The document discusses how regulatory requirements related to anti-money laundering, counter-terrorism financing, and anti-bribery are converging. It notes that money laundering, corruption, and bribery are intrinsically linked. It also describes how risk assessment and due diligence processes must cover areas such as know your customer, transaction monitoring, and sanctions screening to address these converging compliance needs.
Welcome to IFRS Newsletter—a newsletter that offers a summary of certain developments in International Financial Reporting Standards (IFRS) along with insights into topical issues.
Solvency II is a fundamental review of the capital adequacy regime for EU insurers and reinsurers. It establishes revised capital requirements, valuation techniques, and risk management standards to replace Solvency I. Solvency II takes a total balance sheet view and is based on three pillars: Pillar 1 covers quantitative requirements including valuation of assets and liabilities, technical provisions, and capital requirements; Pillar 2 involves supervisory review and risk management; Pillar 3 focuses on market discipline through disclosure requirements.
Riskpro India is a specialized Risk Management Consulting firm providing risk management advisory, risk trainings, internal audits, forensic accounting, investigations, fraud prevention, process reviews services etc.
Today all organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets, Consequently as part of an organization’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.
Knowing present corporate focus and need for improved fraud risk governance & management, we’re pleased to launch our Fraud Risk Consulting services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services. Our services are offered through our multi location delivery centres in major metros with total presence in 11 Indian cities network.
“We are quoted in recent Economic Times news as among fastest
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, but at more affordable prices than large firms. It focuses exclusively on risk management and has over 200 years of cumulative experience. Services include fraud investigations, anti-fraud programs, compliance, and forensic audits.
Riskpro India Ventures provides risk management consulting services through offices in major Indian cities. It aims to provide integrated risk management solutions to mid-large sized companies and financial institutions. Riskpro consists of experienced professionals with expertise in various industries. It offers services such as fraud investigations, risk management, business ethics programs, and forensic accounting. Clients include companies from sectors like banking, automotive, telecom, insurance, real estate, pharmaceuticals, energy, and securities.
Today all organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets, Consequently as part of an organization’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.
Knowing present corporate focus and need for improved fraud risk governance & management, we’re pleased to launch our Fraud Risk Consulting services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services. Our services are offered through our multi location delivery centres in major metros with total presence in 11 Indian cities network.
Riskpro India Ventures provides integrated risk management consulting services to mid-large sized companies and financial institutions in India. It has offices in Mumbai, Delhi, and Bangalore, and alliances in other cities. Riskpro's services include fraud management, risk consulting, business ethics solutions, anti-corruption services, and forensics services. The company aims to provide quality advisory services at competitive prices using a hybrid delivery model and multi-skilled professionals with over 200 years of cumulative experience in risk management.
The document provides an introduction to credit portfolio management. It discusses analyzing portfolio risk through economic capital and reshaping the portfolio. Some ideas for improving the portfolio include hedging concentration risk using credit derivatives, enhancing returns while managing risk, and utilizing modern portfolio theory to reweight assets. Developing an effective credit portfolio management function faces challenges including streamlining decision processes, clarifying roles, and ensuring adequate liquidity in credit markets.
Welcome to IFRS Newsletter—a newsletter that offers a summary of certain developments in International Financial Reporting Standards (IFRS) along with insights into topical issues.
Solvency II is a fundamental review of the capital adequacy regime for EU insurers and reinsurers. It establishes revised capital requirements, valuation techniques, and risk management standards to replace Solvency I. Solvency II takes a total balance sheet view and is based on three pillars: Pillar 1 covers quantitative requirements including valuation of assets and liabilities, technical provisions, and capital requirements; Pillar 2 involves supervisory review and risk management; Pillar 3 focuses on market discipline through disclosure requirements.
Riskpro India is a specialized Risk Management Consulting firm providing risk management advisory, risk trainings, internal audits, forensic accounting, investigations, fraud prevention, process reviews services etc.
Today all organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets, Consequently as part of an organization’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.
Knowing present corporate focus and need for improved fraud risk governance & management, we’re pleased to launch our Fraud Risk Consulting services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services. Our services are offered through our multi location delivery centres in major metros with total presence in 11 Indian cities network.
“We are quoted in recent Economic Times news as among fastest
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, but at more affordable prices than large firms. It focuses exclusively on risk management and has over 200 years of cumulative experience. Services include fraud investigations, anti-fraud programs, compliance, and forensic audits.
Riskpro India Ventures provides risk management consulting services through offices in major Indian cities. It aims to provide integrated risk management solutions to mid-large sized companies and financial institutions. Riskpro consists of experienced professionals with expertise in various industries. It offers services such as fraud investigations, risk management, business ethics programs, and forensic accounting. Clients include companies from sectors like banking, automotive, telecom, insurance, real estate, pharmaceuticals, energy, and securities.
Today all organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets, Consequently as part of an organization’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.
Knowing present corporate focus and need for improved fraud risk governance & management, we’re pleased to launch our Fraud Risk Consulting services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services. Our services are offered through our multi location delivery centres in major metros with total presence in 11 Indian cities network.
Riskpro India Ventures provides integrated risk management consulting services to mid-large sized companies and financial institutions in India. It has offices in Mumbai, Delhi, and Bangalore, and alliances in other cities. Riskpro's services include fraud management, risk consulting, business ethics solutions, anti-corruption services, and forensics services. The company aims to provide quality advisory services at competitive prices using a hybrid delivery model and multi-skilled professionals with over 200 years of cumulative experience in risk management.
