Business Issue
The client, a currency exchange marketplace, engaged fscom to develop and manage a remediation programme, after undergoing several external audits covering financial crime, safeguarding and general compliance, wherein multiple findings were identified.
Solution
fscom reviewed the findings and remedial actions from the three external audits before developing a risk-based remediation programme incorporating safeguarding, AML/CTF, Conduct and governance and data protection. We managed the remediation programme including supporting the internal team from a resource and advisory perspective. fscom reported on progress of the remediation programme throughout as per agreed governance. The remediation was approached on a risk basis in line with how the programme was developed.
Benefits
In addition to providing resource and technical advice for the programme, fscom's key deliverables of the project included a project plan, governance and project reporting for stakeholders, policies and procedures, training, group and local governance arrangements and new safeguarding process which includes funds workflows, reconciliation procedures, governance and oversight procedures, management information, quality assurance testing, training and policies.
Client
Feedback
The client was delighted with the technical advice and project deliverables they received from fscom. They praised the fscom team on their industry knowledge, professionalism, responsiveness and timely updates.
