Case study financial crime risk assessment

Undertaking Financial Crime Risk Assessment For Client

The Client’s Needs

The client is one of the largest independent MGAs in the London Market with a significant overseas presence which is growing quickly. Its product range gives it exposure to clients from across the globe and incorporates product lines that have a propensity to be used to help facilitate financial crime.

ICSR were engaged to:

  • Undertake a full financial crime risk assessment of the client’s business;
  • Identify any areas of weakness in existing processes;
  • Help the client adapt processes and procedures to ensure full compliance with all relevant international financial crime standards.

ICSR’s Solution

ICSR undertook a full financial crime risk assessment, looking at business practices across operating units and product lines. The client’s processes were compared to all relevant laws, regulations, and industry processes and a ‘best practice’ guide was developed and rolled out to all staff.

Resources Deployed

ICSR deployed a Senior Consultant who is a subject matter expert on Financial Crime issues to undertake the risk assessment and produce the recommended procedural changes and ‘best practice’ guide for the client. The work was overseen by a Director.

Client Outcome

The client has updated its financial crime framework and procedures to ensure it continues to meet the evolving requirements and best practices in each of the territories where it does business. The client now has a financial crime risk assessment template that will be used to conduct an annual risk assessment in line with regulatory requirements.

Advisory | Resourcing | Training

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