The document provides an introduction to credit portfolio management. It discusses analyzing portfolio risk through economic capital and reshaping the portfolio. Some ideas for improving the portfolio include hedging concentration risk using credit derivatives, enhancing returns while managing risk, and utilizing modern portfolio theory to reweight assets. Developing an effective credit portfolio management function faces challenges including streamlining decision processes, clarifying roles, and ensuring adequate liquidity in credit markets.
How do you monitor your Basel III compliance? Pactera_US
This document discusses Basel III compliance and operational risk measurement and reporting requirements for banks. It summarizes the key principles for effective risk data aggregation and reporting established by the Basel Committee on Banking Supervision. These include governance, data accuracy and integrity, completeness, timeliness, and adaptability of risk reporting. The document also provides examples of operational risk activity and business reporting, highlighting the largest losses come from retail banking and external fraud. It concludes with best practices for a pragmatic approach to risk detection and transparent, understandable reporting to improve risk management.
This document outlines an operations risk assessment program for hedge fund managers. It discusses applying a risk paradigm focused on processes, people, and systems based on the Basel II framework. The opportunity is to develop an integrated operations risk approach that incorporates institutional best practices to provide comparability across fund managers. The approach assesses operational risks and controls through a standardized framework involving risk mapping, control evaluation, and testing operating effectiveness. This allows managers to demonstrate robust risk management to investors.
RiskPro India Ventures provides risk consulting and advisory services to insurance companies. It has offices in New Delhi, Mumbai, and Bangalore, and alliances in other major cities across India. RiskPro aims to be the preferred provider of governance, risk, and compliance solutions through integrated risk management consulting services to mid-large sized corporate and financial institutions. It offers services such as Basel II/III advisory, corporate risk assessment, information security audits, and operational risk management using a hybrid delivery model and over 200 years of cumulative experience across its multi-skilled team.
This presentation features the Risk Analysis Module of the Social Enterprise Learning Toolkit developed by Enterprising Non-Profits. The Toolkit offers a number of different learning modules and can be found on the enp website at www.enterprisingnonprofits.ca
This document summarizes a market review of over-the-counter (OTC) derivative bilateral collateralization practices conducted by the International Swaps and Derivatives Association (ISDA). The review was requested by international financial regulators to better understand current collateralization practices, particularly as they relate to different types of counterparties. The review found that while dealers are the largest market participants and have received regulatory scrutiny, it is important to develop a comprehensive view of collateral practices across the diverse OTC derivatives market. The review included contributions from a wide range of market participants and its goal was to facilitate assessing any systemic risks and potential reforms.
The document discusses strategies for reducing shrinkage and increasing profitability through effective loss prevention programs. It notes that shrinkage significantly impacts retailers' bottom lines. Studies show best-in-class retailers realize shrink recovery can be a top profit source, and loss prevention programs can reduce shrinkage by 20-40%. The document advocates moving from traditional reactive approaches to more innovative predictive analytics utilizing comprehensive data to identify drivers of loss, monitor trends, profile high-risk stores, and target solutions. An analytical approach and roadmap are presented for building baseline models, validating accuracy, enhancing operations, measuring results, and addressing out-of-tolerance indicators to efficiently allocate resources and minimize losses over time.
The document discusses Riskpro's Governance, Risk, and Compliance (GRC) offering and approach for capital markets clients. It provides an overview of Riskpro's services in the areas of governance, risk management, and compliance. These include defining risk appetite, implementing risk scorecards, scanning emerging risks, policy development, regulatory reviews and audits, and selecting and implementing GRC technology and software solutions to help clients adapt to changes, manage risk, and achieve compliance. The document also provides examples of Riskpro's risk management solutions for stock broker companies and lists key compliance requirements in various areas.
Example security risk assessment tool july 2010WarrenGreen
This document contains a security threat and risk assessment of various external and internal risks. It evaluates the likelihood and potential consequences of threats such as theft, fraud, hacking, sabotage, and data breaches. It rates the risks on a scale from low to extreme. For high risk threats, it recommends actions such as specifying management responsibilities, utilizing additional physical and human resources, and gaining senior management attention. The assessment tool is meant to help manage security risks and refers to several risk management standards.
It gives me immense pleasure to introduce our firm “Riskpro” founded in 2009- a specialized risk management consulting by our Founders who are qualified risk specialists with diverse work experience in India, Middle East, Europe & US across industries & FI’s.
In continuation of our fast growing presence and business trajectory, I would like to welcome you and share towards launch of RiskPro Insurance Risk advisory Services which is an addition to our existing bouquet of Risk advisory , Consulting, Training & Human Capital Services to corporates across India currently being serviced through our multi location delivery locations in major metros with total presence in 11 Indian cities network already. Our dedicated experts team who are qualified seasoned professionals in Insurance industry across diverse business domains with right blend of optimal solutions for high performance business results.
Insurance business , like any other industry has evolved with new business models, government and regulatory changes, increased market players and de-regulation which has impacted functioning of major insurance players (General, Life)to generate business and also adhere to compliances imposed by governing authorities within volatile global paradigm, which necessitates the need for prudent risk management framework in Insurance businesses. Riskpro with its precise risk-reward approach is your ideal partner in de-risking of your insurance business operating model with risk management value proposition for a long-lasting embedded tenet in your business DNA.
