Suspicions regarding fraud, bribery,
Clarifying money laundering or the violation of financial sanctions requires years of experience, the use of the latest forensic technologies and a keen sense of the economic and legal environment in which the banking and financial industry operates.
And under massive pressure: With regard to legal compliance, ethics and integrity, the banking and financial industry is being watched particularly critically.
This means that responsible supervisory and management bodies must ensure full clarification of suspicions, including in the context of special investigations in cooperation with international law enforcement and regulatory authorities.
Anti-Money Laundering Monitoring and Sanction Screening
The systematic prevention of money laundering, the financing of terrorism and compliance with existing financial sanctions and embargoes are top topics in the banking world. Only those who are able to combine a practicable control infrastructure with IT-based business intelligence (eg identification of beneficial owners) sustainably reduce the risk of loss of value through fines and special investigations.
Third Party Due Diligence and Transaction Forensics
Transactions such as acquisitions and mergers are exceptional situations for most companies. For banks and financial service providers they are everyday business. All the more important are always retrievable due diligence and integrity screening processes.
Background-related background research, IT-based integrity screenings, on-site visits, and risk-oriented monitoring and follow-up of transactions effectively help eliminate legal, economic, and ethical pitfalls in M & A activity.
Protection against cybercrime
Protecting the technical infrastructure of banks effectively against attacks from the net requires a lot of experience and high technical know-how, but also insider knowledge about the typologies of the attackers, their methods and their motives.
An effective cybercrime protection mechanism is not only characterized by detecting, tracing and eliminating threats, but also by successively improving one’s own protection system from further attacks. This is especially true for the protection of customer data in online banking and credit card offerings.
Building specific compliance and integrity management systems
Behind every change in value must be a system. On the one hand, the banking world is concerned with continuous analysis and improvement of the existing compliance management system and, secondly, with support for external audits.
Effective compliance and integrity management systems deal in detail with the respective organization. They use training and targeted communication to influence the management and corporate culture and question prevailing incentive and compensation structures with regard to the integrity and the values of the company.
Something complicated can never be risk-free. Because every lack of transparency, every form of complexity facilitates manipulation and creates shelters for fraud. We are sure that effective processes and systems do not have to be complicated. On the contrary, transparency as a management principle makes the entire organization faster and more efficient – even far beyond the handling of risks.
The much-vaunted change in values can be summed up in a formula: companies should take their social responsibility seriously, their managers should be “integer”.
In our understanding of sustainable, successful corporate governance, personal integrity – from the Board of Management to every single employee – is a value that needs to be challenged and promoted.
Only those who demonstrate proven integrity can maintain a sustainable business foundation in an economic world in which relationships with stakeholders determine the success and failure of a company.
At the moment, this is hardly the case for any industry but for the financial industry.
Compliance and integrity management do not have to be blockades or cause unnecessary bureaucracy. Those who really know their risks and create mechanisms to actively listen to their own organization can often do without inefficient lump-sum checks.
When we talk about efficiency, we do not just mean the necessary compliance routines ourselves, but think a lot further. Compliance management can be the lever to increase efficiency across the enterprise – allowing you to value your business well beyond legal requirements.