Case Studies
Effective risk management.
Not ticking boxes.
Payments services, e-Money institutions and investment firms know first hand how much regulatory change has gone through since 2015. We have experienced it all with them. In our experience, the firms that have been the most successful at adapting to change are those that think about risk management in terms of activities that add value to their business, including, but not limited to, what their risk or compliance team is doing.
Being prepared
If you have worked with Risk Shapes you will know that our approach to managing risk prepares you for change, and we advocate risk management practices that make sense for your business.
Making it happen
We know how to design and implement proportionate systems and controls that will also be compliant. We bring the necessary up-to-date knowledge and delivery capability that you need to succeed.
Contact us.
Below are just a few examples of how we have helped clients in the past. To hear more about our delivery capability get in touch with us.
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How have we helped clients adapt to change?
A listed company needs a risk review
Our full scope investment firm client, a broker, asked us to review the risks and controls for 3 significant business areas. We reviewed all the key risks arising from these areas. Each business had different key risks across credit, liquidity, regulatory and money laundering. We reviewed their 1st, and 2nd line controls, and their the legal documentation. The report, which included an action plan, was presented to their Board Risk Committee only six weeks later. We were invited back to lead and support a number of risk and compliance projects over following 2 years. Projects included their compliance manual training program, approved persons attestations, and conflict of interest disclosures and assessments.
Investment firm needs an ICAAP
Our investment firm client asked us to review and update their ICAAP document. They needed us to bring them up-to-date on current good practice and the regulatory changes. They needed a firm that could deliver across all risk disciplines for a reasonable price.
We worked with the senior management team and the people on the ground. We did the work to create not only the ICAAP review document, but many of the underlying documents and processes that would be required by an investment firm with their scale and complexity. We provided the necessary training and then stepped back, but not away. We supported the client to embed what we had created and we check in with them from time-to-time.
With the tools we provided for them, they are standing up on their own and we’re pleased about that.
e-Money institution needs a report
Our e-Money client asked us if we could create the operational security risk assessment (REP018), it was due at the FCA in 6 weeks. We created the risk assessment through discussion with their senior stakeholders in IT, Operations and Compliance and ensured that it was in keeping with their existing risk management framework. We created traceability between the risks, controls and the applicable regulations. The actions were agreed with the senior team and the FCA deadline was met. We continued to support them with many other initiatives as they grew their business. We particularly like working with this client as we have got to know their business very well over a short period of time.
FX firm needs a risk framework
Our fx payments firm client needed a firm-wide risk management framework that was scalable and proportionate, it needed to be appropriate for their investment firm too. The firm had gone through a period of sustained growth, a merger and a change in leadership.
They needed us to design and implement a risk framework that would be scalable and easy to explain to their busy management team. We created new documentation, using as much as was appropriate from their existing framework.
We did this in partnership with their team leaders in risk, compliance, operations and technology. We built some basic reporting processes, and redesigned their risk and compliance management information.
We are talking to them about technology solutions for their reporting framework during 2021.
Market maker needs a risk review
Our equity market maker client asked us to review their market and credit risk management activities in the UK. We reviewed their front-line and 2nd line risk measurement and reporting capabilities, and the relevant sections of their ICAAP and submitted a report to their senior management team. We were invited back to deliver a number of the recommendations for the risk and finance teams. We continue to work with this client on risk and compliance projects. We talk to them regularly on a variety of subjects. More recently we have been asked to support a review of their market abuse risk assessment and help them bring this programme in closer alignment with their AML framework.
Bank needs to be ready for Brexit
Our client based in the EU needed to demonstrate operational readiness for regulatory approval. We were brought in at short notice to accelerate the risk and compliance policy documentation workstream.
We worked with the management board of the subsidiary based in the EU and the key stakeholders at the parent company in the UK to create all the necessary compliance policy documents. We also provided advice on how best to implement these policies.
We were invited back once they were operational to review their credit and liquidity risk management framework.
We particularly enjoy working with this client because it allows us to work out our specific EU-jurisdiction expertise.