Get Your Processes in Order
Processes & procedures are the best way for your firm to confront risk.
Wealth management firms can find risk at every turn – risk of fraud, inefficiencies due to change, compliance & regulatory risk. You name it – it’s probably risky. And your firm is obligated to identify and mitigate those risks.
As your firm evolves, you must create structure around processes and procedures that will evolve with you. Our offering – Strategic Process and Risk Management Design – is a wide variety of process design and risk mitigation programs that help your firm create a structured foundation to field change more efficiently and confront our good friend, risk.
Think of the defenses you would want in place against the multi-layered impacts of risk. Process is how you stay safe, compliant, and efficient.
Not all firms need the same thing. Our services are customized to your organization’s needs based on our team’s assessment. We offer the following solutions that can be implemented independently or applied more comprehensively.
The all-important assessment. We gather all the things we need to know about your current risk management processes and evaluate how they’re performing. We’ll make our best recommendations to strengthen those programs – both for today and the future of your organization.
Our team’s bread and butter. This is our foundational program for risk management that helps your firm create the framework of processes and procedures that make the most sense for you. From a “jump-start” program to full-service documentation, SPPD is designed to be flexible so that you can choose a set of solutions that best fit your needs.
Typically implemented in tandem with SPPD. As procedures are developed, procedure owners also need a framework for designing and testing controls. You can’t properly test without a control factor, so this is how your teams can internally preserve the integrity of your procedures.
Fixing the things that break. Things happen sometimes – failed audits, no documentation, or a procedure that was not executed properly. When those things come up, we come in and help you fix them by diagnosing the problem, implementing the solution, and addressing the broader “why” behind any issues.
Imagine that your firm receives a large wire request to transfer funds. When the request is made, it has to go through your firm’s transfer approval process - a series of steps and documentation that you’re quite familiar with. Due to a loophole in the process workflow, the folks from your firm involved in approving and executing the transfer don’t catch that it’s a fraudulent request. The wire is made and takes millions out the door to an account that doesn’t belong to your client. Our work helps you identify issues and mitigate any looming risk before the consequences of a huge mistake take their toll on your firm.
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