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To evaluate its forensic process and bring it up to industry standards
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Prepare and execute a test inventory
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Draw up a three-year roadmap for technology and data uplifts
CLIENT CHALLENGES
- Consolidation of global sets of data, which were fragmented
- Creation of structured list of risk-based reviews prioritized by theme and year-on-year spread for holistic coverage
- Identification of leading regulatory themes across all jurisdictions (including culture & conduct and supervision & governance) to ensure firm’s internal policies were in line with these themes
OUR APPROACH
- Phase 1: White boarding and pilot
- Acuity coordinated with the Compliance Forensic team to understand reviews being conducted and the team’s approach to the forensic compliance program
- Conducted a comprehensive review of existing policies and procedures to benchmark them against industry best practices and legal/regulatory requirements
- Carried out a 3-month pilot to develop an initial inventory of the tests
- Phase 2: Migration and delivery
- Proof of Concept: The team focused on three distinct areas – forensic subject matter, data, and technology
- Created an exhaustive data dictionary to identify data sources and gaps
- Created a road map with a broad suite of forensic reviews to address the firm’s risks identified during analysis
- Performed deep-dive reviews for forensic themes identified post analysis
- Imitated its policy testing to understand the effectiveness of the policies implemented and ascertain whether further controls were required
- Created a workflow solution prototype with rich visualization, using rules, workflow, and reporting dashboards
Benefits
- Consolidation of data sources under common tools to depict trends
- Effective implementation of compliance processes
- Time and cost saving from automation of manual reports for C-suite audience through rich visualization
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