Risk Management Consulting

The Risk Management consulting services at HCL include regulatory compliance like SOX Consulting and Sustenance, and Enterprise Risk Management.

Our proprietary SOX methodology (as illustrated in the figure), modeled on COSO & COBIT Frameworks, assesses and evaluates internal controls and aids companies in deriving essential business value from compliance with SOX.

At HCL, we believe that compliance with SOX not only helps organizations adhere to the laws of the land but also serves as the armor against future corporate battles and lays the roadmap for organizational excellence. Our experienced financial, accounting and process experts have worked on numerous compliance consulting assignments for a number of Fortune 500 companies across various industries.

As the initial years of SOX Compliance have drawn to a close, companies are now looking to convert the expenses incurred during compliance into sustainable assets. Having worked with global corporations in end-to-end SOX Implementation and Sustenance projects, HCL brings this rich experience to aid corporates in their ongoing compliance maintenance efforts.

Our solution for SOX Sustenance, post first year compliance, involves: rationalization efforts to "right-size" controls; validation and updation of risk-control matrices; identification of the appropriate test management procedures for key controls; testing and documentation of key controls and devising a remediation plan to alleviate the observed control related deficiencies.

HCL thus helps organizations to institutionalize and streamline processes for Enterprise Risk Management and enables corporates to react to organizational and environmental changes with adept ease and flexibility.

Representative Engagement

MiFID is a pan European compliance regulation which has a significant impact on the operations of financial services firms. The primary aim of MiFID is to increase market competition and investor protection. Investment Banks, Financial services firms, and Asset managers are impacted by MiFID. These Institutions are grappling with the complex requirements which are open ended.

Our MiFID Execution readiness framework, as shown in the Figure is based on a rigorous Organization Scan to understand the current status, follow it up with a MiFID Diagnosis where we map the MiFID requirements to the firm’s current status and complete it with MiFID Modeling. MiFID Analysis helps firms decide on the steps to be taken for MiFID compliance, taking into account the other ongoing compliance initiatives in the firm.

Post implementation, we work with firms to assess the MiFID readiness of key processes. An understanding of the firm’s business model and operating environment drives the analysis. Gaps if any is highlighted along with support to remediate the gaps.

HCL partners with firms in the areas of trade and transaction reporting, managing client information, suitability & appropriateness tests and ensuring best execution.