DFSA's Relationship with Firms
In order to meet its objectives, the
DFSArequires an open, transparent and cooperative relationship between itself and a firm. The DFSAexpects to establish and maintain an ongoing dialogue with the firm's senior management in order to develop and sustain a thorough understanding of the firm's business, systems and controls and, through this relationship, to be aware of all areas of risk to its objectives.
DFSAseeks to maintain an up-to-date knowledge of a firm's business. However, a firm is also required to keep the DFSAinformed of significant events, or anything related to the firm of which the DFSAwould reasonably expect to be notified.
The nature and intensity of the
DFSA'srelationship with a firm may depend on a number of factors. The DFSA'slevel of supervision will be proportionate to the risks which the firm poses to the DFSA'sobjectives and will emphasise the responsibilities of the firm's senior management in identifying, assessing, mitigating and controlling its risks. The greater the impact and probability of the firm's perceived risks, the more intensive the supervisory relationship may be.