Simon Consulting Group identifies integrity risks optimally
The law states that banks must have a thorough integrity risk analysis. However, research shows that eighty percent of all banks do not meet or fail to meet this legal requirement. “The supervisor has never checked it and so banks do not really get into it, “ says Pierre Simon, managing partner of Simon Consulting Group. “ Such an analysis, however, is an important starting point in policy making, because in addition to complying with the law, anticipating integrity risks also confides trust in an organization.
Simon Consulting Group developed an efficient tool to quickly pinpoint the organization’s specific risks. We look at the characteristics of an organization,” explains Simon. “For example, a bank that does not offer investment services is also not at risk in that area. And where different nationalities are present in the workplace, cultural differences involve risks. For example, in one culture it is customary to accept a gift, while in our culture the risk of conflicts of interest is considered.” When all risks have been mapped, a detailed analysis follows.
An analysis by Simon Consulting Group consists, on the one hand, of paperwork and on the other hand of conversations with management and employees. “We look at what has already been formulated in terms of policies and procedures, bring it back to its basics to optimize that optic”, says Simon. “We name what is still missing and determine in the conversations, among other things, the level of awareness. Are employees aware of the risks? Do they know that something that is legally not punishable, may be ethically irresponsible?” With this all in mind, Simon Consulting Group helps organizations in what still needs to be done, by custom policies and procedures where necessary and providing training for management and employee.
The risks that banks, but also energy companies and listed companies, take are very diverse. “For most organizations, proper anti-money laundering legislation is very important in their own policies,” Simon gives some examples. A bank can not be penalized if people from abroad make an account here, but in the interest of reputation damage, transparency in this area is important. Also, the impact of an employee dealing with insider knowledge is very high, if it appears that an organization has insufficiently recorded this.” With extensive knowledge and experience, Simon Consulting Group helps organizations with a detailed intregity risk analysis to adress these and many other risks.