Governance, Risk & Compliance

Breaking Silos for Effective Oversight

Alignment to Regulations

Whether you have a compliance function or have been surviving on a wing and a prayer, RedKnot can ensure the top-down policy aligns to requirements. Developing a standard approach that will evolve as the landscape changes will not only avoid fees and fines, but assure cost effective management of the program. We begin where you are and chart the course to where you need to be, then we implement and track progress from there with your input.

Enterprise-Level Accountability

RedKnot’s management of your program helps drive risk accountability to every level of the organization to achieve a “risk-based culture,” ensuring that resources understand the importance of regulatory priorities. Third-party due diligence should precede formal business arrangements, instead of allowing risk to seep into your organization through non-compliant stakeholders.

Sustainability

Like many business functions, third-party risk management is an ongoing process to help companies identify and monitor ongoing risks associated with business arrangements. This requires initial due diligence, annual due diligence and ongoing monitoring based on the potential risks associated with the business arrangement. RedKnot manages every aspect of the end-to-end life cycle, providing continuity regardless of yours staffing ups and downs.

The Governance, Regulatory and Compliance (GRC) landscape of the last decade has been nothing less than remarkable — more technologically complex, rapid cloud adoption, cyber risk and threats, increased Board accountability —   with fewer dollars and resources to effectively manage risk oversight. 

Governance, Risk & Compliance

Despite sweeping changes and new regulatory requirements over the last decade, RedKnot has helped companies achieve GRC objectives  through an integrated, organizational approach to anti-corruption, business continuity, third-party risk management and regulatory compliance. For full visibility and effectiveness, GRC Silos must be brought under the Enterprise “wings.” The desire of companies to understand and comply has created numerous challenges and cost considerations, including acquiring talent to lead efforts, advancing the skill-set of employees who are key to meeting requirements, adopting the systems to efficiently comply, scaling to meet growing demands and ensuring consistency in approach. RedKnot helps you confidently face regulatory examinations, auditors, internal risk governance committees or cost-conscious stakeholders.

Key engagements where we have applied our expertise:

  • Third-Party Risk Management & Governance transformation for a Georgia-based lending company with branch operations across the U.S. Developed a comprehensive program to address risk, lack of controls and inefficiency. Formerly, over 650 vendors were managed by 170 users, from 23 departments and 20 corporate divisions. Established data-driven, sustainable program supporting 40% increase in Branch locations and 200% growth in vendor relationships without adds to staff.
  • Program Risk Governance for a $150 million loan origination platform build-out for Top 10 bank including change control, integrated program plan, vendor management (including Big 4), workforce enablement, communications and audit compliance. Collaboration with over 300 project participants (domestic & off-shore), 2+ years, to migrate commercial, small business and auto finance loan services and thousands of users to the new platform.

RedKnot combines GRC expertise, workflow optimization and/or outsourcing to help Organizations navigate to effective oversight and risk management.

  • CFPB risk assessment, policy and procedures development, exam preparation, training and workflow optimization for a San Francisco-based medical debt collection company. One year following the implementation, the CFPB determined to examine our client.  However, after providing all the upfront documentation, the regulator cancelled the examination indefinitely.