We have been delivering consultancy services for over 15 years. We specialise in:
- Global HR Transformation, Leadership Development and Compliance
- AML, Identity and Fraud and Credit Risk Compliance, Programme Management and Remediation
- IT Technical Expertise in: Business, Solution and Technical architecture, Data Analytics, UX design, software developers for apps, front-end and back-end services
The geniuses of our approach has taken five years in the making within three leading UK banks and with leading industry suppliers. CDD Services Ltd. now makes this approach commercially available for the first time. Here is a case example how our consultants and suppliers worked together to remediate a customer portfolio within a UK Bank.
The bank’s lead regulator identified significant control gaps in the bank’s financial crime risk management and customer onboarding operating model. These findings were supported by an independent compliance review (by a big four audit firm) and the bank’s internal audit. This resulted in the bank undertaking an attestation to embark on a three year remediation program to redress control gaps and remediate its Commercial and Retail back book.
Our management team worked with the bank and devised a remediation program was structured into three phases:
Establish Risk Appetite, policy and control standards, perform gap analysis, tactically stabilize the on-boarding controls as well as the customer and payment screening controls, de-risk and remediate the highest risk customers particularly foreign and domestic PEPs
Remediate the back book including identification of missing key parties to accounts, performing a KYC Refresh, Reverse Screening the retail, commercial and business books, applying the new control standards and customer risk assessment to the commercial back book and finally remediating the high risk commercial customers. Phase 2 also included stabilizing Transaction Monitoring
Roll out strategic financial crime risk management TOM across the bank
We together with our suppliers and partners provided the complete end to end strategic vision, roadmap, detail plans, operating model, process design, training, quality assurance framework and systems strategy for the bank through all three Phases of the programme. We engaged and orchestrated additional third party suppliers where it was sensible and right to do so in order to achieve the overall objective. We refreshed KYC records for over 4million individuals, reverse screened the entire retail and commercial customer portfolios for sanctioned and PEPs and completed remediation of 12,000 business and commercial entities. The conclusion of the successful conclusion of the programme enabled the bank to meet its attestation to the FCA. The robust controls left in place enable the bank to maintain the customer portfolio within risk appetite on an on-going basis.
Thanks — Your message has been sent.
Sorry, something went wrong
Please try sending your message again later.