Risk Management Service offerings:-
- Risk - Evaluation/Inspection/Audit & Reporting
- Due-Diligence – Current Insurances/Indemnity advisory/Renewals
- Capital Assets Valuation for loss coverage
- Claims Management
- Regulatory Compliances- IRDA/SEBI/ICDR
Key Domain Areas:-
- Property Risk- Physical Assets
- Financial Risk- Monetary Loss
- Liability Risk- Operational Loss
- People Risk- Employees Loss
Please find enclosed our Company brief introduction and services brochure for your kind consideration and give us a chance to be your preferred risk knowledge partners for a mutual alliance.
“We are quoted in recent Economic Times news as among fastest growing risk consulting firms in India.” (Click for more details).
Liquidity Risk Corporation provides liquidity risk consultancy services and has decades of experience in this area. The document describes the company's offerings which include conducting a liquidity health check for clients to analyze their current liquidity risk management practices, evaluate strengths and weaknesses, and propose a target liquidity concept and architecture. The company also assists clients with implementing solutions and tooling to improve their liquidity risk analysis and management.
Explaining 30,000 Mutual Funds to a Billion PeopleBentleyDUC
At the 2012 Face of Finance Conference, at Bentley University, in Waltham, MA, Josiah Fisk (More Carrot) presented "Explaining 30,000 Mutual Funds to a Billion People" during the Designing for Financial Systems session.
Small business owners facing economic difficulties may consider laying off employees as a way to cut payroll expenses. However, layoffs are difficult for both workers and owners. Owners should first determine if layoffs are truly necessary by exploring other cost-cutting options or obtaining new financing. If layoffs are unavoidable, owners should consider their business needs carefully, comply with all labor laws, and seek legal advice before terminating any employees.
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, but at more affordable prices than large firms. It focuses exclusively on risk management and has over 200 years of cumulative experience. Services include fraud investigations, anti-fraud programs, compliance, and forensic audits.
Today all organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets, Consequently as part of an organization’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.
Knowing present corporate focus and need for improved fraud risk governance & management, we’re pleased to launch our Fraud Risk Consulting services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services.
Riskpro India Ventures provides risk management consulting services through offices in major Indian cities. It aims to provide integrated risk management solutions to mid-large sized companies and financial institutions. Riskpro consists of experienced professionals with expertise in various industries. It offers services such as fraud investigations, risk management, forensics, and compliance to help clients prevent losses and improve governance.
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, at more affordable prices. It focuses solely on risk management and has over 200 years of cumulative experience. The document discusses fraud risk diagnostics and management services including fraud investigation, anti-money laundering support, and a whistleblower hotline.
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, at more affordable prices. It focuses solely on risk management and has over 200 years of cumulative experience. The document discusses fraud risk diagnostics and management services including investigation, prevention, ethics programs, and a whistleblower hotline.
Riskpro India Ventures provides integrated risk management consulting services to mid-large sized companies and financial institutions in India. It has offices in Mumbai, Delhi, and Bangalore, and alliances in other cities. Riskpro's mission is to be the preferred provider of governance, risk, and compliance solutions through services such as fraud risk management, business ethics programs, vendor screening, and forensics. The company differentiates itself from large consulting firms through its focus on risk management, experience, hybrid delivery model, and ability to take on large complex projects.
Fraud Risk Management - Road Show in KL, MalaysiaTommy Seah
The Reason why u need FRA
Passage of the Sarbanes-Oxley Act (SOX) caused more and more companies, public and private, to assess their vulnerability to fraud and abuse. Section 404(a) of the Act requires management of public companies to assess and report on its internal financial reporting controls, largely to ensure that financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP). Fraudulent financial reporting that leads to a material misstatement in the financial statements is one key risk management should assess. This assessment focuses on accounts, processes, GAAP disclosures and the assertions in the financial statements and other required disclosures. Countries in Asia do not necessarily have their own version of SOX. But they have seen the benefits in SOX in the prevention of occupational fraud. Fraud Risk Assessment is now an integral part of good corporate governance.
Such assessments aren’t new. Organizations have assessed business and organizational risks for years. But fraud risk analysis has rarely been the primary focus. Times have changed, and now many companies and organizations are considering conducting specific fraud risk assessments.
Prevent, Deter and Detect Fraud
A fraud risk assessment is designed to examine the controls specifically created to prevent, deter and detect fraud. This assessment is fraud scheme and scenario-based. Fraud risk assessments also communicate a companywide policy of zero tolerance for fraud and abuse.
To conduct an effective fraud risk assessment, follow these steps:
1. Organize and define the assessment objectives with company management and your internal audit committee. Form a team of fraud and control experts, and get senior management and audit committee buy-in: Ask them to communicate their endorsement and sponsorship of both the process and a strong antifraud program to the entire organization.
2. Determine the business and accounting process(es) to be assessed and investigated. Usually, the initial processes selected are those where fraud or abuse has previously occurred or that management has identified as critical business processes that may be susceptible to fraud or abuse.
3. Identify potential schemes and scenarios specific to the process(es) to be examined against current controls. Fraud schemes and scenarios should be selected based on the specific business process, the industry, physical location of the process operation and any known frauds or abuses concerning the process.
4. Determine the likelihood of a fraud occurring within each scheme and scenario. The Public Company Accounting Oversight Board has defined risk levels as remote, more than remote or reasonably possible, and probable. If assessing a public company, assess the risk levels in relation to SOX compliance efforts.
5. After the fraud risks for individual processes have been identified, documented, and rated as to risk level, match the controls within each process to the identified fraud risks. Determine the effectiveness of each control in preventing or providing a means of early detection for the fraud risk. Group the risks as to their probability of occurring within the process.
