Skott Consulting has a wide range of experience in numerous sectors and the following are some of the examples:
Skott Consulting were engaged by a major UK investment company with £26 billion funds under management to completely review and overhaul their Politically Exposed Persons (PEPs) and high-risk client framework. This involved deep diving the current set up providing a detailed analytical state of position through to developing the new risk classification guidance in line with the 4th Money Laundering Directive and JMLSG guidance. Additionally, re-engineering the process of on-boarding, KYC risk analysis and developing automated electronic reporting and trigger events within their financial and customer systems. This then led to a remediation project to identifying and reviewing all their PEPs and high-risk clients in accordance to the new framework.
Skott Consulting were engaged by a major UK wealth management company with £100 billion of investments, in preparation of separation from their parent company, to develop the Financial Crime Framework across its group of five subsidiary financial firms involving multiple jurisdictions. This included a Group wide Financial Crime Roadmap, Vision & Core Behaviours, full suite of Risk Board approved policies, Financial Crime Forum, business risk framework and template, jurisdictional matrix, high risk business matrix, PEP definition, client/broker rejection/refusal sharing, computer-based training, NED training, 1st & 2nd LoD mapping and gap analysis, MLRO reporting template and MI business reporting.
Managed the response for a major retail financial institution to the Regulator’s full AML, CTF, ABC & Compliance framework audit in readiness for the UK’s Mutual Evaluation Report (MER) by FATF in 2017. Reporting to the Risk & Compliance Committee, defined project terms, chaired governance board, developed and deployed programme and improvement activity including on-boarding, KYC, PEPs, sanctions, reporting and monitoring. Led on the liaison with the Regulator.
Managed for a major retail financial institution a review of risk to vulnerable customers from a Compliance (Treating Customers Fairly), AML/CTF and fraud perspective. Developed programme improving the awareness and communications, reporting of suspicious activity and liaison with law enforcement. 200% increase on reporting and developed strategic relationship with Crime Stoppers delivering three external communication projects using multi-media channels to highlight fraud scams winning five industry awards (2 x Retail Fraud Awards 2015, 1 x Security Excellence Awards 2015 & 2 x Chartered Institute of Risk Management Awards 2016).
Conducted full review of a financial institution AML, CTF & ABC framework from strategy, policy and risk, driving enhancements and streamlining processes in compliance with FCA, HMRC and JMLSG standards. Areas such as on-boarding, KYC, monitoring, suspicious activity, PEPs, sanctions, NCA reporting, MI and training. Reported to Risk & Compliance Committee and responsible for delivery of the project remediation plan.
Managed for a financial institution the financial crime transformation project on separating from its parent firm. Included complete end to end identification and transfer of internal activities to the firm and procurement through the OJEU process and migration of outsourced contracted services (c£8m), improving efficiency levels and cost reduction of £1.5m.
Managed for a major financial services firm the procurement of an outsourced contract service for their security, fraud, intelligence & analysis management (£3.5m) that was subject to the Open Journal of the European Union (OJEU) process. This included project management, governance framework, contract selection and migration of the services to the new provider improving efficiency levels and a cost reduction of £1m.
Project managed the Payment Card Industry Data Security Standards (PCI DSS) programme for a major national Tier 1 retail merchant including call centres, with 1.8 billion transactions per annum. This included full project management, IT design, business process engineering and certification process going from a non-complaint at risk of a fine to fully certified as a Tier 1 compliant merchant (the 6th of 100 Tier 1 merchants at the time).
Developed for a retail merchant a fraud mitigation and loss reduction programme targeted at vulnerable commercial products and operational processes achieving 53% reduction in ledger losses. This included a significant increase in the detection and apprehension of internal offenders, the return of significant surplus cash holdings, improving the compliance of cheque process management, reduction of financial stock holdings and reduction to branch losses.
Designed and deployed for a major financial institution with branches nationwide their intelligence and analytical function for financial crime, fraud, security and whistle blowing reports. The service that was compliant with the National Intelligence Model (NIM), grew through a communication and embedding programme over several years from minimal internal reporting to 28000+ suspicious activity and crime reports per annum. The information was analysed and disseminated back out to the branches for preventative action and shared with law enforcement and other commercial organisations. The service won several industry awards.