Published on September 23, 2014
For international financial institutions, the discovery of a money laundering, terrorist financing, financial fraud or corruption event can rattle management and confuse employees. In an era of multi-billion dollar penalties, a firm’s immediate response to such an event can dictate success or failure. When a financial institution is implicated in a critical incident, regulators demand firm answers and nervous shareholders will expect a well-prepared management team. The depth of the associated direct and indirect costs are related to the financial institution’s advanced preparations and planning. Timing becomes critical. Accurate facts can be difficult to determine. Uncoordinated responses by dispersed employees can incur devastating consequences. ManchesterCF collaborates with financial institutions to produce a Critical Incident Response Guide customised to the client’s specific business lines, customer base and other unique characteristics. Each customer solution is unique, as no two financial instititions are exactly alike. From the planning phase to implementation, the Critical Incident Response Guide structures the financial institution to confront the challenge of a financial crime event. The guide adheres to a review schedule that takes into account the market and regulatory circumstances of the day. From pre-event planning to post-event evaluation of defences, the entire spectrum of possibilities is examined. A wide variety of communication methods are created to collect and disseminate valuable information. In an era of information overload, simple email and telephone calls will not suffice. ManchesterCF provides financial crime risk management training programs, advisory services and project management to financial institutions, financial intelligence units and public-sector agencies around the globe. ManchesterCF Suite 501 125-720 King Street West Toronto, Ontario Canada M5V 3S5 +1.416.388.6051 www.manchestercf.com firstname.lastname@example.org @ManchesterCF ADVISORY Critical Incident Response Guide ManchesterCF Advisory 2014 Financial sector supervisors expect financial institutions to possess effective strategies to manage the following critical incidents: • Money laundering • Terrorist financing • Financial fraud • Bribery/corruption Each Critical Incident Response Guide contains pre-scripted scenarios and their associated solutions for possible financial crime events, along with communication trees, management responsibilities and mandates to internal response teams located throughout the financial institution’s operations. Time zones, local banking regulations and other factors will need to be integrated into the Critical Incident Response Guide. The Critical Incident Response guide can bring order to chaos at a time when your financial institution requires it most. The time for planning is when the waters are calm, not once the storm hits.
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