Fortune Global 100 Banking and Financial Services Organisation – UK Bribery Act
Client: A Fortune Global 100 Banking and Financial Services Organisation
Source8 were engaged by our client’s Global Real Estate (GRE) division to evaluate their current real estate operating model from legal, financial, commercial and supply chain perspectives to comprehensively assess the nature and extent of the risks relating to bribery to which this division is exposed. This was aligned with the introduction of the UK Bribery Act to ensure compliance and limit our client’s exposure by developing and implementing a set of strategic recommendations.
There were several challenges relating to this piece of work some of which related to the client’s existing corporate structure and the varied complexities relating to its international operations across diverse markets and their related supply chains.
• A detailed Audit and Risk Assessment of our client’s current GRE division’s operations in order to fully understand and identify the current risk exposure of the function
• This Audit and Risk Assessment involved a detailed review of the documents, systems and processes currently used to control and monitor financial, legal and commercial aspects of the work carried out in the real estate function
• Strategic Recommendations and corrective actions were made and completed and a robust set of governance and compliance processes were implemented.
The Source8 team worked closely with our client’s GRE division and its Risk Management function to ensure that the processes and governance implemented were pragmatic in nature and dovetailed with existing and evolving central governance and compliance initiatives.