Forensic Risk Management (FRM) entails the control of financial processes to comply with regulations and or legislation, prevent misuse of (financial) services and cooperation with authorities in criminal investigations.
Today’s fast paced world is having an impact on how organisations deal with being compliant with all fast changing regulation’s and legislation. As technology and regulations continuously change processes and services, being ‘compliant’ is becoming increasingly important and complex. Reputational damage, high fines, loss in revenues are just some of the adverse effects that incompliance can bring. Being aware of your role as a compliant organisation, and acting accordingly, enables you to be transparent to customers, markets and regulators. B&D Netherlands helps to identify risks and challenges related to compliance and financial economic crime by providing and implementing solutions.
Know Your Customer
Assessing your customers is an integral part of doing business. Knowing who you are doing business with is the best preventive measure to minimize the adverse costs of incompliance. Customer Due Diligence (CDD) screening should entail all necessary steps to assess whether your client is a trustworthy party. Screening prospective clients and building customer risk scores are just some of the measures in which B&D has expertise to improve your (CDD) screening process.
Fraud / Anti Money Laundering / Sanctions
Technological advances have made it possible to use financial services anywhere and everywhere. These developments enable misuse of these services and is therefore becoming more prevalent. Monitoring transactions, handling, blocking and reporting transactions is an integral part of staying compliant as an organisation.
Privacy continues to be a hot topic as the European Union introduced General Data Protection Regulation (GDPR) in 2018. Data protection and privacy by design are the main guidelines. At B&D Netherlands we have experience on how to deal with several GDPR issues such as reporting data leaks and structure data by using the privacy by design guideline.
B&D Netherlands has a partnership with BusinessForensics who have developed a product suite to determine the financial economic crime risk and take actions accordingly. The solutions provided are end-to-end, from transaction analysis to case management to reporting to law enforcement. B&D Netherlands has ample experience in implementing these solutions at several financial institutions: ranging from large banks, credit card providers and even Payment Service Device II (PSD2) payment providers.