Controls Testing, Enhancement, and Implementation
Customized, rigorous testing to achieve internal controls effectiveness at the highest standards.
Testing is a crucial element of meeting the standards of the most demanding regulators and stakeholders. In initial assessments, it reveals what is actually happening in practice, helping to pinpoint risk areas and flag isolated versus systemic issues for further action. Further along the enhancement process, testing allows objective assessment of remediation efforts and effectiveness of new or improved controls.
FRA integrated forensic and data teams have experience conducting rigorous controls testing in the context of appointed monitorships and pre-emptive compliance reviews for some of the world’s key regulators and major multinational corporations.
Retained in relation to 16 compliance monitorships
Retained in relation to 16 compliance monitorships
Regulators we’ve presented to on regulatory and compliance matters
Regulators we’ve presented to on regulatory and compliance matters
Recognized by authorities
Dame Victoria Sharp
Recognized by authorities
What our clients say
Client Reference
What our clients say
How we can help
Holistic expertise on internal controls
Our approach to compliance reviews and monitorships involves testing both financial and non-financial controls to provide a comprehensive assessment of the design and operating performance of compliance systems. This could be early on in the context of a pre-emptive risk assessment, or in reaction to concerns that have been raised or post-enforcement monitorship situations.
In addition to market-leading expertise evaluating controls related to our core areas of specialization (i.e. fraud, bribery, corruption, money laundering, sanctions), our proven methodologies have also been adapted to emerging areas of increasing regulatory concern such as environmental and social responsibility. Furthermore, our international experts bring a sensitivity to the challenges of implementing controls across different jurisdictions, including cultural factors as well as practical questions of data privacy and protection.
Tailored and data-driven transaction testing
We utilize data analytics, algorithms and custom tools to provide rigorous and tailored testing of existing and newly implemented controls to assess their effectiveness. Our testing system and extraction of the data required to support such testing have been developed though years of experience with clients, including when appointed to support DOJ, SEC, AFA and DFS monitorships. Our reporting incorporates dashboards and other custom data visualizations to distil insight from data and present operational effectiveness in a way that will continue to serve internal teams and decision-makers beyond our engagement.
Understanding what regulators expect
What sets FRA apart is our experts’ knowledge of how to use effective and detailed testing to help a company get to the standards expected by regulators. Our investigative, empirical mindset enables us to lead objective assessment of existing internal controls through walkthrough evaluations. Extensive reporting to regulators gives us a benchmark to measure testing results, as well as experience communicating findings to regulators effectively.
Expertise
Risk Assessments
Bespoke approach to evaluating a company’s key risks supporting a focused, proportionate and efficient action plan.
More infoDue Diligence
Forensic reviews targeting risk associated with third parties and transactions.
More infoGovernance, Risk Management and Compliance Enhancement
Leaders in applying a forensic mindset to developing and enhancing corporate compliance programs.
More infoMonitorships
Experienced monitors and trusted partners throughout all stages of a corporate compliance monitorship.
More infoFraud
Investigating, resolving and minimizing the risk of corporate fraud with forensic insight and data-driven solutions.
More infoAnti-Money Laundering & Sanctions
Multi-disciplinary advice for financial institutions and corporations on internal investigations, enforcement actions and regulatory compliance.
More infoBribery and Corruption
Independent and multi-disciplinary advice for organisations and external counsel on governance, enforcement actions and regulatory compliance.
More infoForensic Data Analytics
Cutting edge data-oriented processes and tools to extract, understand and systematically analyze large quantities of data.
More infoInternal Investigations
Helping international businesses navigate risks and emerge stronger from complex internal investigations.
More infoCryptocurrency
Experts in tracing cryptocurrency assets and providing cryptocurrency industries with compliance advisory and risk mitigation advice.
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Investigations
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Monitorships
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Disputes
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Advisory
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Data and Technology
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Integrated Data & Technology
Testing of controls over diverse countries and business areas can involve managing and drawing insight from large volumes of disparate data. Our seasoned team of forensic accountants and data analysts can work seamlessly with your compliance and IT functions to develop a solution that you implement, own and manage; or we can host, manage, and analyze your data in one of our secure global data centers, while giving you real-time access. In addition to technical implementation, we consult on program development and process design, and offer training programs that empower your team to not only detect risks, but also properly interpret and action them.
Integrated Data & Technology
Testing of controls over diverse countries and business areas can involve managing and drawing insight from large volumes of disparate data. Our seasoned team of forensic accountants and data analysts can work seamlessly with your compliance and IT functions to develop a solution that you implement, own and manage; or we can host, manage, and analyze your data in one of our secure global data centers, while giving you real-time access. In addition to technical implementation, we consult on program development and process design, and offer training programs that empower your team to not only detect risks, but also properly interpret and action them.
Bank Leumi
FRA was engaged to support the monitorship of an Israeli bank and its subsidiaries, who between 2000 and 2011 were found to have wilfully assisted US clients in opening and maintaining undeclared accounts in a foreign country, and concealing offshore assets and income from authorities.
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Sanctions and the Russia-Ukraine War
An FRA expert was responsible for monitoring and investigating cryptocurrency sanctions exposure originating from the Russia-Ukraine war to protect customers from sanctions violations.
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ABB
In December 2022, the Switzerland-based multinational technology company reached a “full and final settlement” of $327 million with several national authorities. A multi-disciplinary, international team of FRA specialists supported the company through their cooperation with the authorities over more than three years, from investigation to settlement to compliance remediation.
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Cryptocurrency Exchange FCC Review
FRA assisted a major cryptocurrency organization to address the financial crime regulator's concerns about their Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) and Sanctions compliance.
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NFT Marketplace Controls
As Head of Regulatory Affairs at a well-known gaming company, an FRA partner led the development of AML and Fraud controls to protect the company's Non-Fungible Token (NFT) Marketplace.
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