Business Risk Reviews
Potential Wipe-Out
Directors of the Structured Investment Division of a leading bank believed its controls to be satisfactory, and invited Haymarket to conduct a Risk Analysis to confirm this. Haymarket made 36 major findings including the fact that for 5 hours of every working day, the bank was exposed to losses equivalent to the value of its entire credit lines worldwide. The bank adopted all of Haymarket's recommendations to minimise the exposures and the directors said that they would happily have paid a significant multiple of Haymarket's fees for such a salutary result.
Haymarket conducts Business Risk Reviews to identify security weaknesses in client operations. Findings result in financial savings, directly or through loss prevention, and often lead to the detection of previously unsuspected fraud, theft or other irregularities.
The reviews can be comprehensive or tailored, and typically encompass each of the key areas highlighted to the right and other high risk areas such as asset management, warehousing and stock.
Business Risk Reviews identify exposures and vulnerabilities which, if exploited fraudulently or maliciously, could severely damage an organisation’s financial viability, its reputation, and even threaten its survival. Lesser risks, debilitating but not necessarily catastrophic, are also identified as part and parcel of the review methodology.
At the conclusion of each review, Haymarket submits a report of all risks identified with an impact assessment and detailed recommendations for remedial action.
Case Study - Potential Wipe-Out