6. Estimate the probable loss in dollars should the fraud or abuse occur. Try to place a value on loss of reputation if that is a possible outcome.
7. Prepare recommendations for strengthening controls and present to management.
Fraud Risk Assessment Benefits
Some benefits of a fraud risk assessment are obvious — compliance with Sarbanes-Oxley, protection of company assets, and a possible increase in profitability due to a reduction in fraud losses, waste and abuse. But another important benefit doesn’t appear in financial statements or government filings: the enhanced reputation of a highly ethical company that supports a strong internal and external antifraud policy and program.
The Structural Approach to
Investigating Financial Statement
Fraud is the specialty practice
area of examiners that describes
engagements that result from
actual or anticipated disputes or
litigation. In litigation, 'Forensic'
means suitable for use in Court,
and it is to that standard and
potential outcome that fraud
examiners generally have to work.
Certified System Investigators
(CSI), Fraud Examiners (CFE) and
Forensic accountants (CPA) often
have to give expert evidence at the
eventual trial. All of the larger
accounting firms, as well as many
medium-sized and boutique firms,
have specialist forensic
accounting departments. Within
these groups, there may be further
sub-specializations: some forensic
accountants may, for example, just
specialize in insurance claims,
personal injury claims, fraud,
construction, or royalty audits.
This is where the distinction lies:
While Accounting firms do only
“Forensic Accounting” CSIs and
CFEs perform Investigations in
Financial Statement Fraud. This is
not the same thing — one is post
event, the other one is
pre-emptive.
Engagements relating to criminal
matters typically arise in the
aftermath of fraud. They frequently
involve the assessment of
accounting systems and accounts
presentation - in essence
assessing if the numbers reflect
reality. The CSI and CFE
determines whether there has
been any audit failure on the part
of the Accounting firm. This
seminar will train participants to
change from a justification mindset
to a pre-emptive mindset. It will
help them develop the capability to
render a service that can answer
the following questions, “What
have gone wrong? Could it have
been prevented in the first place?
Who is responsible for the mess?
The general idea is essentially to
prevent financial statement frauds
and when it does occur, how to
contain the damage and recognize
who is responsible for what in the
whole scheme of things.
How do you monitor your Basel III compliance? Pactera_US
This document discusses Basel III compliance and operational risk measurement and reporting requirements for banks. It summarizes the key principles for effective risk data aggregation and reporting established by the Basel Committee on Banking Supervision. These include governance, data accuracy and integrity, completeness, timeliness, and adaptability of risk reporting. The document also provides examples of operational risk activity and business reporting, highlighting the largest losses come from retail banking and external fraud. It concludes with best practices for a pragmatic approach to risk detection and transparent, understandable reporting to improve risk management.
This document outlines an operations risk assessment program for hedge fund managers. It discusses applying a risk paradigm focused on processes, people, and systems based on the Basel II framework. The opportunity is to develop an integrated operations risk approach that incorporates institutional best practices to provide comparability across fund managers. The approach assesses operational risks and controls through a standardized framework involving risk mapping, control evaluation, and testing operating effectiveness. This allows managers to demonstrate robust risk management to investors.
RiskPro India Ventures provides risk consulting and advisory services to insurance companies. It has offices in New Delhi, Mumbai, and Bangalore, and alliances in other major cities across India. RiskPro aims to be the preferred provider of governance, risk, and compliance solutions through integrated risk management consulting services to mid-large sized corporate and financial institutions. It offers services such as Basel II/III advisory, corporate risk assessment, information security audits, and operational risk management using a hybrid delivery model and over 200 years of cumulative experience across its multi-skilled team.
This presentation features the Risk Analysis Module of the Social Enterprise Learning Toolkit developed by Enterprising Non-Profits. The Toolkit offers a number of different learning modules and can be found on the enp website at www.enterprisingnonprofits.ca
This document summarizes a market review of over-the-counter (OTC) derivative bilateral collateralization practices conducted by the International Swaps and Derivatives Association (ISDA). The review was requested by international financial regulators to better understand current collateralization practices, particularly as they relate to different types of counterparties. The review found that while dealers are the largest market participants and have received regulatory scrutiny, it is important to develop a comprehensive view of collateral practices across the diverse OTC derivatives market. The review included contributions from a wide range of market participants and its goal was to facilitate assessing any systemic risks and potential reforms.
The document discusses strategies for reducing shrinkage and increasing profitability through effective loss prevention programs. It notes that shrinkage significantly impacts retailers' bottom lines. Studies show best-in-class retailers realize shrink recovery can be a top profit source, and loss prevention programs can reduce shrinkage by 20-40%. The document advocates moving from traditional reactive approaches to more innovative predictive analytics utilizing comprehensive data to identify drivers of loss, monitor trends, profile high-risk stores, and target solutions. An analytical approach and roadmap are presented for building baseline models, validating accuracy, enhancing operations, measuring results, and addressing out-of-tolerance indicators to efficiently allocate resources and minimize losses over time.
The document discusses Riskpro's Governance, Risk, and Compliance (GRC) offering and approach for capital markets clients. It provides an overview of Riskpro's services in the areas of governance, risk management, and compliance. These include defining risk appetite, implementing risk scorecards, scanning emerging risks, policy development, regulatory reviews and audits, and selecting and implementing GRC technology and software solutions to help clients adapt to changes, manage risk, and achieve compliance. The document also provides examples of Riskpro's risk management solutions for stock broker companies and lists key compliance requirements in various areas.
