Risk Management and Compliance

Regulatory compliance is increasingly significant in today’s global economy. Operational risks abound for all companies, yet what threatens one business may differ greatly from the next. It is therefore crucial to determine the risk-to-value ratio unique to your own company.

Unmitigated risk, whether reputational, regulatory, or financial, can seriously undermine a business’ success. However, excessive risk aversion also limits growth by discouraging innovation. Striking the right balance necessitates a tailored, nuanced approach.

There are clear benefits for companies that get this right. Tightened compliance reduces exposure to hefty fines and legal disputes, inspires stakeholder trust, and provides a competitive advantage. It also boosts operational efficiency by highlighting procedures that can be streamlined without compromising standards.

In short, regulatory compliance protects your interests, but generic, one-size-fits-all solutions will fall short. At Piovis, our team of experts helps companies craft custom compliance strategies perfectly suited to their needs. We analyse your processes to pinpoint risk, ensure regulation, and add value. Compliance, done well, isn’t about obstacles – it’s about opportunity.

We equip businesses with the confidence to pursue new ventures, safe in the knowledge that risks are understood and properly mitigated. Interested in how Piovis can help you turn compliance into a competitive advantage? Get in touch today. Our obligation is to your success.

Structured Anti-Money Laundering (SAML) programmes have gained notable prominence in recent years. Introduced by the Financial Conduct Authority (FCA) in 2014, SAML programmes represent a proactive measure to guarantee financial institutions uphold effective safeguards against illicit financial activities.

SAML programmes provide substantial benefits to businesses. They ensure structured measures are taken to fulfill Anti-Money Laundering (AML) strategies, thereby minimizing regulatory penalties and legal consequences from non-compliance. By demonstrating a robust and transparent approach to mitigating financial crime risks, SAML programmes also enhance an organisation’s reputation and build customer trust.

While implementing a SAML programme requires initial investment, the long-term rewards in risk management, cost savings and business growth are well worth the effort. At Piovis, our team of industry experts help companies of all sizes to design and implement tailored SAML programmes. We analyse existing policies and procedures to identify key areas for improvement, ensuring a pragmatic approach that balances business objectives with regulatory demands.

In summary, SAML programmes are an essential tool for achieving compliance in today’s complex regulatory environment. A robust SAML programme delivers peace of mind by effectively managing financial crime risks and paving the way for sustainable business success. Piovis can help your organisation reap the many benefits of a SAML programme while avoiding the common pitfalls. Please contact us to discover how we can support your AML compliance and risk management strategies.

Define risk appetite as the level of risk an organisation is willing to take to achieve its strategic objectives. It considers both operational and reputational factors that can impact a business’ ability to sustainably attract and retain the confidence of its partners, suppliers, regulators, customers and shareholders.

An organisation with a sound risk appetite framework is better equipped to avoid unnecessary surprises, hefty fines, and brand damage that erodes trust and value. Instead, it can be a magnet for good media attention, inspire confidence in shareholders and customers, and open up productive new opportunities for growth.

The benefits of optimising risk appetite are clear. Businesses gain better visibility and control over risks, can more confidently pursue strategic initiatives, strengthen compliance, and build resilience against disruptions. They are also able to more credibly signal to partners and stakeholders that risks are adequately managed and objectives achievable.

In today’s fast-changing world, risk appetites must be dynamic and responsive to stay ahead of emerging threats and leverage new possibilities. Getting it right requires a blend of human judgement and data-driven insights to strike the right balance between risk-taking and risk-avoidance.

While the scope of risks and pace of change can seem daunting, risk appetite frameworks need not be complex. Taking an iterative, pragmatic approach with the guidance of experts in risk management and compliance can help organisations define risk appetites that are fit for purpose and support growth in a sustainable way. With the confidence to pursue opportunities within appetite, businesses are well on their way to building resilience and gaining a competitive advantage.

Knowing one’s customers is fundamental to any thriving business. Conducting due diligence on clients establishes trust and minimizes uncertainty, providing reassurance on who you’re dealing with and what they’re up to.

Client due diligence, often abbreviated as CDD, involves gathering information to verify a client’s identity and assess potential risks. This process, commonly known as Know Your Customer or KYC, is routinely employed in the financial sector to meet regulatory requirements. However, its benefits extend to all industries.

CDD reduces exposure to fraud, money laundering, and other financial crimes, thereby safeguarding business interests and reputation. It provides insight into clients’ backgrounds, operations and the origin of funds, enabling tailored service and risk management strategies. Regular check-ins to update information also detect suspicious activity, allowing preemptive action.

Such prudent risk mitigation needn’t be a box-ticking exercise. When conducted professionally and sensitively, CDD can strengthen relationships by building trust through transparency. The peace of mind afforded allows businesses to focus on service excellence, fostering loyalty and driving growth.

In today’s increasingly regulated world, client due diligence is no longer an optional extra but an commercial necessity. By making it a key part of your client lifecycle management strategy, you’ll reap the rewards of lower risk and higher return. To discuss how Piovis can help integrate a CDD framework tailored to your needs, get in touch today. Our expert consultants will ensure you know your clients inside and out.

In today’s fast-paced business landscape, risks emerge faster than ever before. Performance of operational controls must be assessed, and business-wide risks controlled, to avoid financial penalization and reputational damage.

Key Risk Indicators (KRIs) are the performance and early warning signals that allow businesses to monitor threats and take action before a crisis emerges. KRIs measure the effectiveness of controls, and action must be taken if a threshold is breached. Action plans with clear roles, responsibilities and service level agreements, as well as contingency plans, are essential to mitigate risks.

Businesses must also consider how they are perceived by regulators, clients, suppliers and networks in all of their actions. KRIs provide a data-driven mechanism for businesses to constantly monitor the ‘health’ of their operations and address issues promptly. By working with expert consultants to implement a robust KRI framework, businesses can safeguard their operations and avoid the costly damage of unforeseen threats.

In today’s complex risk landscape, being proactive is the only way to ensure long term success. KRIs are the key to unlocking a culture of responsible risk management and building a resilient business. By monitoring key performance indicators, taking action at the first sign of trouble, and fostering awareness of external perceptions, businesses can navigate risks and thrive. Expert consultants can help your business reap the rewards of a data-driven approach to risk management. KRIs are the key to safeguarding your business today and securing its future.