We understand that Financial Service organizations are facing increased cost pressures and the need to do more with less resources. These pressures will accelerate due to economic impacts from the 2020 global pandemic.
Risk Priorities is here to help you succeed. Consider us as a responsive extension of your team, ready to assist on-demand. Learn how your organization can leverage Risk Priorities :
An organization can never be too prepared for an upcoming regulatory examination whether it starts next week, month or quarter. Based on our extensive regulatory experience and knowledge, the Risk Priorities team provides you with the practical tips and insights needed to get ready for an upcoming examination. You will be prepared for success.
Just like any good presentation or speech, practice makes purpose. Showing up to a big presentation unprepared is a recipe for disaster. If you start a regulatory examination without having spent quality time preparing, simulating scenarios and answering potentially tough questions, you are not ready. At Risk Priorities, we will work with your team to help prepare them to answer the tough questions. We will lead you down the path to success for your next examination.
Information Request Review
When organizations receive the First Day Letter from a regulator, many rush to gather and manage delivery of the information by the deadline. While attempting to provide an internal quality assurance check of the information before they provide it to the regulator, the review is often rushed and is not objective. Experience has shown that this often leads to transmitting inaccurate and incomplete information, which leads to additional requests from regulators. In addition to unnecessarily raising red flags, these requests are time-consuming and burdensome. To increase your chances of success, we provide an independent, objective review of all your information requests globally before you send to regulatory agencies. Let Risk Priorities be your second set of eyes, increasing your chances of succeeding the first time.
Action Plan Drafting
Have you ever tried to fix a regulatory issue, but the action plan didn’t actually resolve the issue? Worse yet, what if the action plan is poorly written by an employee who left the organization, and no one now understands the action plan and the context? Sounds far-fetched? We’ve been there and seen it at some of the largest banks in the world! Don’t find yourself in this costly situation. With our deep regulatory and audit knowledge, let Risk Priorities help you draft meaningful action plans that address the root causes of issues raised by regulators.
Action Plan Validation
Organizations and their employees try their best to remediate and resolve regulatory issues identified by regulators. For many reasons, these efforts performed in good faith are often not enough. Those assigned to fix issues and address action plans are often extremely focused on addressing their individual remediation tasks, but an independent party separate from the organization is not utilized to validate closure of the regulatory issue and associated action plan. Call on Risk Priorities as your independent second set of eyes to validate the adequacy of all action plans and the sustainability of controls across the organization to minimize the chance of receiving additional requests from the regulator.
Regulatory Relationship Strategy
How does your organization go about managing its important relationships and high-risk interactions with regulators? Do you lack a coordinated response or have an ad hoc, manual approach to manage regulatory relationships across multiple silos, departments, states or countries? If so, you are lacking crucial transparency and insights, and this situation is a time bomb waiting to wreak havoc on your organization. Let Risk Priorities help you define your future state regulatory relationship and engagement strategy, while increasing the probability of success with regulators. We will help pave the way for consistent positive outcomes, effective communication, lower costs and better control over compliance.
Internal Audit Services
In these times of cost cutting, reduced staff and never-ending high priority demands, let Risk Priorities help you fill your Internal Audit resourcing gap. We have the expertise, experience and knowledge to help you manage and execute business, compliance, operations, technology, and business continuity audits. Let us help you efficiently and effectively execute your organization’s internal audit plans, continuous auditing, quality assurance and change audit programs.
The Risk Priorities team includes experts with deep industry knowledge and expertise in financial service regulatory compliance and audit. In addition to serving as regulators, we have worked at some of the largest global banks in the world and large US regional banks. Our work experience spans North America, Asia, Australasia, Europe and Latin America.
If you would like to learn more or discuss a potential future engagement, please contact us on +1.800.743.8220. We have a number of options available for onsite and remote support. Our flexible pricing models include monthly and annual subscriptions, hourly rates and project-based pricing.