Example security risk assessment tool july 2010WarrenGreen
This document contains a security threat and risk assessment of various external and internal risks. It evaluates the likelihood and potential consequences of threats such as theft, fraud, hacking, sabotage, and data breaches. It rates the risks on a scale from low to extreme. For high risk threats, it recommends actions such as specifying management responsibilities, utilizing additional physical and human resources, and gaining senior management attention. The assessment tool is meant to help manage security risks and refers to several risk management standards.
It gives me immense pleasure to introduce our firm “Riskpro” founded in 2009- a specialized risk management consulting by our Founders who are qualified risk specialists with diverse work experience in India, Middle East, Europe & US across industries & FI’s.
In continuation of our fast growing presence and business trajectory, I would like to welcome you and share towards launch of RiskPro Insurance Risk advisory Services which is an addition to our existing bouquet of Risk advisory , Consulting, Training & Human Capital Services to corporates across India currently being serviced through our multi location delivery locations in major metros with total presence in 11 Indian cities network already. Our dedicated experts team who are qualified seasoned professionals in Insurance industry across diverse business domains with right blend of optimal solutions for high performance business results.
Insurance business , like any other industry has evolved with new business models, government and regulatory changes, increased market players and de-regulation which has impacted functioning of major insurance players (General, Life)to generate business and also adhere to compliances imposed by governing authorities within volatile global paradigm, which necessitates the need for prudent risk management framework in Insurance businesses. Riskpro with its precise risk-reward approach is your ideal partner in de-risking of your insurance business operating model with risk management value proposition for a long-lasting embedded tenet in your business DNA.
Risk Management Service offerings:-
- Risk - Evaluation/Inspection/Audit & Reporting
- Due-Diligence – Current Insurances/Indemnity advisory/Renewals
- Capital Assets Valuation for loss coverage
- Claims Management
- Regulatory Compliances- IRDA/SEBI/ICDR
Key Domain Areas:-
- Property Risk- Physical Assets
- Financial Risk- Monetary Loss
- Liability Risk- Operational Loss
- People Risk- Employees Loss
Please find enclosed our Company brief introduction and services brochure for your kind consideration and give us a chance to be your preferred risk knowledge partners for a mutual alliance.
“We are quoted in recent Economic Times news as among fastest growing risk consulting firms in India.” (Click for more details).
Liquidity Risk Corporation provides liquidity risk consultancy services and has decades of experience in this area. The document describes the company's offerings which include conducting a liquidity health check for clients to analyze their current liquidity risk management practices, evaluate strengths and weaknesses, and propose a target liquidity concept and architecture. The company also assists clients with implementing solutions and tooling to improve their liquidity risk analysis and management.
Explaining 30,000 Mutual Funds to a Billion PeopleBentleyDUC
At the 2012 Face of Finance Conference, at Bentley University, in Waltham, MA, Josiah Fisk (More Carrot) presented "Explaining 30,000 Mutual Funds to a Billion People" during the Designing for Financial Systems session.
Small business owners facing economic difficulties may consider laying off employees as a way to cut payroll expenses. However, layoffs are difficult for both workers and owners. Owners should first determine if layoffs are truly necessary by exploring other cost-cutting options or obtaining new financing. If layoffs are unavoidable, owners should consider their business needs carefully, comply with all labor laws, and seek legal advice before terminating any employees.
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, but at more affordable prices than large firms. It focuses exclusively on risk management and has over 200 years of cumulative experience. Services include fraud investigations, anti-fraud programs, compliance, and forensic audits.
Today all organizations are subject to fraud risks. Large frauds have led to the downfall of entire organizations, massive investment losses, significant legal costs, incarceration of key individuals, and erosion of confidence in capital markets, Consequently as part of an organization’s governance structure, a fraud risk management program should be in place, including a written policy to convey the expectations of the board of directors and senior management regarding managing fraud risk.
Knowing present corporate focus and need for improved fraud risk governance & management, we’re pleased to launch our Fraud Risk Consulting services in addition to our existing bouquet of Risk advisory, Consulting, Training & Human Capital Services.
Riskpro India Ventures provides risk management consulting services through offices in major Indian cities. It aims to provide integrated risk management solutions to mid-large sized companies and financial institutions. Riskpro consists of experienced professionals with expertise in various industries. It offers services such as fraud investigations, risk management, forensics, and compliance to help clients prevent losses and improve governance.
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, at more affordable prices. It focuses solely on risk management and has over 200 years of cumulative experience. The document discusses fraud risk diagnostics and management services including fraud investigation, anti-money laundering support, and a whistleblower hotline.
Riskpro India Ventures provides integrated risk management consulting services including fraud risk management. It has offices in major Indian cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide quality advisory services typically offered by large firms, at more affordable prices. It focuses solely on risk management and has over 200 years of cumulative experience. The document discusses fraud risk diagnostics and management services including investigation, prevention, ethics programs, and a whistleblower hotline.
Riskpro India Ventures provides integrated risk management consulting services to mid-large sized companies and financial institutions in India. It has offices in Mumbai, Delhi, and Bangalore, and alliances in other cities. Riskpro's mission is to be the preferred provider of governance, risk, and compliance solutions through services such as fraud risk management, business ethics programs, vendor screening, and forensics. The company differentiates itself from large consulting firms through its focus on risk management, experience, hybrid delivery model, and ability to take on large complex projects.
