Whether it’s a quick review of regulatory compliance enforcements in the anti-money laundering space, inadequate procedures for anti-bribery and corruption, a breach of financial sanctions or reports of labour abuses in supply chains, the common theme that gets picked up is that of inadequate business (enterprise) wide financial crime risk assessments. Even where these are done well they usually end up taking more time and resource to complete than necessary because of a lack of available tools to help manage the task. Updating them can also be a challenge as can linking the necessary back-up papers.
For most organisations both large and small, excel seems to have been the tool of choice (or no choice) for recording risk assessments. For a small organisation this might be perfectly adequate but even here reporting and monitoring against the assessed risks can prove difficult. For larger organisation with multiple departments, or multi-sites, multi jurisdictions or many different products then the task is much more difficult. In particular the lack of ability to consolidate different assessments undertaken by different parts of the business and an inability to effectively report and manage against assessed risks.
That is why we are particularly pleased to have found a solution to this problem for our clients. Arctic Intelligence provides financial crime audit, risk assessment and AML compliance solutions to help businesses assess risk and deploy effective controls for risk mitigation. This dovetails nicely with our own risk and audit services where we can support the implementation of such technical solutions for our clients.
For those organisations who don’t have the in-house capability to utilise such tools we can provide a more hands on service and also use the tool to perform a risk assessment or independent audit/health check.
For more information on how our exciting new partnership with Arctic Intelligence could benefit your organisation please contact us.