Operational Process Review for Financial Services Company
UK Financial Services Company
We were engaged by our Client to review their enterprise risk profile and assess whether their underlying framework of operational processes and procedures was robust. A related concern raised by our Client’s Board was whether any potential control weaknesses existed due to loss of key employees and associated corporate knowledge.
How we helped
Our first task was to meet with the Client’s executive management and examine, in detail, the organisation’s risk profile and obtain an understanding of the specific concerns raised by the Board. We reviewed all relevant documentation across the Client’s business processes including policies, standards, process maps, procedures, work instructions and guidance notes. In total, we reviewed 382 documents and used this knowledge as a basis for the senior management and employee interviews. Our review confirmed that the Client’s underlying framework of operational processes and procedures was robust – it was relevant, appropriate, accurate and complete.
By applying a systematic and focused approach we were able to present detailed findings to executive management and to a key Board committee, providing the validated reassurance that the client had been seeking.
Additionally, we also provided comments and suggestions for enhancing the presentation of internal controls within the documentation; the documentation had inevitably evolved over many years and so some aspects had become inconsistent.
Acting on our recommendations, the Client’s executive management has implemented an integrated document management framework consistent with industry-recognised best practice.