Compliance: Audits & Monitoring
A company must audit and monitor adherence to compliance and ethics principles and processes to ensure actual observance of compliance requirements. Gemean provides a technical bench and trusted insights into regulators’ perspectives. Our team assist clients in understanding and responding to regulatory inquiries. In addition, we assist clients in navigating the complexities of the regulatory environment. Gemean’s compliance experts are familiar with compliance program auditing and monitoring best practices, and assists its clients with the:
- Review the design, implementation, and improvement of internal audit and compliance controls
- Monitor issues reported under or occurring within compliance program policies, processes, systems, and tools
- Conduct of periodic audits of the effectiveness of compliance policies, practices, and controls
Compliance: Crypto Regulatory Environment
Effective management of compliance programs requires real-time, data-driven tools and technologies to identify issues and analyze trends quickly. Recently there has been a flood of new crypto regulations, as well as sweeping enforcement actions against virtual assets service providers and their executives for lack of regulatory compliance. There are varying levels of maturity and sophistication in AML/CTF regimes around the globe. The gaps in these regulations present avenues that can be exploited by money launderers and terrorist organizations. US regulators (CFTC, FinCEN, SEC, NY BitLicense) are ahead of the curve than most of the globe. At Gemean, we have anti-money laundering and counter financing terrorism expertise in the following areas around the globe.
- Crypto to fiat
- Crypto to crypto
- Custodians
- Initial Coin Offering
- Exchanges
- Wallets
- Privacy Coins
- Smart contracts
Compliance: Internal Investigations & Remediation
How an organization investigates and addresses incidents can differentiate between a successful resolution and further internal difficulties. One of the most important elements of an effective compliance and ethics program is the manner in which an entity or organization handles compliance issues when they arise. From the initial issue through data gathering and personnel interviews, to the final determination of potential discipline and program improvements, an organization needs to carefully craft its internal investigation and responses with consideration of many different stakeholders.
Gemean’s team of compliance professionals advises clients on structuring and managing their internal investigations process to obtain the most effective and beneficial results while avoiding the pitfalls that can occur in the internal investigation process.
- Manage and assist clients with performance of internal investigations
- Supports clients in managing and responding to regulators and inquiries
- Conducts forensic investigations in support of client internal and external investigative issues
- Provides recommendations for issue remediation
- Assists clients in preparing and reporting issues for both voluntary and mandatory disclosure
Compliance: Risk Management & Assessments
Compliance programs are effective only if tailored to address the associated risks that may impact an organization. Internal controls play a critical role in public and private companies as they establish safeguards to an organization’s assets and minimize the opportunities to commit fraud and allow errors to go undetected. Internal controls are foundational to reliable financial reporting, and deficient controls can create the opportunity for future misstatement or misconduct.
Compliance: Third-Party Oversight
Failure to ensure third parties act appropriately can result in severe negative consequences for an organization. An organization cannot rely only upon its own personnel to act in a compliant manner. The actions of an entity’s third-party stakeholders, including agents, partners, representatives, intermediaries, suppliers, and vendors, can have a dramatic impact on the legal obligations and liabilities, operational efficiencies, and brand reputation of the entity. It’s necessary for organizations to ensure that their third-party stakeholders also implement and manage compliance programs that address the risk areas. At Gemean, we assist clients in reviewing, designing, and overseeing their third-party stakeholder compliance programs:
Gemean’s team of compliance professionals advises clients on structuring and managing their internal investigations process to obtain the most effective and beneficial results while avoiding the pitfalls that can occur in the internal investigation process.
- Assessment of regulatory and operational risk arising from contemplated business transactions
- Designing and implementing third-party risk mitigation strategies
- Reviewing, designing, creating, implementing, and improving vendor and supplier codes of conduct
- Assessing and implementing improvements to various department such as purchasing, procurement, and supply systems for vendors