Fraud Risk Management - Road Show in KL, MalaysiaTommy Seah
The Reason why u need FRA
Passage of the Sarbanes-Oxley Act (SOX) caused more and more companies, public and private, to assess their vulnerability to fraud and abuse. Section 404(a) of the Act requires management of public companies to assess and report on its internal financial reporting controls, largely to ensure that financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP). Fraudulent financial reporting that leads to a material misstatement in the financial statements is one key risk management should assess. This assessment focuses on accounts, processes, GAAP disclosures and the assertions in the financial statements and other required disclosures. Countries in Asia do not necessarily have their own version of SOX. But they have seen the benefits in SOX in the prevention of occupational fraud. Fraud Risk Assessment is now an integral part of good corporate governance.
Such assessments aren’t new. Organizations have assessed business and organizational risks for years. But fraud risk analysis has rarely been the primary focus. Times have changed, and now many companies and organizations are considering conducting specific fraud risk assessments.
Prevent, Deter and Detect Fraud
A fraud risk assessment is designed to examine the controls specifically created to prevent, deter and detect fraud. This assessment is fraud scheme and scenario-based. Fraud risk assessments also communicate a companywide policy of zero tolerance for fraud and abuse.
To conduct an effective fraud risk assessment, follow these steps:
1. Organize and define the assessment objectives with company management and your internal audit committee. Form a team of fraud and control experts, and get senior management and audit committee buy-in: Ask them to communicate their endorsement and sponsorship of both the process and a strong antifraud program to the entire organization.
2. Determine the business and accounting process(es) to be assessed and investigated. Usually, the initial processes selected are those where fraud or abuse has previously occurred or that management has identified as critical business processes that may be susceptible to fraud or abuse.
3. Identify potential schemes and scenarios specific to the process(es) to be examined against current controls. Fraud schemes and scenarios should be selected based on the specific business process, the industry, physical location of the process operation and any known frauds or abuses concerning the process.
4. Determine the likelihood of a fraud occurring within each scheme and scenario. The Public Company Accounting Oversight Board has defined risk levels as remote, more than remote or reasonably possible, and probable. If assessing a public company, assess the risk levels in relation to SOX compliance efforts.
5. After the fraud risks for individual processes have been identified, documented, and rated as to risk level, match the controls within each process to the identified fraud risks. Determine the effectiveness of each control in preventing or providing a means of early detection for the fraud risk. Group the risks as to their probability of occurring within the process.
6. Estimate the probable loss in dollars should the fraud or abuse occur. Try to place a value on loss of reputation if that is a possible outcome.
7. Prepare recommendations for strengthening controls and present to management.
Fraud Risk Assessment Benefits
Some benefits of a fraud risk assessment are obvious — compliance with Sarbanes-Oxley, protection of company assets, and a possible increase in profitability due to a reduction in fraud losses, waste and abuse. But another important benefit doesn’t appear in financial statements or government filings: the enhanced reputation of a highly ethical company that supports a strong internal and external antifraud policy and program.
The Structural Approach to
Investigating Financial Statement
Fraud is the specialty practice
area of examiners that describes
engagements that result from
actual or anticipated disputes or
litigation. In litigation, 'Forensic'
means suitable for use in Court,
and it is to that standard and
potential outcome that fraud
examiners generally have to work.
Certified System Investigators
(CSI), Fraud Examiners (CFE) and
Forensic accountants (CPA) often
have to give expert evidence at the
eventual trial. All of the larger
accounting firms, as well as many
medium-sized and boutique firms,
have specialist forensic
accounting departments. Within
these groups, there may be further
sub-specializations: some forensic
accountants may, for example, just
specialize in insurance claims,
personal injury claims, fraud,
construction, or royalty audits.
This is where the distinction lies:
While Accounting firms do only
“Forensic Accounting” CSIs and
CFEs perform Investigations in
Financial Statement Fraud. This is
not the same thing — one is post
event, the other one is
pre-emptive.
Engagements relating to criminal
matters typically arise in the
aftermath of fraud. They frequently
involve the assessment of
accounting systems and accounts
presentation - in essence
assessing if the numbers reflect
reality. The CSI and CFE
determines whether there has
been any audit failure on the part
of the Accounting firm. This
seminar will train participants to
change from a justification mindset
to a pre-emptive mindset. It will
help them develop the capability to
render a service that can answer
the following questions, “What
have gone wrong? Could it have
been prevented in the first place?
Who is responsible for the mess?
The general idea is essentially to
prevent financial statement frauds
and when it does occur, how to
contain the damage and recognize
who is responsible for what in the
whole scheme of things.
This document provides an overview of operational risk and risk management. It defines operational risk as "the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events." It outlines the scope of operational risks, including both internal risks from failures and external strategic risks. It also describes the causes, events, and consequences of operational risks, as well as the role and processes of operational risk management programs, including risk identification, assessment, measurement, monitoring, and mitigation.
Operational risk can result in losses from failed internal processes, people, or systems or from external events. It is inherent in all business activities. There are four main approaches under Basel II to calculate capital requirements for operational risk: Basic Indicator Approach, Standardized Approach, Advanced Measurement Approaches (AMA), and the Internal Ratings-Based Approach (IRB). The Standardized Approach divides activities into business lines and assigns risk factors to each to determine capital charges. The AMA uses a bank's internal risk measurement system to determine regulatory capital requirements subject to supervisory approval.
