Financial crime risk management

As businesses become more digital and connected, there is increased risk of financial crime. Criminals are becoming more sophisticated, using advanced technology and global networks to commit money laundering, fraud, market abuse, terrorist financing, or cybercrime.

And the regulators are watching. With traditional approaches to risk management often proving inadequate, firms are being held to higher standards.

How we help

We can work with you to identify where you might be vulnerable, put in place robust anti-financial crime measures, and make sure you are complying with the relevant rules. We believe that preventing financial crime is about more than systems and processes; and we help firms instil a culture of compliance, emphasising the importance of ethical behaviour.

Our international reach means we can identify and address challenges across connected operations. Our sector specialism means we understand the particular financial crime risks you face, and have likely experienced similar challenges. Our team of specialists have experience as regulators, MLROs and consultants with deep technology experience, and we help manage risk across all areas of financial crime including:

• anti-money laundering
• counter terrorist financing
• sanctions
• fraud management
• market abuse
• anti-bribery and corruption
• tax evasion.

Our approach is as unique as you are. Our services are tailored, taking into account things like sector, size and geographical presence. Whether it's enhancing transaction monitoring systems, strengthening internal controls, or conducting employee training programs, we provide bespoke strategies to address risks effectively.

Governance and oversight

Keeping abreast of regulatory changes, understanding what they mean to your business and putting in place measures to comply is a huge challenge for most firms. We track and interpret complex regulations and help keep you compliant while reducing your overall exposure to financial crime. We provide data-driven insights to senior management allowing them to provide effective oversight, make informed decisions, and demonstrate that compliance measures are effective, risks are managed, and regulatory obligations are met. By getting this right our clients have also seen enhanced market reputation, and improved customer experience and operational efficiencies.

Risk assessment

A comprehensive financial crime risk assessment can help you analyse your vulnerabilities, your compliance with regulations, and the effectiveness of your anti-financial crime measures. We help firms to conduct thorough and proportionate assessments of their exposure based on business activities, products, customers, markets, and jurisdictions. We analyse internal processes and controls, for example customer due diligence procedures, transaction monitoring systems, and employee training, to provide a complete view of potential risks and practical steps required to mitigate them.

Technology and data analytics

Advanced data analysis tools, such as artificial intelligence and machine learning, enable organisations to sift through vast datasets swiftly, identifying suspicious patterns and transactions, enhancing transaction monitoring, risk assessment, and fraud detection. We help firms select and implement the best technology, detecting suspicious activities efficiently, reducing false positives, and strengthening defences. In parallel, we use cutting-edge analytics to help firms bolster their defences, stay compliant with regulations, and respond rapidly to emerging threats.

Business process improvement and automation

As criminals become more sophisticated, embracing automation is not just a strategic choice but a necessity to protect assets, reputation, and financial stability. Automation technology can strengthen defences against evolving financial threats and streamline compliance activities to be more cost effective, accurate and transparent. We can help evaluate solutions and support effective implementation.

We also help firms prepare for and respond to regulatory inquiries, audits, and investigations. And should an incident occur, we’re on hand to help respond swiftly, mitigate damage and review your approach.

Independent review, testing and assurance

We conduct our reviews, testing, and assurance independently from the processes they evaluate so the results can be trusted as unbiased and reliable. This helps firms to:

  • stay on top of ever-evolving regulations avoiding fines and legal penalties
  • identify weaknesses in the financial crime prevention framework allowing for timely mitigation of risks
  • identify areas for improvement and make proactive changes to policies, procedures, and controls
  • provide stakeholder assurance.

Training, awareness and horizon scanning

Proactive and adaptive approaches to financial crime prevention are driven by training, awareness, and horizon scanning, all working together. We keep teams updated by delivering regular training sessions on evolving threats and compliance requirements, running campaigns emphasising the consequences of financial crime, building awareness and encouraging employees to speak up if they suspect wrongdoing, creating a safe and confidential reporting environment.

We also provide horizon scanning services and technology, monitoring industry trends, emerging threats, and regulatory developments, keeping firms ahead of the curve by helping them to anticipate risks, and adjust prevention measures.

S166 firm-side support

Under section 166 of the Financial Services and Markets Act – known as s166 – the regulator has the power to require a firm to appoint a ‘Skilled Person’ to produce a report on specified matters or to appoint a skilled person directly. We work alongside firms during this process, helping to understand and address regulatory concerns as they are identified. We can support across a variety of areas, including:

  • Compliance assessment: Evaluating current compliance frameworks, risk management practices, and internal controls.
  • Remediation planning: Developing and implementing strategies for rectifying identified deficiencies or shortcomings, ensuring that the firm aligns with regulatory requirements.
  • Documentation: Ensuring that all required documentation, reports, and evidence are properly prepared and submitted to the FCA.
  • Communication: Acting as intermediaries between the firm and the FCA, facilitating constructive communication and collaboration throughout the review process.
  • Training: Providing training and guidance to the firm's staff to enhance their understanding of compliance requirements and regulatory expectations.

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