Impact of Errors on Funds

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Course Overview

Often when errors occur, employees do not understand the impact they have, both on their own area and other departments within the organisation. This error training programme looks at why errors occur in the Funds Industry, whether it is due to a breakdown in a procedure or a  control; a manual intervention; a change process; a lack of understanding of the product or external factors.

Delegates discuss their individual roles when errors occur during the funds process, their role in accountability and the importance of actively managing errors in a positive and timely manner.  Emphasis is placed on the escalation process in place within the workplace and the importance of maintaining, updating and following procedures & controls that are in place.

During this error training programme, participants review sample errors through case studies. This gives them an opportunity to reflect on the chain of events when an error occurs, the associated costs to the fund and the time & effort involved in resolving them.  Participants also discuss how errors impact the client and other departments of the organisation.

Course Objectives
At the end of this training programme, delegates will be able to:
Identify the types of risk associated with funds and how they impact the organisation and the client;
Calculate financial costs associated with errors and demonstrate an understanding of hidden financial cost of errors.
Explain what the impact errors have on the fund, client and the organisation;
Define the roles of the maker and checker and the importance attached to each;
Explain the importance of controls and up to date procedures as well as the effect of not following them;
Outline the escalation process within the workplace when errors occur, in order to minimise future occurrence.

Target Audience

Employees that participates in day-to-day Operations of the Funds industry, including Fund Administration, Transfer Agency, Shareholder Services, Global Custody, Trustee, Compliance.

Duration

Half-day

Methodology

A combination of theory, work-related case studies and group discussion

This programme can be customised to incorporate errors which have occurred in the workplace and to re-enforce company procedures and controls