This document discusses how financial services firms are converging their finance, risk, compliance and treasury functions in response to regulatory pressures and market changes. It outlines trends driving this convergence, including increased complexity, competition and regulatory uncertainty. Firms must ensure financial and strategic decisions minimize risk exposure and consider impacts on customers, transactions and investments. The document also examines priorities firms are investing in, such as risk management and compliance, and how better integrating data and perspectives across divisions can help optimize goals around profitability and risk management. Examples of scenarios where converged information strategies could help with regulatory reporting and capital adequacy assessments are also provided.
Riskpro is an Indian risk management consulting firm with offices in Mumbai, Delhi, and Bangalore. It provides a wide range of risk management advisory services including Basel II/III advisory, corporate risk assessment, information security audits, and operational risk reviews. The document discusses Riskpro's mission, value propositions, service offerings, client examples, team resumes, and partnerships. It also covers topics like legal and compliance audits, the audit methodology, and benefits and challenges of such audits.
The document provides information about Riskpro, an organization that offers risk management consulting services in India. It has offices in major cities and alliances in other cities, managed by experienced professionals. Riskpro aims to provide integrated risk management solutions and be a preferred service provider for governance, risk, and compliance needs. It offers a wide range of advisory services including audits, assessments, and training. The document then focuses on Riskpro's legal and compliance audits, outlining their objectives, methodology, and coverage of relevant acts.
This document provides information about Riskpro, an organization that offers risk management consulting services in India. It has offices in three major cities and alliances in other cities. The document discusses Riskpro's mission, value proposition, services, clients, and team experiences. Riskpro's services include legal and compliance audits, Basel II/III advisory, corporate risk assessment, information security services, and training. Example clients mentioned are from the retail sector. Biographies are provided for several of Riskpro's experienced professionals on its management team.
Riskpro is an Indian risk management consulting firm with offices in Mumbai, Delhi, and Bangalore. It provides a wide range of risk management advisory services including Basel II/III advisory, corporate risk assessment, information security audits, and operational risk reviews. The document discusses Riskpro's mission, value propositions, service offerings, client examples, team resumes, and partnerships. It also covers topics like legal and compliance audits, the audit methodology, and benefits and challenges of such audits.
RISKPRO INDIA
• Riskpro is India’s first national practice dedicated to risk management services and training, corporate governance, and global regulatory compliances
• Risk can be defined as a prospect of loss or reduced gain that can adversely affect the achievement of an organisation’s objectives
• When greed overtakes need, it spells trouble. Manifested as ‘bankruptcy’ in much of the developed world and ‘corruption’ closer to home, greed has clearly disrupted some major industrialised economies and enhanced the risks of doing business
• In today’s world, risks are not few. The reason companies so often fail to systematically manage their key risks is rooted in the way they define the risks they face. Risks are manageable and the answer to untapped business opportunities that lie dormant waiting for risk factors to turn favourable
• Riskpro was founded in 2009 with offices in Mumbai, Delhi, and Bangalore and it has already added eight member firms in Ahmedabad, Agra, Chennai, Gurgaon, Hyderabad, Jaipur, Ludhiana, and Pune. All our offices and member firms are well equipped and staffed with qualified professionals viz. CA, CWA, CS, CPA, CIA, CISA, CFA, and MBA
• Riskpro’s founders are qualified risk management specialists with extensive work experience in Europe and USA in several industries and financial institutions
• Riskpro aims to be the preferred service provider for large and medium enterprises on risk protection, corporate governance, and global regulatory issues; delivering state-of-the-art quality and timely services at viable rates
RISKPRO SERVICES
• Our four major practice specialisations /service lines are:
Risk: Enterprise Risk Management (services and training & recruitment)
Governance: Corporate Governance and Transparency
Compliance: Global and Indian Regulatory Compliances
Training: in all of the above service lines
• The Risk Practice deals with all classes of risks and processes viz. governance, strategic, systemic /infrastructure, compliance, reporting, and financial reporting. Processes require that key risks are properly identified, measured, monitored, controlled, and reported. Processes may also require tools like risk based internal audit, information security testing, and fraud investigations, to be employed
• The Governance Practice deals with corporate oversight and risk governance issues within an organization including business continuity planning, compliance with SEBI guidelines by listed companies, regulations relating to independent directors, investor expectation and protection, Clause-49 on corporate governance, etc
• The Compliance Practice covers a wide range of regulatory and environmental compliances including Sox, IFRS, Solvency II, Basel II /III, Corporate Laws & Direct Tax Code etc
• The Training Practice comprises of a variety of structured and /or industry specific training programs and modules designed and conducted by Riskpro experts and trainers at onsite (client or other off
The document discusses financial controllership and internal controls. It defines financial controllership as a management function that supervises accounting, financial reporting, and implementation of internal controls. It then discusses risks, the process of identifying and prioritizing risks, and considerations for evaluating risks. Finally, it defines internal controls as processes designed to provide reasonable assurance of achieving objectives related to operations, financial reporting, and compliance.
Riskpro is an Indian organization that provides risk management consulting services through offices in major cities. It offers a wide range of services related to risk management, governance, and compliance for mid-large sized corporate and financial institutions. The document discusses Riskpro's mission, value proposition, services, and audit methodology. Riskpro's services include Basel II/III advisory, corporate risk assessment, information security, and operational risk reviews. It provides legal and compliance audits to identify regulatory scope, document verification, and reporting of non-compliance findings.
Riskpro is an Indian organization that provides risk management consulting services through offices in major cities. It offers a wide range of services related to risk management, governance, and compliance for mid-large sized corporate and financial institutions. The document discusses Riskpro's mission, value proposition, services, and audit methodology. Riskpro's services include Basel II/III advisory, corporate risk assessment, information security, and operational risk reviews. It conducts legal and compliance audits to identify risks and ensure organizations are adhering to applicable laws and regulations.
