Baringa Partners’ annual CASS Survey is the largest of its kind in the UK. Now in its third year, more than 75 firms have taken part, sharing their views on CASS audit, the growing roles of software and automation in CASS management, and other key areas of concern.
There are clear trends emerging as the CASS consolidation, which began in 2018, continues. The use of software is increasing – the number one investment again this year was reconciliation tools, but there was also a significant investment increase in workflow tools. 46% of firms are now using or planning to make use of robotic process automation (RPA) for CASS processes and more than a third are using software for their CASS toolkit. While CASS large firms are still leading the way, there is evidence to show medium and small firms are catching up.
There was also some strong feedback on the FRC (Financial Reporting Council) audit standard introduced in 2016. Most agree it has had an overall positive impact but there have been some unintended impacts on the style of CASS auditing. Several firms have asked whether audits are now too focused on technical compliance rather than the bigger picture, i.e. where client money and assets are actually at risk?
If you have any questions, or if you would be interested in a follow up conversation and a customised report against our industry benchmark, please get in touch via firstname.lastname@example.org.
Reports from previous years are also still available: 2017, 2018
Click here to find out more about our CASS work.