Risk & Control Assessment (Audit-Ready)

Build resilience, reduce errors, and design a strong control environment

Financial institutions need robust risk and control frameworks to satisfy regulators, pass audits, and operate efficiently. Our practice designs audit-ready control environments that reduce operational risk and strengthen governance across the enterprise.

Is this you?

• Frequent breaks in fees, brokerage, cash, trades
• Audit findings and repeat remediation cycles
• Regulatory scrutiny from ECB, PRA, FCA
• Lack of controls around key processes
• No clear risk assessment of critical operations
• Weak data quality causing downstream issues

Regulators expect strong control environments. Our firm delivers them.

What we deliver

Risk Assessments & Heatmaps

• Inherent risk - What could go wrong
• Control effectiveness - How well you're protected
• Residual risk - What remains
• Heat maps - Visual risk landscape
• Priority actions - What to fix first

Control Design (Preventative & Detective)

• Preventative controls - Stop errors before they happen
• Detective controls - Catch errors at source with full evidence trail
• Manual vs. automated - Where to invest in automation
• Control frequency - Daily, weekly, monthly checks
• Control ownership - Who executes what

Control Library for Operational Processes

• Standard controls - Reusable across processes
• Control descriptions - What, why, how
• Test procedures - How to validate effectiveness
• Evidence requirements - What auditors need

Break Analysis & Root-Cause Reports

• Trade breaks - Confirmations, settlements, allocations
• Cash breaks - Nostro, payments, FX
• Fee breaks - Brokerage, commissions, fees
• Root cause analysis - Why breaks happen
• Remediation plans - How to fix permanently

Market/Transaction/Fee Reconciliation Risk Analysis

• Reconciliation processes - Front-to-back review
• Break patterns - Where issues cluster
• Control gaps - Missing or weak controls
• Automation opportunities - Reduce manual effort

Audit Readiness Documentation

• Control testing evidence - What auditors require
• Control narratives - Written descriptions
• RCSA documentation - Risk & Control Self-Assessment
• Audit response packs - Pre-prepared materials

Data Quality Metrics & Dashboards

• Completeness - No missing data
• Accuracy - Correct values
• Timeliness - On-time delivery
• Consistency - Same across systems
• KPIs & dashboards - Monitor data quality

What this solves

Frequent Breaks (Fees, Brokerage, Cash, Trades)

Identify root causes of breaks and implement preventative controls to stop them happening.

Audit Findings & Repeat Remediation

Close findings permanently with strong control design, not quick fixes.

Regulatory Scrutiny (ECB, PRA, FCA)

Provide audit-ready documentation that satisfies regulatory expectations first time.

Lack of Controls Around Key Processes

Design comprehensive control frameworks covering all critical processes.

Deliverables

You receive audit-ready risk and control artefacts:

Risk assessments with heatmaps
Control library (preventative & detective)
Control design documentation
Break analysis reports
Reconciliation risk analysis
Root-cause analysis for operational issues
Data quality metrics & dashboards
Audit readiness pack

All in Excel, Word, PowerBI, or your preferred format.

Who this is for

• Investment Banks - Trading, settlements, reconciliations
• Commercial Banks - Payments, cash management, treasury
• Asset Managers - NAV production, fund accounting
• Broker-Dealers - Trade processing, clearing, settlement
• Custodians - Asset servicing, corporate actions

Typical engagement

Week 1-2: Risk & Control Assessment

• Process walkthrough
• Existing control review
• Risk identification
• Break analysis

Week 3-5: Control Design

• Control design workshops
• Control library development
• Test procedures
• Documentation

Week 6-8: Validation & Handover

• Control testing
• Stakeholder validation
• Audit readiness review
• Final documentation pack

Engagement models

Every risk and control engagement is scoped to the number of processes, the regulatory environment, the severity of existing findings, and the depth of remediation required. We commit to pricing transparently once we understand your situation.

• Risk & Control Assessment (6–8 weeks) — Structured review of 5–10 key processes: heat-map, control library, gap analysis, and a prioritised remediation plan aligned to PRA SS1/23, FCA SYSC, and three-lines-of-defence expectations.
• Break Remediation Programme — Root-cause analysis, control uplift, and supervised remediation for complex break scenarios.
• Ongoing Control Support (monthly) — Continuous control testing, monitoring, and audit-readiness support as systems and processes evolve.

For a detailed breakdown of our engagement shapes and a scope-and-budget conversation form, see our engagements page.

Real results

Global Investment Bank (FX Trading)

Challenge: High FX confirmation breaks, PRA audit finding
Delivered: Root-cause analysis, control uplift, automated checks
Result: Breaks down 75%, audit finding closed, PRA satisfied

European Asset Manager (Fund Accounting)

Challenge: Data quality issues causing NAV delays
Delivered: Data quality framework, controls, dashboards
Result: Data accuracy improved 90%, NAV production on time

Start here

Complimentary: Control Gap Analysis

Share a description of your key processes and current control environment. Our team will provide an executive assessment covering:

• Critical control gaps and weaknesses
• Key operational and regulatory risks
• Priority actions to strengthen controls

How we typically structure an engagement

• Control Health Check (3–4 weeks) — Risk assessment for 3–5 priority processes, control gap analysis, prioritised remediation recommendations
• Full Risk & Control Programme (6–8 weeks) — Comprehensive risk assessment, control library design, break analysis and root-cause, control testing procedures, audit-readiness pack, data quality framework
• Ongoing Control Support (monthly) — Continuous control testing, break analysis, control effectiveness reviews, and audit support

Engagements are scoped per client. For the engagement shapes we use and a comprehensive FAQ on how we scope, see our engagements page.

Why partner with us

Tier-1 bank experience - Designed controls for global banks
Regulatory knowledge - Understand ECB/PRA/FCA expectations
Practical approach - Controls that work in reality
Audit-ready quality - Auditors and regulators approve
Break resolution - Fix problems permanently

What makes controls effective

Weak controls:

• Manual, error-prone processes
• No clear ownership
• Inconsistent execution
• Missing evidence for audits
• Reactive, not preventative

Strong controls:

• Preventative AND detective
• Clear ownership and frequency
• Automated where possible
• Evidence captured
• Tested and validated
• Audit-ready documentation

Next steps

1. Complimentary Gap Analysis - Share your control environment
2. Discovery Session - 45-minute discussion with our leadership team
3. Proposal - Tailored engagement with clear deliverables and success criteria
4. Mobilisation - Structured programme startup within one week