Definition
Risk management involves coordinated actions aimed at managing and supervising the organisation vis-a-vis an identified risk. The risk management is a key internal process and important best practice. It also serves enhancement of the client’s operating activity.
Our offer
We support the client by implementing new risk management systems or tailoring the system already in place to the new regulatory requirements.
We assess risk management systems for effective implementation of regulatory guidelines and help improve efficiency of their implementation.
We help adjust internal regulations to the specific nature of the client’s business and the follow-up recommendations from the official supervisory audit (BION), other supervisory guidelines and inspection follow-ups.
We assess the in-house risk management methodology by, for example, reviewing mathematical formulas used by systems to calculate ongoing risk ratios.
We develop internal risk maps for more effective identification of operational risks, their mitigation and adequate risk levelling.
The recently amended Act of 1 March 2018 on counteracting of money laundering and financing of terrorism (“AML Act”) requires “obliged institutions” to carry out the so-called risk assessment (Article 27.1 of AML Act). AML and CFT risks need to be identified and assessed in relation to an organisation’s activity, including risk factors related to […]
On 21 June 2017, a new act on was implemented concerning statutory auditors, auditing firms and public supervision. Works on the new law have been ongoing for almost two years. The new rules implement the EU auditing regulations into the domestic legal environment. The act brings far changes, mainly for firms qualified as public interest […]
On 10 October 2018, during the FinTech conference in Luxembourg, Mr Patrick Armstrong presented the ESMA approach to FinTech, especially DLT that underlies the blockchain protocol and cryptocurrencies. No changes are expected in that regard as ESMA is going to continue observing this technology. Mr Armstrong stressed how important it is for a regulator to […]
