Why do you need to review your Systems and Controls?
Effective systems and controls are foundational to detecting, preventing and deterring financial crime.
Consequently these are a primary focus for regulators who have historically penalised firms for both the absence of controls, as well as the failure to effectively implement controls that exist.
What we offer
We have experience in supervising and reviewing the systems and controls of firms of all sizes, from global retail banks to small high net worth banks, whose customers number in the hundreds.
What this has taught us is that controls need to be proportionate to a firm’s business model. For example, a tier one Bank may require a fully automated client risk rating model in its process to monitor client risk, whereas a small firm can do this manually.
Not only does this lead to a more effective control, but it also serves to demonstrate to your regulator that you understand your own unique exposure to financial crime risk.
What you get
We can focus on any area of your financial crime prevention programme, but generally we divide the programme as follows:
· Governance and oversight
· Financial crime risk assessment
· Customer risk assessment
· Customer due diligence
· Transaction monitoring
· Sanction screening
· Suspicious activity reporting
· PEP and adverse media screening
We review your current set up, providing you with reports which offer clear findings regarding the design and operational effectiveness of your systems and controls, supported by documented evidence and rationale.
We provide detailed recommendations to address any gaps identified and are happy to support with a ‘check and challenge’ of proposed remediation and/or implementation.