UK Enterprise 2020

253 | UK Enterprise Awards 2020 Jun20268 Best Financial Crime Risk Management Specialists 2020 Established in 2008 as a management consultancy and investigation services provider, FCRM is a firm that specialises in financial crime risk management. Clients such as banks, insurance companies, and asset management firms are all at risk of financial crime. FCRM also works with payment services providers to help them comply with the UK’s anti- money laundering regime. Today, we take a closer look at FCRM to learn more about what it has to offer clients. Since its humble beginnings, FCRM has been a niche company that specialises in managing financial crime risk. Over the last twelve years, much of the firm’s work has been helping clients build fraud response arrangements, or improve their financial crime framework capabilities using a risk-based approach. This, however, can be challenging. Clients range in size, and what may be appropriate for one client may not be suitable for another. Each and every client operates differently, with a mix of generic and unique operating risks that must be managed. No one-size-fits-all solution here, with FCRM being accustomed to working with clients to resolve their particular risk concerns. Identifying practical solutions that allow business activity to continue with appropriate monitoring or other safeguards in place is where the firm specialises. Across the twelve years of service, FCRM has worked on many sensitive engagements both in the United Kingdom, and further afield, supporting clients in responding to fraud events and regulatory risk. It has worked with banks and insurers to prepare for a regulatory review, or when they respond to findings of reviews or site visits conducted by a regulatory body into their financial crime prevention arrangements. Clients of all types must maintain appropriate systems and controls, in the absence of which they face the prospect of regulatory enforcement, or risk losing their operating licence. With regulatory anti-money laundering requirements and major legislation, such as, the Bribery Act 2010 and the Criminal Finances Act 2017, these are serious drivers for businesses to carefully address their financial crime risks. In its time as an authority in this industry, FCRM has seen increased demand for review and advisory services, especially on how clients can effectively and efficiently manage third-party risks, or whether their internal procurement processes adequately take account of associated person risk in supplier and outsourcer relationships. These review findings might lead to a client’s internal processes and procedures being updated or enhanced, in order to reduce the risk of inappropriate or non-compliant activity. When fraud or loss events occur, the firm also goes on to provide investigation and due diligence services, ranging in scope from helping clients to identify the how and when an employee or other party committed fraud, to supporting cross-border asset tracing investigations or other investigative research. Clients use the due diligence services from FCRM when screening candidates for promotion or employment, or before entering into new business relationships with suppliers or vendors. This typically involves researching individuals or corporate entities to look for any public information, red flags, or other indicators as to whether a party presents an increased financial crime or reputation risk to a client. There is nothing worse than entering into a contract with a party who has a poor reputation for delivery, or a repetitive history of dishonesty, only to later discover they were intending to do the same thing again. FCRM’s due diligence helps clients to manage their reputation and financial crime risks. Ultimately, FCRM may not profess to know it all, but it does bring a depth and wealth of experience working with firms to respond to financial crime and remediate regulatory risk. London and the United Kingdom will continue to be a major financial services centre, and as it does so, FCRM will continue focusing on financial crime risk in the banking and insurance sectors, but also look forward to growth in the Fintech client base. FCRM is a truly outstanding firm, with a breadth and depth that is hard to find in today’s world. Yet, it delivers with exceptional quality, every single time. Company: FCRM Ltd Contact: Jon McNally Website: www.fcrm.co.uk