Annual declaration tracking best practice – download our guide

The complications of declarations

Many organisations collect data from employees for compliance and regulatory purposes on a regular basis, but current processes and tools have major shortcomings. With current processes, it’s hard to track who has and hasn’t filled out forms, challenging to keep track of forms, especially in large firms, and regarding annual forms or declarations, it’s annoying to have to keep filling out the form again and again, when 95% of the data stays the same.

Our guide to Annual Declarations

Annual declarations dashboard
Our annual declarations tracking tracking dashboard allows admins to get a centralised view of every declaration.

If you are feeling confused about what the best way is to handle annual reporting, we’ve got your back. Our best practice guide to annual declarations tracking is based on our study of the process at tens of firms. The guide introduces readers to Omnitrack’s Annual Compliance Declaration Tracker, which allows compliance managers to easily get all staff on board with annual declarations, ensuring your organisation stays on top of its requirements. Key features of our tracker that are

Click here to access our best practice guide to annual declarations tracking.

Professional Indemnity Insurance (PII) for FCA firms – What you need to know

Professional Indemnity Insurance (PII) covers organisations for compensation claims made by clients or other third parties. The FCA explains

“Professional indemnity insurance (PII) is liability insurance that covers firms when a third party claims to have suffered a loss, usually due to professional negligence.”

In order to obtain insurance, someone with sufficient seniority at an FCA-regulated firm (e.g. a principal, partner or director) would normally begin by completing a form for an insurance broker. The form will then be used by the insurer to calculate the cost of the premium. Some of that information should be readily available to the person submitting the form, such as the type of services the firm provides, as well as its overall income. 

However, there are questions that are used to calculate a firm’s risk profile that a senior manager may not be able to answer immediately. That is because the answers to these questions will be based on information spread throughout the firm, rather than held by any one individual. There are practical challenges in collecting such information from employees, which we will address below. But first, we will look closer at PII as it applies to financial service firms. 

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ISQM 1 – What you need to know

In September 2020, the International Standards on Quality Management approved the ISQM 1, ISQM 2 and the International Standard on Auditing (ISA 220 Revised).

The three Quality Management Standards are the culmination of the response of the International Auditing and Assurance Standards Board (IAASB) to a series of high-profile audit failures. The new standards are a response to the changing environment, the challenges of the effectiveness of our pre-existing quality control standards, and growing market participant needs. It will result in a set of standards that are aimed at a more robust System of Quality Management for firms.

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On-demand webinar: Data Protection — What the UK wants to change

The UK government’s consultation on reforming data protection, launched on 9 September, sets out a radically different framework for data protection than GDPR. From re-orientating the Information Commissioner’s Office to new ways for businesses to process data, these far-reaching reforms are set to have a significant impact on business.

Although the plans have been announced in consultation and not every proposal may make it into law, the direction of travel has been clear for some time. The UK plans to make it much easier for most businesses to use data, and get the most from data, while still ensuring strong levels of protection.

In this short video, our Director of Learning and Content takes us through what the potential changes are and how they might affect the way we process data.

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Significant changes planned for UK data protection law

Here’s what you need to know about the UK’s plans to radically alter GDPR

The UK government’s consultation on reforming data protection, launched on 9 September, sets out a radically different framework for data protection than GDPR. From re-orientating the Information Commissioner’s Office to new ways for businesses to process data, these far-reaching reforms are set to have a significant impact on business.

Although the plans have been announced in consultation and not every proposal may make it into law, the direction of travel has been clear for some time. The UK plans to make it much easier for most businesses to use data, and get the most from data, while still ensuring strong levels of protection.

“The government wants to remove unnecessary barriers to responsible data use. A small hairdressing business should not have the same data protection processes as a multimillion-pound tech firm. Our reforms would move away from the “one-size-fits-all” approach and allow organisations to demonstrate compliance in ways more appropriate to their circumstances, while still protecting citizens’ personal data to a high standard.” Department for Culture, Media and Sport

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LSAG AML guidance – Practical tips for compliance

This is the sixth blog in series to help law firms grapple with the latest Legal Sector Affinity Group (LSAG) guidance on the Money Laundering Regulations.

