Outsourcing of Control functions

Risk/Compliance

The financial sector is characterized by complex regulations that are constantly changing, and the focus of compliance, risk management, and internal control issues has increased. This has contributed to the fact that the management, the organization, as well as supervisory authorities have higher expectations on financial institutions’ control functions. Therefore, having control functions that have the depth, expertise, and experience required to understand and examine potential deficiencies is crucial.

By outsourcing the control functions, you will be able to ensure independent control functions that have the right resources and capabilities to meet the challenges of an increasingly complicated financial market. You can also ensure continuity and quality and will gain access to FCG’s expertise and assessment of the industry’s current best practices. Our consultants have solid expertise and have a background from work within both control functions, business operations, and from the FSA It contributes with valuable experience to the assignments and to your development and improvement.

We aim to be a business-oriented and long-term partner who provides solutions adapted to your business and needs, and that has practical experience of the challenges encountered within both the business operations and control functions.

Actuarial Services

Our team delivers outsourcing as the company appointed/ approved actuary and other traditional actuarial services, including valuation, modeling, reserving, etc.
Combining the experience of our dedicated actuarial professionals and close partnerships with related areas across FCG, we provide truly integrated services across all disciplines in the insurance industry. Our in-depth global knowledge comes from our work with life, P&C insurance companies, pension funds, etc. and our thorough know-how of local regulators enables us to deliver high-quality outsourcing services.

Internal Audit

Value-added Internal Audit

The internal auditors’ role is more important than ever in evaluating and contributing to the organization’s well-being. As financial companies continue to navigate rapidly changing business models, regulatory requirements, technology disruption, and more, the opportunity for Internal Audit (IA) to identify and help companies respond to risks is ever-increasing.

FCG believes that in order to have a successful and value-added IA, some key elements must be implemented in the daily IA process such as:

Align the IA strategy with the organizations vision, strategy and goals
Value added IA-plan covering risk and compliance landscape
Close collaboration across the lines according to the three lines model
Provide integrated reporting and insights to stakeholders
Use of data analytics and other relevant tools
Agile IA process with flexibility and
Right skills

Based on your organization’s requirements, FCG can provide the following IA services:

Targeted IA – We carry out targeted audit on behalf of the IA-function. For example with the need to hire external internal auditors or when specialist competence is required.
IA as-a-Service – FCG works together with the organization’s IA function. The scope is tailored according to the changing needs over time of the IA-function. The support could comprise everything from risk analysis, planning and implementation to offering specialists in desired areas.
Full Outsourcing – The IA function is outsourced to FCG. We perform internal audits and align the IA strategy with the organizations vision, strategy and goals. IA support the board with valuable reports with clear audit results and relevant recommendations for improvements.
Education – Our Internal Auditors and specialists conduct customized training sessions and seminars in emerging areas based on your needs.

Co-Sourcing

Our experience is that financial companies, even though they are a relatively large business and organization, are finding it increasingly difficult to find sufficient resources and skills to meet the ever-increasing amount of complex regulations, regulatory requirements, and the risk to reputation that follow from this difficulty.

Therefore, we also like to emphasize the possibility for financial companies to make greater use of so-called co-sourcing which, unlike outsourcing of entire functions, involves outsourcing of certain parts of a function, process, or recurring activity in all parts of the organization. This service aims to provide you with complementary expertise, resources, continuity, and cost control, while you, the client, retain the overall responsibility and control.

For example, it may be difficult for a risk function to maintain the necessary expertise in all of the risk categories that need to be measured, analyzed, and reported. Furthermore, it can be a challenge for a compliance function to constitute, in practice, a proactive force with advice and support, while at the same time accomplishing all of the independent controls that are expected.

Co-sourcing services is by no means limited to specific control functions in the second line. It can equally well be used in all parts of a business, especially in the business lines (first line) where the ownership is situated, and usually the bulk of the work has to be done. It could, for example, be important knowledge for managing risk models, GDPR and AML.

Money Laundering Reporting Officer

In the last couple of years there has been an increased focus on money laundering and terrorist financing in the society as a whole. The requirements on the individual financial entity and on the different functions of the entity have become more and more strict. We have noted that many companies in the financial sector have identified a need for support in countering money laundering and terrorist financing. We therefore offer the opportunity to transfer parts of the Money Laundering Reporting Officer’s (MLRO) tasks and responsibilities to FCG through co-sourcing.

Through co-sourcing, the company can maintain control of the function while at the same time strengthening its independence, ensuring continuity, increasing accessibility, and enjoying both deeper and wider expertise.

Outsourcing Management

We support you in managing and controlling risks related to outsourcing

FCG Outsourcing Management. a brand-new solution for active management of service provider contracts & arrangements, specifically designed for regulated entities in the financial sector.

FCG offers a solution where you delegate part of the tasks of the outsourcing function or the equivalent designated function to FCG in a co-sourcing solution. By co-sourcing, the company retains the control of the function while at the same time ensuring the continuity, accessibility and deeper and wider knowledge of the outsourcing framework.

Key Features

Why choose Outsourcing Management?

Why partner with FCG?

Outsourcing Management is built by experts for specialists.

FCG are a leading Nordic advisory/GRC advisory firm providing consulting services and solutions to small, medium and larger organizations.

FCG provide specialists within risk & capital management, compliance and financial regulation, credit process and credit management, finance & treasury, IT & information security, advanced analytics and internal governance and control.

Want to know more?

Jesper Dahllöf

Partner

GRC Services

+46 766 35 05 05

jesper.dahllof@fcg.se
Nicole Personne

Director

GRC Services

+46 76 639 48 47

nicole.personne@fcg.se

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