Based upon proven experience, Lighthouse assists financial institutions in several of its compliance processes, ranging from building frameworks, over risk assessments, remediation exercises and license files, to taking up the compliance function within the limits put forward by the authorities.
The compliance needs of an organization can be very diverse. Leveraging our experience, we can rapidly define and frame the requests from our clients and bring our expertise.
We have contributed to several compliance assignments for credit institutions, asset managers, crowdfunding platforms and payment institutions, as a team or individually. Our customers have always appreciated our hands-on approach, direct communication, flexibility and transversal vision.
The compliance risk assessment is the cornerstone of the compliance department within the organisation. It constitutes a working tool, a reporting tool and provides useful insights tothe competent supervisory authority. Lighthouse has assisted several financial constitutions in establishing such compliance risk assessment. The basis for the risk assessment should be tailor made while the risk assessment approach can be standard. Too often we find compliance risk assessments which remain untouched after having been delivered. We make sure it is a real management and reporting tool.
Whilst larger financial institution take over or participate in FinTechs, the compliance expectations of both entities are often not at the same level. Lighthouse intervened in several cases whereby it crystallised the financial institutions expectations, translated these into the FinTech vocabulary and helped establishing the compliance function including staffing, internal control mechanisms, monitoring and reporting. As a result compliance operations got streamlined, use of human and technical resources optimised and reporting harmonised.
Considering that compliance requests often have a certain sense of urgency, we commit to delivering within the agreed timelines. Whether management, Board of directors or regulators impose strict timelines for the implementation of compliance deliverables, Lighthouse supports entities in respecting these timelines while continuously gatekeeping the quality of the execution of the tasks.
Too often, we observe that compliance remediation or support is provided by individuals not having a proven track record in in-house operational compliance, resulting in theoretically accurate deliverables but a poor level of effective implementation. Based upon the experience and background of our consultants, the effective implementation of our deliverables is vital for us and we believe we can make a real difference at that level.