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Wolters Kluwer introduces financial crime governance system for UK

10 April 2012  |  1894 views  |  0 Source: Wolters Kluwer Financial Services

Wolters Kluwer Financial Services announced today it has enhanced the company's ARC Logics for Financial Services enterprise risk management (ERM) solution suite to help U.K. risk management professionals more effectively mitigate the risks tied to financial crimes such as fraud and money laundering.

Wolters Kluwer Financial Services has integrated its financial crime content within the company's proven ARC Logics' ERM technology. The end result is a governance solution that provides financial organisations with a comprehensive framework to view and manage financial crime risks in a manner consistent with Financial Services Authority (FSA) regulations and industry best practices. The solution facilitates the rollout of a financial crime governance programme across all of an organisation's business lines and legal entities.

In its 2011 Financial Crime Control Handbook, the FSA emphasized the requirement for organisations to have a transparent, holistic financial crime governance framework in place. More specifically, the FSA said the framework needs to provide senior management with a clear view of all financial crimes risks so they can be actively engaged in helping to address them.

The framework ARC Logics provides organisations with allows them to link regulations, policies, procedures, risks and controls with tests and audits to generate a structured, overarching view of the state of their financial crime governance programme at any given point in time. And Wolters Kluwer Financial Services' expert consultants can help embed the framework into an organisation's specific operating environment. These experts include former compliance officers, regulators, lawyers and data management experts with decades of regulatory, technical and product knowledge.

"The sheer complexity of the FSA's financial crime control regulation and its impact on organisations' processes and systems make compliance with this requirement a real challenge," said Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services' Enterprise Risk Compliance business. "ARC Logics provides organisations with a powerful framework that allows them to more effectively identify, monitor and control financial crime risks across the organisation while maintaining compliance. But the solution is also flexible enough to allow them to nimbly react to an ever-changing regulatory and business environment and be usable throughout their operations."

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