Remediation

    whyitmatters

    What is remediation?

    Whilst the term remediation is being used increasingly in financial crime compliance circles, we believe it has several different meanings. To that end, when it comes to remediation we support our clients in a number of different ways.

    A well designed and well executed FC remediation programme will enhance systems and controls in a sustainable way. This will enable you to not only demonstrate a clear commitment to preventing your business from being used for financial crime, but can also drive operational and cost efficiencies.

    whatweoffer

    Programme Remediation

    Where a gap or weakness has been identified within a programme, we work with you to enhance or develop controls to bring you to a point of regulatory compliance. 

     

    We do this this in a bespoke and proportionate manner unique to you, your risks, and your business. We pride ourselves on being practical, operationally minded people, who always consider the downstream impact of changes and what is feasible based on your IT systems and infrastructure.

    systemcontrols

    File Remediation

    The remediation of customer files is necessary when historic information gaps have led to incomplete customer files. Whilst the initial focus should be on understanding and remediating what caused the issue, ultimately there can be a requirement to revisit files or assist with an upscaling of onboarding. 

     

    We have 200, fully vetted financial crime analysts, project managers and investigators available to work on file remediation projects. They offer multiple language skills and are capable of remediating any type of customer files, from basic onboarding to highly complex EDD files.

     

    We understand how important this process is to our clients, and so we have equal focus on tracking, reporting, escalating, and identifying thematic issues throughout the process so you can take comfort that there will be no surprises.

    remediation

    Remediation advisory ‘check and challenge’

    With such a wealth of talent in the financial crime compliance space, increasingly firms have the know-how and expertise in-house to develop and implement remediation plans. Some of our clients prefer to use us as an independent ‘check and challenge’ team. 

     

    We apply our knowledge and experience from working on monitorships, skilled person teams and as regulators to review and test your plans. We provide detailed feedback and comments to help further strengthen your remediation actions. 

     

    This has an added advantage if remediation is part of an agreement with a regulator, as it demonstrates independent assurance of your programme, whilst you retain the relevant skills and knowledge in-house.