Compliance, Internal Control and Operational Risk Management
European directives on Basel II and on Solvency II impose new challenges on the banking and insurance sectors:
- Facing a larger scope of risks beyond traditional risks: operational risk, risk of non-compliance,…
- Strengthening internal controls and risk management to optimize capital requirements
- Improving reporting to stakeholders: regulators, financial markets, clients,…
National regulations already anticipate and complete these directives: in France in particular the regulation 97-02 modified on March 31st for banks, 2005 and the decree of March 13rd, 2006 for insurance companies.
These regulations come on top of many others in these highly regulated sectors.
Our solution brings an answer tailored to the needs of Financial Services to implement an efficient and sustainable project:
- A comprehensive functional answer:
- Manage operational risk mapping
- Collect losses
- Manage regulatory compliance
- Plan and follow up the execution of internal controls
- Manage delegated activities (Shared Service Centers, back office…)
- A management tool based on the accountability of operational managers and facilitating the sharing of a risk and internal control culture
- A cycle of continuous improvement:
Administration of control framework —> self-assessment —> action plans —> reporting - A progressive implementation with quick results
