COMPLIANCE AND RISK MANAGEMENT SUPPORT SERVICE

Requirements of current and upcoming legal acts, attitude of the Bank of Lithuania communicated via expectation letters, trainings, inspections, and other means once again prove that compliance is a key for successful and forward-thinking businesses. We bring together a team of experts in various areas to ensure your electronic money or payment institution meets regulatory requirements and gaps are detected and corrected in timely manner.

The framework of our service:

• carrying out an overall risk assessment of compliance function, which helps to see the „hottest“ topics at the company requiring an immediate attention,
• preparation and harmonization of the compliance policy and procedure,
• preparation of compliance monitoring plan, based on the outcome of the risk assessment,
• evaluation and support in particular areas of operation, based on compliance monitoring plan,
• quarterly reports to the management on the status of tasks performed regarding the function of compliance support,
• monthly regulatory update highlighting changes in legal requirements, guidelines/recommendations/best practices of the regulator, relevant aspects of recent case law.

The areas we provide compliance support on:

• AML,
• IT Data management and Cyber security, Business continuity plan,
• Governance, internal control and risk management,
• Conflict of interests,
• Outsourcing,
• Safeguarding of clients’ funds,
• Data protection,
• Terms and Conditions,
• Complaint handling,
• Capital adequacy,
• New product development, compliance to the license,
• Anti-Bribery and Corruptions, Whistleblowing,
• Reporting,
• Employment relationships,
• Occupational safety and health.

Risk management support service

According to the Resolution No. 03-106 of the Bank of Lithuania, electronic money and payment institutions should have approved risk strategy, assign a person who is responsible for risk management, who should present to the management body quarterly risk map and annual risk report. Risk map is a list of all companies existing and potential risks, risk evaluation, risk mitigation measures, responsible person in the company and defined acceptable risk level (limits).

The framework of our service:

• Creation of the risk management framework,
• Preparation of the risk strategy, including risk tolerance limits setting,
• Preparation of the risk policy, covering risk methodology,
• Template for quarterly risk reporting,
• Regular workshops on risk identification with representatives of the company,
• Follow-up of action plans for risk mitigation,
• Internal risk communication plan,
• Support on integration of the risk management into the internal control system,
• Framework for outsourcing risk management (in line with resolution of the BoL No 03-166);
• Template for operational risk register,
• Preparation of the annual risk report.

We offer:

• Professional services from experienced risk managers
• Personal attention
• Regular interactions
• Support

Our presentation on compliance support services (click the below picture)

Our regulatory compliance updates:

More about FinTech licensing.

More about ECOVIS experience.