Case Studies
Fighting Financial Crime
The Challenge
- Our Client had undergone a vast data improvement exercise focussing on their existing payments static data to meet SWIFT requirements and internal compliance standards.
- The existing operating model and control framework was insufficient to guard against data quality degradation in the future, leading to increased probability of undetected risk events in the future.
Approach
- A small Typhoon team facilitated workshops to rapidly understand current state payments processes and controls.
- The team produced and presented summary findings to ExCo members, including heatmaps which demonstrated areas of compliance and risk, in order to prioritise remedial work.
- Defined and agreed an interim operating model to maintain compliance with new standards in Payments Transparency.
- Co-ordinated the sharing of information (data, guidelines, policies and procedures) between the central Financial Crime team and over 50 global sites to ensure operational readiness.
Outcome
- Embedded a fully compliant payments operating model including process and controls, agreed with all key stakeholders.
- Produced process and controls documentation stored in a central repository for future reference.
- Communicated new requirements to all relevant global teams.
- Shared, and trained staff on, a change management framework for use in the business to implement future changes to processes and controls in Markets Operations.