In this series, we looked at some key points from the LSAG Guidance on the Money Laundering Regulations 2017. This included the different types of risk assessment which firms should undertake, as well as the general importance of the risk-based approach. We also discussed the need to undertake CDD on clients, and the various levels which can be applied in different situations (standard, simplified or enhanced).

In this, the last in our six-part series, we will address some of these points from a more practical perspective, and look at how technology can both save you time and help you remain compliant. We will also set out some of the potential problems posed by the use of technology, and explain how these can be averted. 

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Diversity and inclusion – Be the solution: Why bystander training works

What is the difference between traditional diversity and harassment training and bystander intervention training?

Organisations have been trying to address sexual harassment and diversity and inclusion training for decades now, but the efforts have been largely unsuccessful. In recent years, the need for effective training has come to light again as a result of the widespread sexual misconduct allegations that inspired the #metoo movement, and a more diverse workforce than ever. 

An organisation that embraces a culture of diversity, equality and inclusion has a better chance at sustainable success. But what’s the best way to create a work culture in which everyone, from the CEO to the managers to all employees, embraces diversity and promotes equality? What is the best way to effectively train on respectful engagement with others?

Experimentation and research (mainly conducted on university campuses and in the military) have shown that while traditional diversity, inclusion and harassment training is largely ineffective and can even aggravate existing problems, a different method, known as bystander-intervention training, is more effective.

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Upcoming webinar: What’s on the regulatory agenda for Q4?

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To help businesses keep track of updates in UK legislation and policies, VinciWorks frequently publishes a regulatory agenda. The guide gives a clear and in-depth overview of EU developments, ongoing acts of parliament, the latest COVID-19 government guidance and more.

During this webinar, VinciWorks’ Director of Best Practice Gary Yantin and Director of Learning and Content Nick Henderson will explore the regulatory agenda for the next few months and beyond.

This webinar will cover:

  • New reporting and regulatory requirements from the EU including: human rights in supply chains, directives on cyber security, and the latest on ePrivacy
  • New UK legislation on trade, banking, financial regulation and employment law
  • Government consultations on internal markets, legal aid, gambling, competition law and money laundering, alongside the latest on intellectual property and crypto-asset reforms
  • The impact of a new commissioner for the UK’s ICO and potential changes to data protection law in the UK
  • How to get ahead of the new duty to prevent sexual harassment in the workplace
  • The latest back to the office guidance on data protection, mental health, reasonable adjustments and health and safety

Free registration

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On-demand webinar: Diversity – Managing reasonable adjustments in the age of hybrid work

Diversity webinar

As COVID-19 restrictions are lifted and businesses begin to return to the office, companies are taking a variety of approaches to managing the transition. While some are staying at home for now and others have gone back full time, most are opting for a hybrid working policy. But many people are anxious, or at least conflicted, about returning to in-person work, with these worries likely to be exacerbated for those requiring reasonable adjustments.

During our webinar, we delve into the challenges faced by disabled staff during the pandemic, and the impacts on inclusion in changing workplace practices. We will also discuss how to ensure reasonable adjustments are made for disabled staff, and how to ensure all staff feel included in return-to-office policies.

We were joined by disability and reasonable adjustment experts:

  • Daniel Holt, Founding Chair of the Association of Disabled Lawyers
  • Pam Duncan-Glancy MSP, first permanent wheelchair user elected to the Scottish Parliament

The webinar covered:

  • What are reasonable adjustments?
  • How to make workplaces more accessible
  • Reasonable adjustments and the law in a pandemic
  • Best-practice guidance for return to the office policies
  • What does effective inclusion training look like?

Watch now

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VinciWorks launches Diversity and Inclusion four-course suite

Diversity has become an important component of a successful business, and employers have a responsibility to ensure a culture where people from all backgrounds feel welcome. But what’s the best way to create a work culture in which everyone, from the CEO to the managers to all employees, embraces diversity and promotes equality? What is the best way to effectively train on respectful engagement with others? What about training for managers; what is the most effective way to make managers aware of their responsibilities, with training that does not feel judgemental?

VinciWorks is excited to announce it has released a new, innovative diversity suite that will provide solutions for all of these issues and more. The new suite includes four different courses, each with a different focus.

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