User reference
The ‘user reference’ field allows for the recording of a specific reference ID which, for example, could link to an external system also utilised by the user. Or a customer may already have (or be assigned) a number which it makes sense to use. Or it could be a new reference which the user will recognise, for example: ‘Smith01jan2022’. The user reference can be any alpha-numeric value.
API
Application programming interfaces, or APIs, enable different applications to exchange data and functionality between each other both easily and securely. MARS uses APIs to talk to other systems, typically CRM systems.
Consumer characteristics
MARS uses the term ‘characteristics’ to cover the types of data we obtain about a consumer that could lead to a harm – commonly referred to a vulnerability.
Categories of characteristics
MARS has several categories of characteristics to ease administration and communication. These, when combined, provide an overall rating.
The characteristics are:
- Health
- Wealth
- Life events
- Financial capability
- Engagement capability
- Support network
Each characteristic is rated from 1–10, with 1 being the least resilient and 10 the most resilient.
Resilience Rating
MARS takes the individual characteristic ratings and creates a cumulative Resilience Rating for each category – for example, health. The single ‘Resilience Rating’ is again from 1–10, with 1 being the least resilient and 10 being the most resilient.
Being able to report and communicate at each level of detail enables firms to share data with the appropriate personnel, disclosing only the level of detail needed at that point – therefore complying with GDPR. Also to help enable a person’s resilience to be tracked over time, there is also a MARS characteristic of ‘permanency’ which attempts to indicate if the consumer’s resilience will improve or deteriorate.
Interaction record
The interaction record is a record of activity and assessments undertaken by the consumer and user; this provides an audit trail of any changes.
Services of concern (products)
Services of concern are the products or services likely to be implemented by the firm. For example: ‘power outage of electricity’, ‘current account’, ‘life insurance’, ‘mortgage’. You can add an unlimited number of services, and these can overlap. They don’t need to fit specific industry products – but recognised terms are easier to understand. They can be more generic, to cover a spectrum of products and services – for example: ‘financial advice’, ‘retirement planning’. Best practice is to start with generic terms, and then add more specific services as and when you need them.
Services of concern are used to trigger treatments, which are dependent on the service. Editing services of concern is limited to those with specific access, typically those involved in risk management, and cannot be altered by individual users.
Status
MARS uses six statuses: ‘enquiry’, ‘quotation’, ‘contract’, ‘customer’, ‘claim’ and ‘complaint’ to reflect the various stages of consumer interaction. The status is used to trigger different treatments at different stages of the customer journey.
Treatments
MARS uses the term treatments for any ‘next steps’ which may be recommended. These may include referrals to other organisations, third parties, charities or compliance checks – or may include recommendations on what to do next if a vulnerability is discovered. There is no limit on the number of treatments which can be included. Editing treatments is limited to those with specific access, typically those involved in risk management, and cannot be altered by individual users.
Treatment groups
Treatment groups are used just to manage large numbers of treatments. A set of groups is provided, and users can add or amend these on the ‘treatment groups’ page. Editing treatment groups is limited to those with specific access, typically those involved in risk management, and cannot be altered by individual users.
Treatment descriptions
The ‘treatment descriptions’ page is used to define and add new treatments. There is no limit to the number of treatments that can be added. To help better manage treatments, they are/can be allocated into groups. A standard set of treatments is provided, which can be added to, and/or deleted as required for each firm. Editing treatment descriptions is limited to those with specific access, typically those involved in risk management, and cannot be altered by individual users.
Treatment Matrix
The Treatment Matrix sets the rules when treatments are applied, depending on the appropriate triggers. Editing the Treatment Matrix is limited to those with specific access, typically those involved in risk management, and cannot be altered by individual users.
Consumer characteristics
‘Consumer characteristics’ are the specific ‘vulnerability characteristics of concern’, and different levels are listed here. For example, ‘all health’ covers all health characteristics, while ‘will of testament’ covers if they have a will or not. Editing consumer characteristics is limited to those with specific access, typically those involved in risk management, and cannot be altered by individual users.