We design Compliance Mechanisms for Organizations that in turn strategically serve companies in a long run by ensuring greater Transparency, Ethical Reputation, and Profitability and by addressing potential Legal Risks and Leakage
Compliance Consulting is a collection of practices and guidelines that assist businesses in achieving their goals, dealing with unpredictability, and acting morally. Organizations are required to operate at higher levels of transparency, objectivity, & professionalism as new laws & regulations are put into place. Directors must make sure that corporate governance standards are followed & that effective compliance management systems are in place due to increased accountability & potential liabilities.
AKW Consultants aims to minimize the risk by identifying and addressing potential challenges, strengthen compliance through review & monitoring activities, and increase profitability by reducing compliance costs, and leakage so as to enhance your firm’s reputation by adhering to compliance requirements.
The underlying idea is that leading organizations resolve to strengthen their compliance mechanism to establish a strategic alignment of organizational structures to design a fit-for-purpose, comprehensive, & sustainable model. Our team can assist you in grasping how to apply these ideas to your compliance department & increase the value of that unit to the organization, resulting in long-term strategic benefits for your company. Our strategy combines a legal framework study with an evaluation of the systems and procedures that can support compliance & good corporate governance.
Our Assistance
AKW helps address the issues of Regulatory & Financial Crime Compliance, Governance, Enterprise Risk Management, Internal Audit & Fraud Risk Management. We work towards reducing these challenges by analyzing the present policies of the company, spotting the vulnerable areas, and devising a new framework, by aligning each policy, compliant with new regulations besides keeping the best interest of the company’s well-being. These measures are drafted in such a way that the company’s operations are monitored to be transparent, legal, and updated in order to ensure good corporate governance and hence a great reputation.
John Lee
Lena Lewis
Our Expert Services Include
Our Projects
KYC Remediation For Global Banking & Markets
- Reviewed and updated AML KYC policy and procedures to make it fit for purpose
- Developed templates, guidance & checklists to facilitate completion of profiles
- Conducted data readiness exercise to ensure accurate data attributes
- Capacity planning to calculate time and effort required to remediate profiles
- Established a team structure and allocation of work to manage customer profile through the production life cycle
- “This resulted in successful completion of 3,000 customers to a highest standard”
Correspondent Banking Client Due Diligence Utility
- Developed a target operating model for correspondent banks due diligence
- Provided strategic planning, designing policies and procedures, cost modelling, capacity planning, recruitment and training of staff, production management and quality assurance
- Key activities included day to day production management, monitoring of daily targets, data management and MI, identification of efficiency within the process, IT solutions, and benefit realization
- “We helped the client with successful migration of the processes, enabling the operations to achieve ‘business as usual’ and providing post implementation support”
Compliance Monitoring & Testing
- Conducted risk assessment of the transaction monitoring process across different lines of business
- Prepared compliance monitoring plans, annual completion targets and regulatory framework
- Established an escalation matrix around alerts being generated
- Sample testing of alerts closed by the operations team to ensure quality
- “Report submitted to Head of Compliance on our findings with recommendations and subsequent implementation of the recommendations”
Cost Optimisation And Streamlining Of Operations
- People – Conducted productivity analysis by setting efficiency thresholds, splitting roles & responsibilities to form a linear operational process lifecycle
- Process – Workflow management to optimize communication and accountability, joint operating model between retail and corporate banking
- Policy – Prioritization of client based on risk and revenue, risk rating of client based on high risk factors, market risk, and credit risk
- Technology – Transition from manual data to system based automated platform, establish single customer view across all products & services
- “By carrying out the streamlining review, we were able to identify significant efficiency and cost saves within 4 operational activities reviewed”
IT Audit Management For International Bank
- Review IT/IS Policies, Procedures, Processes and controls
- Review existing IT Strategy, Strategic Directions, IT/IS related KPIs (if any)
- Review existing IT Services Catalogue
- Review existing IT/IS Resources JDs, Competency Framework, Authority Matrix
- Review local regulatory bodies and industry specific’s IT/IS related controls
- Review existing network physical & logical architectures for the main site as well as DR
- Review and identify any single point of failure
- Review last conducted IS Audit and/ or Assessment Reports (findings)
Policies & Procedures For Bank
- A complete review of the bank’s existing policies and procedures
- Gap analysis of their existing policies and procedures to identify
- Policies and procedures requiring update and;
- Drafting new policies and procedures where gaps have been identified.
- Address gaps identified in Phase 1 across 9 Departments
- Close gaps identified by the internal audit team and internal control review conducted by external auditors
- Closing gaps involved update of polies and procedures where required and; drafting of new policies and procedures
- Departments in scope included – AML & Compliance, Risk, HR, Administration, Operations, Retail, Corporate, Treasury Front Office, IT& Security, Finance & internal Controls
Process Review Of International Bank Fund Service Division
- Control Assessment services for the processes put in place for services being provided to other banks Mutual Fund at its facility in Mumbai
- Review of controls design and operating effectiveness
- Review of access controls of the systems being used to interact by both the parties
- Review of updates for static data
- Update and review of Deal Capture
Review & Revision Of Risk Management Policy
- Develop an integrated risk management policy for the bank after considering the existing risk management policies of the bank, vis-à-vis RBI guidelines, Basel II guidelines and international best practices.
- Review existing operational risk capital charge calculation.
We work with the best brands
We work with the best brands
testimonials
This Is Umar from Day To Day Union branch accounts department, Akw Consultants are very professional and responsive, We are very glad to work with them since 2018. Best of luck in Future.
Thank you to the team AKW Consultants for assisting us with accounting reports and filing the tax returns for the last two years. Highly recommend.
Check our recent articles
To run your business successfully, be the first to know about all tax changes and innovations. Read tax news & professional articles from our experts.
Every day we post new articles covering state, local, and international taxation. Have a question about the article? Leave a comment.
