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What is Leo’s Regulated Firm Solution?
Leo’s Regulated Firm Solution is designed to automate the financial compliance processes required of regulated firms. Regulated firms can include investment firms, asset managers, hedge funds, brokers, financial advisers, insurance intermediaries, consumer credit firms and payment providers.
Introduction to the Home Page
Once logged into your Leo account, you are taken to the Leo Home Page. This acts similarly to a computer desktop:
- Menu: Icons corresponding to key functions are organized down the left side of the screen.
- Categories of compliance (e.g.: Client Due Diligence, Compliance, GDPR) are organised on the screen as folders, which can be named according to personal preference.
- Categories can be clicked on to reveal the modules organised within them. This is configurable, and modules can be organised in folders as you see fit.
- The search bar in the top left corner of the page serves to search for any key terms or words.
What types of Modules are there and how they are organised
Modules can be formatted in three different ways:
- Reports
- Registers
- Repositories
Each of these formats executes different functions based on what they are designed to do.
Reports
Leo designs reports by identifying an FCA reporting requirement (such as the Financial Promotions Review) and formatting it as a questionnaire to be distributed to the relevant individuals for completion.
When creating a report, you need to:
- Click on the ‘New Report’ button and complete the information.
- Assign the report to the relevant person(s) to complete and assign a reviewer to check if it is completed adequately, the report must be at 100% on the radial before being submitted.
- There are progress bars on the Chapters and Sections that show whether a section has been fully completed, or not.
Based on the responses given, the report will identify Red Flags and Deviations from Best Practices.
The detected Red Flags and Deviations will trigger a Remedial Action which is immediately available to fill in.
Leo will generate a report complete with the cover page uploaded in the Configuration section of Settings. This Report will include an Executive Summary with all detected Red Flags and Deviations and the relevant Remedial Actions.
Registers
The key purpose of Registers is to store information interactively. These function similarly to spreadsheets, using columns and rows to organise information. However, where Registers differ from spreadsheets is in their configurability: they can be set specific rules to reflect functions individual registers are intended for.
For example, a Holiday Requests Register will identify the holidays requested from different employees, whilst also considering the number of holiday days they have remaining and sending an automated reminder if this balance drops below a certain number.
Registers also allow attachments to be included when entries are made or edited. Therefore, if any documentation is also relevant or required for the recordings being made, these can all be stored in the same location.
NOTE: If you have previously stored information via spreadsheet, these can easily be imported into a Register format on Leo to avoid any loss of information.
To create a new register:
- Visit the Registers folder in Settings.
- Click on NEW REGISTER.
- Fill in a relevant Register Name, select a relevant icon, and identify which Category it will belong to on your Home Page.
NOTE: You also have the option to include the new register in a Bundle, which is a group created by you to keep registers of similar categories together.
Finally, you can decide whether to make your register confidential.
Repositories
Repositories serve to upload and store documents and files on the Leo platform. These types of documents would commonly be those that employees need to be able to access, such as employee rules or compliance handbook.
