Christian ThrussellHead of CASS & Risk at Walker Crips
Having worked in Financial Services for over 20 years I’ve been fortunate enough to have worked for both small niche outfits as well as established large multi-jurisdictional firms and when it comes to CASS I really have witnessed everything from the good, the bad and the ugly. In the arena of CASS management, I’m often seen as an outlier coming from a purely operational background rather than the more usual accountancy route. However, from personal experience, a good grounding in operations has been invaluable when it comes to managing CASS from both a 1st and 2nd line perspectives.
Is CASS difficult to understand and implement? Personally speaking, NO!
Meeting the various CASS requirements can often perceived by operational areas as unwarranted bureaucracy. But for me, the key is to see beyond the rules and recognise that, as well as establishing a sound framework for the protection of clients’ assets, CASS can also provide a sound methodology for processing and handling data firm wide. Look beyond all the vagaries (leave TISA to debate those) and at its heart CASS just enforces the sound management of data and assets and, from a day to day perspective, can be seen as little more than an extension of double entry book keeping, now what could be simpler than that? In summary, when implemented well, CASS can deliver improvements from many angles: better visibility, improved operational efficiency, greater process accuracy, and, when combined with an understanding of the operations that underpin CASS processing, delivers greater resilience to change.