Konexo
CASS Operational Testing & Assurance Specialist (Contract)
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CASS Operational Testing & Assurance Specialist
We are seeking an experienced CASS Operational Testing & Assurance Specialist to perform an in-depth review of our Client Assets (CASS) framework, extending beyond traditional desk-based document reviews into operational testing. The successful candidate will assess the effectiveness of the firm's CASS controls, governance, and regulatory compliance, with particular focus on audit findings, client money reconciliations, and FCA expectations.
This role is ideal for a candidate with strong practical experience of the FCA CASS Sourcebook, operational controls, internal audit, or regulatory assurance within financial services.
Key Responsibilities
Audit Findings & Remediation
- Review CASS audit qualifications from the previous two audit cycles.
- Assess the root causes of qualified audit findings.
- Evaluate the status and effectiveness of remediation activities.
- Determine whether corrective actions have been fully implemented and embedded within operational processes.
Operational Testing of Client Money Controls
- Conduct detailed operational testing of the firm's reconciliation framework.
- Review internal and external client money reconciliations.
- Assess reconciliation frequency, timeliness, and completeness.
- Test exception identification, escalation, investigation, and resolution processes.
- Evaluate evidence supporting reconciliation activities.
CMAR & Regulatory Reporting
- Perform sample-based testing of Client Money and Assets Return (CMAR) submissions.
- Assess the accuracy and completeness of regulatory reporting.
- Review client money acknowledgement letters to ensure compliance with FCA CASS requirements.
- Identify reporting risks and recommend improvements where necessary.
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CASS Governance
- Review the firm's CASS governance framework and oversight arrangements.
- Assess Senior Managers & Certification Regime (SM&CR) accountability for CASS responsibilities.
- Evaluate committee reporting relating to CASS oversight.
- Review the firm's CASS breach log, including all breaches recorded since the June 2025 Vendor Due Diligence (VDD) cut-off.
- Assess the effectiveness of governance, escalation, and management information.
Reporting & Recommendations
- Produce clear, evidence-based findings and recommendations.
- Identify control weaknesses and regulatory risks.
- Present practical remediation recommendations aligned with FCA expectations and industry best practice.
- Support stakeholders in understanding findings and prioritising remediation activities.
Required Experience
- Extensive experience working with the FCA CASS Sourcebook.
- Strong knowledge of client money and client asset regulations.
- Experience conducting operational testing, internal audit, or assurance reviews within financial services.
- Proven experience reviewing client money reconciliations and CASS operational controls.
- Experience assessing CMAR submissions and regulatory reporting.
- Strong understanding of SM&CR governance and accountability frameworks.
- Experience reviewing audit findings, root cause analysis, and remediation programmes.
- Ability to analyse complex operational processes and produce concise, high-quality reports.
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Desirable Experience
- Previous experience within Internal Audit, Risk, Compliance, or Regulatory Consulting.
- Experience supporting firms subject to FCA supervisory reviews or enforcement activity.
- Knowledge of investment firms, wealth management, broker-dealers, or custody businesses.
- Professional qualifications such as ACA, ACCA, CIA, or equivalent are advantageous.
Key Skills
- Excellent analytical and investigative skills.
- Strong stakeholder management and communication abilities.
- Ability to independently plan and execute assurance reviews.
- High attention to detail with a pragmatic, risk-based approach.
- Strong report writing and presentation skills.
Deliverables
The successful contractor will deliver an operational assessment of the firm's CASS framework, including:
- Root cause analysis and remediation assessment of qualified audit findings.
- Operational testing of reconciliation controls.
- Sample-based CMAR validation.
- Review of client money acknowledgement letters.
- Assessment of CASS governance, SM&CR oversight, committee reporting, and breach management.
- A final report summarising findings, risks, and prioritised recommendations to strengthen the firm's CASS control environment and support ongoing regulatory compliance.
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