Background:

‘The aftermath of the 2008-9 financial crisis has lead to the most challenging economic environment in over seventy years. Many financial services companies have reconsidered their approach to financial and market risk, while having to give greater consideration to the social and economic impact of potential operational failures.La Française AM (formerly UFG-LFP) took action before the crisis.’

Their Challenge:

La Française AM has two levels of risk:1 – Market Risk2 – Operational Risk and Internal ControlTo ensure full compliance with Basel II standards it was necessary to develop a comprehensive Internal Control Plan (ICP). As part of the initial risk assessment, La Française AM identified more than 60 different types of risk and created 150 control checklists requiring 300 – 800 controls and sub-control points.