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The Evolving Enterprise Risk Model
1. The evolving enterprise risk model
Mark Dunn
Market Planning Manager
LexisNexis Risk
3rd October, 2011
LexisNexis Proprietary & Confidential: For internal office use only 1
2. Converging regulatory drivers
Money
Laundering
Regulations
2007
Sanctions Regime POCA
Regulatory Bribery Act 2010
FATCA
Risk
Dodd-Frank FCPA
LexisNexis Proprietary & Confidential: For internal office use only 2
3. Converging regulatory drivers
“The Money Laundering Regulations 2007 “And of course for the purposes of the
..require that firms…prevent funds or Proceeds of Crime legislation, once bribery
financial services being made has occurred, there will be a distinct likelihood
available to those on the sanctions list ” of money laundering”
FSA SFO
“What we have been doing.. is “Corruption and bribery will be one of the
to make the important link topics of our forthcoming round of thematic
between corruption investigations” FSA
and money laundering”
SFO
“Corruption in one country often “Corruption and money
leads to laundering in another” laundering are intrinsically
“We will be looking at FSA linked” FATF
investment banks’ procedures
designed to contain the risk staff
“Anti-money laundering (AML)
or agents pay or receive bribes.”
and counter-terrorist financing
FSA “FATCA…requires far more in
(CFT) measures are powerful
tools that are effective in the depth and prescriptive KYC and
fight against corruption” beneficial ownership
FATF requirements” Wolfsberg
3
4. Converging risk assessment
Country
Sectoral
Risk
Risk
Risk
Assessment
Business Transaction
Partnership Risk
Risk
Business
Opportunity
Risk
LexisNexis Proprietary & Confidential: For internal office use only 4
5. Converging due diligence tasks
Know
Your Customer
Know
Your Customer’s
Due Know
Your Supplier
Customer Diligence
Know
Your Employee
LexisNexis Proprietary & Confidential: For internal office use only 5
6. Converging due diligence tasks
Process Overview
• Approach to due diligence covers
three stages determined by risk
assessment:
Conduct
1. Conduct health check
Ongoing health check
Update records on existing entities
monitoring
1. Manage incoming checks
Conduct due diligence on new entities
Due Diligence
Core Tasks
1. Ongoing monitoring
Conduct spot checks and periodic reviews
Manage
Arrow 2
incoming checks
6
7. Converging due diligence tasks
Process Overview
Identify
Review
Risk
Due Diligence
Communication Assessment
Monitor High Level
And
Training
Process
Audit Research
7
8. Converging due diligence tasks
Sanctions PEP
screening screening
Negative Due Identity
news verification
Diligence
Beneficial
ownership
LexisNexis Proprietary & Confidential: For internal office use only 8
9. Converging due diligence tasks
AML Fraud Audit Strategy Procurem Corpora
Corporate Credit
AML Fraud Audit Strategy Procurement Credit
ent teSecurity
Security
Company M&A Employee
due diligence ID due diligence screening
Credit
verification
reference
List Third party Investigations
checking Reputation due diligence
checks
Transaction Country
monitoring Conflicts risk
checking
9
10. Adopting a consistent and more efficient process
AML Fraud Audit Strategy Procurem Corpora
Corporate Credit
AML Fraud Audit Strategy Procurement Credit
ent te
Security
Security
AML Fraud
Corporate
Security
Group Security Function
10
11. How we help clients realise a consistent process
Simplified Due Diligence
Company or individual Ongoing Monitoring
investigations across: Automated checks:
Yes Sanctions and Watch Lists
Business
ID verification data Report Approval PEP checks
Sanctions and Watch Lists Proprietary Watch Lists
PEP checks Negative Media
Proprietary watchlists No
Low / Med
Alert
Third
New Risk
Party
Interest Yes Identified? No
Med / High
Ultra High
Enhanced Due Diligence Media Monitoring
Perform in-depth checks Automated monitoring of
across: global entities:
Media and Negative News Lexis Content
Company Information Ultra High “of Special Interest” Web Sources
Legal Case History Social Media
Paid Subscription Services
11
12. How we help clients realise a consistent process
Yes
Bridger Insight™ XG Business
Approval
Bridger Insight™ XG
Report
No
Low / Med
Alert
Third
New Risk
Party
Interest Yes Identified? No
Med / High
Ultra High
Lexis®Diligence LexisNexis Analytics
Ultra High “of Special Interest”
12
15. Converging risk assessment
Commonly encountered risks can be categorised into five broad groups:
• Country risk
This is evidenced by perceived high levels of corruption, an absence of effectively implemented anti-bribery
legislation and a failure of the foreign government, media, local business community and civil society effectively to
promote transparent procurement and investment policies.
• Sectoral risk
Some sectors are higher risk than others. Higher risk sectors include the extractive industries and the large scale
infrastructure sector.
• Transaction risk
Certain types of transaction give rise to higher risks, for example, charitable or political contributions, licences and
permits, and transactions relating to public procurement.
• Business opportunity risk
Such risks might arise in high value projects or with projects involving many contractors or intermediaries; or with
projects which are not apparently undertaken at market prices, or which do not have a clear legitimate objective.
• Business partnership risk
Certain relationships may involve higher risk, for example, the use of intermediaries in transactions with foreign public
officials; consortia or joint venture partners; and relationships with politically exposed persons where the proposed
business relationship involves, or is linked to, a prominent public official.
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