What is Governance and Oversight
Governance and Oversight is a collective term for the ways in which a Firm manages, monitors and reports the risks that it may be exposed to.
Why is it important?
Senior management are ultimately responsible for a Firm’s management of financial crime risk. This is achieved through accountability, ownership and oversight.
The consequences of failure are both individual and corporate.
What we offer
The key to good governance and oversight is to demonstrate that risks are mapped to owners who are sufficiently senior, experienced and have clear reporting lines. And that these owners receive the appropriate information to make the right decisions.
Our experience has taught us that governance and oversight cannot be effectively assessed though the use of templates. Whilst thematically, areas of concern may be the same, each organisation is unique in size, structure, and infrastructure. As such our reviews focus on ensuring governance and oversight is effective and appropriate to your firm.
What you get
Our scope is agreed with you to ensure that the product that we provide fulfils your needs. Examples include:
– Mapping risk ownership by committees and individuals (including delegated responsibility)
– Assessment of management information / internal reporting such as MLRO reports, key risk indicators, audit observations and key metrics, ensuring the Board is fully appraised of issues arising to allow them to take necessary actions to address existing or emerging issues and threats
– Operational effectiveness assessment of committees, for example: are the right people in attendance? Does the structure eliminate gaps (such as where different market areas report)?
– Reviews of Terms of Reference and committee decks