI findings to improve TCF outcomes for our customers | ||
| 1.27 | We analyse and act on MI findings to identify staff training needs and for performance managemnt purposes | ||
| 1.28 | We communicate transparently with our stakeholders (including the FSB) on our progress in achieving TCF outcomes | ||
| 1.29 | We make information regarding our progress in achieving TCF outcomes publicly available | ||
| 1.30 | Over and above “business as usual” MI, we have mechanisms in place to monitor and respond to changes in the broader environment – such as economic and regulatory developments – to enable us to pro-actively identify TCF related risks | ||
| Subtotal | 0 | ||
| Total for Outcome 1 (Max Score 120) | - | ||
| Average Rating for Outcome 1 (Max Rating 4) | - | ||
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