Compliance Case Studies

Kroll’s Financial Services Compliance and Regulation team conducts various types of compliance reviews, ongoing compliance support, and remediation and change projects for firms around the globe. Our reviews include health checks, deep dive thematic assessments, mock inspections and regulator appointed reviews. Our work and reports assists firms to address weaknesses, meet regulatory requirements and develop robust compliance programs that are proportionate to the nature, scale and complexity of the organization.

Redesigning a Compliance Monitoring Program for a Private-Equity Backed Trust and Corporate Service Provider

A Compliance Monitoring Program (CMP) needs to reflect the firm’s strategy and policies, adapt to changes in risk and be easy to follow and report on. When a Channel Islands-based trust and corporate service provider identified that its current CMP wasn’t fit for purpose, its head of compliance worked with a team of Kroll’s regulatory experts to redesign its approach.

Kroll’s team conducted interviews with the heads of the various business divisions to understand their needs and concerns and ensure the new CMP was tailored to the client’s services and products. The team then designed a CMP that was risk-focused and simple to use, allowing for clear and concise reporting. Kroll also assisted the client in identifying and incorporating the firm’s top fiduciary risks into the program.

Kroll conducted walkthroughs of the new CMP with the firm’s operational staff to ensure that testing was based on the client’s actual processes, and we delivered training to the team responsible for managing the CMP.

Project Outcomes
 
As a result of Kroll’s work:

• Kroll produced a single CMP document that contained a detailed assessment of the areas that required enhanced scrutiny.
• The new reporting dashboard made the generation of management information efficient.
• The board was able to identify which areas represented a greater regulatory concern and needed increased attention.