Success Stories

Practical examples where either SGC or our senior staff have been directly involved – short examples of success stories:

Success story 1

A client was receiving monthly and quarterly financial information with unexpected fluctuations. The project a cost plus arrangement was otherwise apparently progressing well commercially. Various concerns were raised and at year end major provisioning was being considered. As false accounting, procurement issues, or even fraud were amongst the possible concerns, it was decided to have a neutral / independent / forensic team review the situation and report on the facts.

After two weeks of intensive field work and various interviews we were able to report the facts, give all parties involved peace of mind and make the necessary recommendations to solve the issues amicably.

Success story 2

An allegation was made in an anonymous letter after various rumours in the market place. As the individual had worked at two locations in the period under review two teams were simultaneously sent to both locations to perform an initial review. All IT relevant data was first secured to avoid loss or data corruption. Later key word and fuzzy logic searches were performed to identify only relevant data which was reviewed by legal & paralegal professionals. The rumours were confirmed by facts and the company took appropriate action and established new processes to prevent a recurrence of the problem.

Success story 3

As part of an FCPA settlement, a monitor was appointed and a team of forensic accountants asked to support him. We provided the support required over a period of months on an ad hoc basis. In particular drafting the work plan to make sure the settlement agreement was met in full.

In addition we assessed the effectiveness of the compliance program to avoid future FCPA violations by identifying risk profiles, developing an understanding of the business to better identify high risk areas exposed to potential corruption.

We assisted with reporting using our practical forensic compliance experience while remaining factual and fair to all parties.

Success story 4

Central bank internal payment system: One of the biggest central banks in Europe requested a new payment system to enable their employees to access facilities with ease and financial transparency. The facilities needed to operate and be accessed 24 hours a day. The project involved working with leading software vendors, payment system providers and hardware manufacturers during a six month period. The hardware deployment required a review of all existing infrastructure and software to enable networking due diligence. Our payment system understanding and our collaboration with leading vendors offered clients access to modern technologies which enabled transparency in financial transactions.

The experience highlighted the importance of working with an organisation in collaboration to actively provide a solution which is now used by 3000 of its employees.

Success story 5

Major international event involving 205 countries: Our challenge was to provide a reliable and secure card payment solution to service 300 vendors in compliance with PCI data security regulations and processes.

Our Solution: In partnership with leading IT security experts, software vendors, card payment system providers and hardware manufacturers a secure reliable solution for providing fixed and mobile card payment facilities for 300 vendors across multiple event locations was delivered.

Success story 6

Strengthening regulatory compliance: A regulatory enforcement action was taken against a major bank with headquarters in Africa to comply in a tight time driven deadline with local and international regulatory requirements on Anti-Money Laundering and Know Your Customer procedures. The enforcement included evidencing a full risk management policy and staff evaluation of their knowledge on compliance processes.

The bank sought our assistance in providing sustainable GRC solutions and helping similar international clients with their regulatory reporting needs. We reviewed the banks current procedures and performed and reported the gap analysis. Existing compliance business processes and IT processes were merged with the implementation of new IT software providing customer due diligence, monitoring, sanction detection and scenarios, transaction monitoring tools with a fully integrated risk management dashboard. The banks staff were also trained on Compliance and Risk Management processes by us.

Results: The bank was able to evidence and report that it had strengthened its regulatory governance and embedded local and international best practices in compliance controls with integrated risk management policy. It provided comprehensive and transparent view on all customer related risk cases (new and existing customers) mapping regulations to risk, controls and policies. It integrated its current IT landscape with new compliance and risk technology tools making processes work efficiently. The bank successfully complied with the hard deadline enforcement with the successful implementation of a local and international regulatory framework.

Success story 7

Regulatory Governance remediation: A regulatory findings report for a central bank reported lack of regulatory governance processes and ineffective risk management reporting tools. The report from the international regulator concluded non-compliance with international banking regulation policies.

The bank sought assistance from us recognising our strengths in providing remediation for regulatory Governance and helping similar international clients with their regulatory reporting needs.

Our team reviewed the bank’s current regulatory governance processes. A regulatory governance strategy was formed by implementing a management reporting system with a fully integrated risk management tool. This was tailored to map regulations to risk, controls and policies that meet the international regulatory requirements in areas such as banking regulations, licensing, supervision, corporate governance and market discipline objectives.

Results: The central bank was able to work towards remediating the findings by evidencing an effective regulatory governance framework which provided a transparent policy enabling the teams to effectively control risks and other exposures. The central bank teams were given walkthroughs and ongoing training by us focussing on building a transparent regulatory governance policy.