The company is a global Fortune 50 multinational banking and financial services company with more than 230,000 employees, and with significant operations in Asia and a headquarters in Hong Kong.
Due to increased compliance requirements, an enhanced focus on governance, a changing regulatory environment and increasing data security/integrity risks, the company sought an organization that could work successfully alongside, and in unison with, its internal audit group and equally important, one who also understood the particulars of the banking and financial services industry. A key criterion for the selection of a risk advisory partner to assist with audit management in North America, Europe and Asia-Pacific was that the firm show evidence of having extensive experience and expertise in the financial services industry staffed with highly experienced professionals who had successful track records in the industry.
Jefferson Wells was chosen not only for its co-sourcing solution, but also based on its reputation, references, experience and “chemistry.” Upon selection, Jefferson Wells proposed a co-sourcing audit arrangement that would not only serve to supplement the client’s existing audit group, but also enable Jefferson Wells to deploy proven expertise when and where needed to help the client expediently address its industry specific risk issues. The co-sourcing recommendation was accepted, and audit projects commenced predominantly in the United States and Hong Kong.
ResultsThe Jefferson Wells team in Hong Kong immediately engaged with the company’s Asset Management Group on a wide variety of projects around regulatory environments, compliance, and financial instruments.
Jefferson Wells matched the client’s project needs with experienced audit professionals who were integrated into the client’s audit teams to successfully conduct numerous audits, encompassing such areas as compliance, Know Your Customer (KYC) activities, and financial product reviews to ensure risk ratings are appropriate and in compliance with regulatory guidelines.