Governance, Risk Management & Compliance (GRC)

Operating a company or any other entity has become a challenge due to the increasing burden of complying with regulatory requirements. Laws and regulations are complex to interpret and implement as these keep changing at a fast pace. At Lex Group, we understand the stress this may place on the operational efficiency of a company as well as the reputational risk which comes with non-compliance with regulatory requirements. Our team of experts seek to alleviate these concerns by providing our clients bespoke service to meet their regulatory obligations so they can continue to focus on growing their business. 

At Lex Group we keep ourselves up to date on the latest risk management and compliance regulatory obligations and we strive to ensure that our clients’ policies and operational set up remain in line with the law, which in turn aids them to build an excellent reputation in their area of practice. A sound regulatory and governance infrastructure can also protect both a natural person (i.e. an individual), a legal person (i.e. an entity) or any of its directors or other officials from any possible personal liability.

Lex Group offers an array of services focused on Governance and Regulatory Compliance including Financial Crime Compliance and GDPR compliance, as well as Risk Management advisory services. 

Governance & Regulatory Compliance

A critical area that any entity needs to address is the so-called ‘regulatory compliance’, which is a collective general term that seeks to incorporate compliance with the applicable laws. The legal world is a dynamic one, with new legal acts and legal notices being enacted almost daily, making it difficult for entities to keep track of the latest developments. Moreover, the ‘complex’ manner in which laws are drafted may make it hard and time-consuming for an individual to understand what needs to be done to comply with relative laws. Moreover, implementing a sound Governance framework coupled with robust internal controls is key to carry out business in compliance with the expectations set out in legal instruments.

At Lex Group we understand the challenge that regulatory compliance may present to our clients and we seek to address it by offering the following:

  • formulation or review of the client’s existing policies and procedure and advice on how to optimize them;
  • drafting of new essential policies, procedures and advice on how to execute them;
  • advice on the implementation of any mandatory changes to comply with the applicable rules and legislation;
  • assessing the effectiveness of existing compliance and governance frameworks and benchmarking against established industry best practice;
  • Review of and/or drafting of Terms of Reference of all Board and Executive Management Committees;
  • Real time support, when required;
  • Any other ancillary services, as may be required.

Our team of experts in the Regulatory and Compliance field offer tailored advice and assistance on niche topics including Financial Crime Compliance and the General Data Protection Regulation (GDPR). Both topics have been at the top of the agenda of Regulatory bodies, and non-compliance with these regulatory requirements could lead to the imposition of hefty penalties and irrecoverable damage to the client’s reputation. We not only understand this factor, but also ensure that every measure advised to our clients is implemented in the most efficient manner, with no or minimum disruption to the client’s course of doing business. Our service offerings in these two areas are as follows.

Financial Crime Compliance

  • Assisting with the preparation for and response to regulatory inspections and drafting of action plans in this regard;
  • Supporting subject persons with the drafting of Business Risk Assessments and Customer Risk Assessments;
  • Supporting clients with tailored advice on due diligence requirements; 
  • Advice on the adequacy of the ongoing monitoring applied by the subject person in light of the risk profile of clients;
  • Preparation and compilation of training material focused on Anti-Money Laundering policies and procedures and/or Financial Crime Compliance;
  • Offering ad-hoc support to a client’s MLRO and compliance team with any matter, particularly with the submission of regulatory reporting and ever-changing legal framework;
  • Tailored training to staff, including compliance team members and the MLRO.

GDPR Compliance 

  • Gap Analysis to assess the organisation’s compliance with Regulations;
  • Drafting/Reviewal of privacy policies and privacy notices; 
  •  Assisting the Data Protection Officer with compliance duties and data breaches;
  • Assisting in carrying out Data Protection Impact Assessments (DPIAs);
  • Drafting/Reviewal of Processor Agreements;
  • Drafting/Reviewal of employment agreements to be GDPR compliant;
  • Training on the critical elements of GDPR;
  • Drafting of any other GDPR-related polices/agreements required by law in order for the system to be compliant with data protection regulations. 

Risk Management

Being proactive to risks is a key differentiator in making, and keeping, a business successful. Understanding the risks that are inherent to a business model makes companies more prepared to mitigate these risks. At Lex Group we regularly assist clients to anticipate, detect, and respond to an array of risks which could impact their business. We also guide our clients in dealing with emerging risks and the impact these will have on the long-term sustainability of business and operations. Our service offerings in this area include the following:

  • Assistance with the drafting and implementation of risk policies, risk management frameworks and risk appetite frameworks;
  • Assistance with developing a risk register;
  • Assistance with carrying out a risk assessment of the company’s operations;
  • Supporting clients with the implementation of the controls necessary to mitigate risks;
  • Providing specialised advice on the risks and opportunities of new business ventures. 

 

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