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Practice 1.1: Senior management demonstrates expertise in its field, and there is a clear succession plan in place.
Practice 1.2: There are clear lines of authority and accountability, and the mission, operations, and resources operate in a coherent manner.
Practice 1.3: The organization has the capacity to service its client base.
Practice 1.4: Information systems and technology have a strong infrastructure, staff support and are adequately secured.
Practice 1.5: The organization has developed programs to attract, retain, train and motivate employees.
Practice 1.6: There is a formal structure supporting effective procedural and operational oversight.
Practice 1.7: There is an effective risk-management process to manage the organization’s business risk.
Practice 2.1: The organization provides disclosures that demonstrate that there are adequate resources to sustain operations.
Practice 2.2: The organization maintains defined business strategies that support its competitive positioning.
Practice 2.3: There is an effective process for allocating and managing both internal and external resources and vendors.
Practice 2.4: There is adequate and appropriate disclosure and delineation of the cost of services provided to each client serviced.
Practice 2.5: The organization has responsible and ethical reporting, marketing, and sales practices.
Practice 3.1*: Trading and cashiering systems, processes and procedures are defined and documented.
Practice 3.2*: Trade processing and cashiering are done in a timely and accurate manner.
Practice 3.3: Recordkeeping and administrative information is readily available, disclosed and accessible to authorized parties for prudent selection and monitoring of the service provider.
Practice 3.4: Administration activities are performed in a timely and accurate manner.
Practice 4.1: There is a process to periodically review the organization’s effectiveness in meeting its client responsibilities.