Risk and Control

About us:

The business is uniquely placed in assessing the risk and control in any business environment and has worked for some of the largest companies in the world, covering Sarbanes Oxley (SOx) and Solvency II projects.

SOx

Engagements have included full implementations of Sarbanes Oxley statutory requirements as well as applying the principles across many other small and large non-US businesses. The experience at successfully implementing and embedding cost effective and easily maintainable solutions is second to none.

Sarbanes Oxley required US companies to evaluate and disclose conclusions on the effectiveness of their internal controls over financial reporting.

The Internal Control framework as a basis for section 404 compliance is an iterative process:-

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Document Procedures(Process Flow Chart/ Narrative) 

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Identify and Assess business risk/fraud(Rate risks on Risk Control Matrix) 

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Identify Key Controls(Map Controls on to Risk Control Matrix. Draft Control Documents)

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Walkthrough Process(Walkthrough the process with the business)  

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Test Controls(Draft and execute a  test plan) 

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Record Results(Ensure testing and results are recorded) 

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Remediate(Draft remediation plan, agree with business and re-test) 

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Remediate(Draft remediation plan, agree with business and re-test) 

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Review process(Review process, risk and controls)

Data – Solvency II

The Solvency II regime extends the existing regulations and utilises the risk of asset holdings and business profile to determine the appropriate level of capital for a company to hold. The importance of Risk Management systems and clear, documented, well designed and operationally effective internal controls around company data cannot be under estimated. The five sub-risks to be addressed in any application to the PRA include: -

·          Sub-risk 1: approach to managing data

·          Sub-risk 2: implementation of data policy

·          Sub-risk 3: understanding of the data used

·          Sub-risk 4: Controls over data quality

·          Sub-risk 5: IT environment, technology and tools

HPBS Ltd has a skilled pool of resource in addressing the risk and internal controls to support the quality of data, the calculation kernel. We specialize in documenting and identifying data flows, risk and controls and identifying and managing action toward achieving compliance.

 

 

Testimonials:

  • Royal London “Fantastic Job passing all the PWC IMAP validation assessments “ – Data Manager
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  • RSA: £1M in tax recovered - "Excellent work, the tax recovery showed excellent thinking"- Finance Director R.S.A
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  • LV= "A fantastic legacy of Risk and Controls across the company, thank you" - Risk & Controls Manager LV=
  • LV="Thanks to the capital efficiency opportunities identified we now earn roughly £1m more in interest" - Treasury Manager LV=
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  • Swiss Re:- "Great help documenting the current Actuarial  end to end process, you have made a great contribution to this part of the transformation" - KPMG Project Lead.
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  • Zurich Life- "We have saved approximately £800K in fees and the project has been successfully signed off."- Finance Director Zurich Life
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  • Nationwide - "Thanks for all the work you have done, it felt smooth going!"- Head of Management Accounting  Nationwide
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