Presentation

The arrival of ever more complex risks in legal and financial fields which lack visibility, combined with a growing number of national and international regulations makes a global approach of the in-house control scheme essential. This scheme has to be broad-ranging and integrated. With our range of skills, we can turn these demands into opportunities: know and control risks, better anticipate crises, comply with regulations to secure business and resources.

Based on significant experience in the banking and insurance fields, mutual funds, contingency funds and management companies, OPTIMIND supports its customers in setting up and optimising their in-house control and compliance scheme, from analysing the process through to organising the activity and controls (e.g.: setting up a new products’ committee), including setting up indicators to continuously monitor their durability.

Our in-house audit assignments aim to verify and validate a business’ security. This work involves audit assignments to produce pragmatic and prioritised recommendations. We also accompany our auditor customers on points of expertise, including actuarial, and we train in-house teams using tried and tested methods.

A few subjects are undergoing particular development and require focus on a category of risks:

• The fight against money laundering and financing terrorism
• The fight against fraud, whether massive and requiring dedicated requests and analyses, or more targeted and requiring analysis of scenarios and implementation of specific counter-measures.

A bespoke internal Audit & Control offer, a team of specialists ready to offer you innovative solutions, suited to your company.

Areas of intervention

• Internal control and compliance
  • Analysis of what already exists (Gap Analysis) and identification of milestones for implementing a compliant scheme
  • Risk identification and assessment
  • Creation of a repository of risks and controls
  • Definition of first and second level controls to implement
  • Implementation of indicators, reporting and scoreboards
  • Assessment and optimisation of the internal control scheme
  • Setting up a suitable organisation adapted to different activities
  • Helping to choose and roll out dedicated tools
  • Bespoke training and coaching sessions
  • Setting up a regulations’ monitoring scheme
• Fight against money laundering and financing terrorism (KYC) and anti-fraud scheme
  • Accomplishment of formalised procedures in compliance with texts (regulation CRBF 97-02, Solvency II, AMF report, etc.)
  • Setting up of automatic means to detect dubious transactions
  • Setting up of efficient alert tools to detect risky transactions
  • Analysis of fraud scenarios and implementation of specific counter-measures
  • Technical support in writing reports for authorities
  • Training adapted to all staff
  • Accompaniment in installing dedicated tools
• Internal audit
  • Setting up of audit committees and operating charters
  • Definition of a multi-year audit plan
  • Completion and monitoring of assignments
  • Support for the audit committee and General Management in writing reports

Case studies

Case study 1: Setting up an internal control scheme

Assignment

• Contribute to setting up an internal control scheme within the team in charge of preparing Solvency II reports

Objectives

• Create a process risk matrix: Assess these risks, the challenges (frequency / severity / conformity) and existing control schemes.
• Set up a work programme (in the form of a to-do list) and controls

Define the programme to review the scheme, periodically and each time a report is written, as well as control points and indicators to monitor according to the following diagram:

• Set up a reporting system for level 1 and 2 controls in the form of Fundamental Surveillance Points via the creation of scoreboards and reports
• Assess the quality of level 1 controls
• Set up a process to certify data with all data providers

Results

• First level control implemented
• All controls supervised
• Target process secured

Case study 2: Setting up an internal control scheme

Assignment

• Assist in setting up an internal control scheme

Objectives

• Help to set up the internal control division
• Set up the internal control methodology and scheme
• Define audit and control plans
• Determine methodology for the internal control report

Results

• Identification of key processes and first and second level controls
• Training of internal control correspondents
• Formalisation and automation of operational controls
• Installation of prioritised action plans

Case study 3: Policy to fight against fraud and money laundering

Assignment

• Help in setting up a policy to fight against money laundering and against fraud

Objectives

• Help to define the overall policy
• Define rules for each business division
• Define analysis methodologies

Results

• Interviews with business divisions
• Questionnaires concerning self-assessment
• Co-ordination of actions with business divisions, internal control and internal audit
• Raising awareness of approaches linked to the transposition of the third European directive on the fight against money laundering