From compliance to capability - strengtening operational resilience of financial services
Being able to make quick and informed decisions, in day-to-day operations as well as during a crisis, is key for any business in the finance sector – particularly today when the financial industry is facing an increasing array of security threats, regulatory requirements, and complex operational demands.
4C Strategies provide small, medium and large sized financial institutions all over the globe with the skills, tools and end-to-end solutions required to increase profitability and exceed expectations in an ever-changing environment.
National and international financial institutions choose 4C Strategies
4C Strategies are thought leaders in the field of readiness and we are active contributors to the development of international standards for business continuity management and risk management. Having carried out projects for national and international financial supervisory authorities, we are considered a reliable partner for banks, insurance companies and FinTechs looking to create safe and profitable operations while making sure they stay compliant with national and international laws and regulations.
Well-tested models and solutions
Over the past 20 years 4C Strategies have come to be regarded as one of the world’s most prominent providers of readiness and capability development solutions and services to financial sector actors. Our internationally recognised models and solutions help our customers solve complex problems in a structured and effective manner.
Crisis management for the pension company AMF
Global bank automates compliance with Exonaut
What services do you provide?
We implement Exonaut® – our Governance Risk and Compliance (GRC) software platform, and help organisations develop plans and steering documents. We also deliver trainings, tabletop and simulation exercises, workshops, and GAP-analyses in the fields of risk management, crisis management and business continuity management.
How do you ensure quality in your deliveries?
In accordance with our ISO 9001 certification, we have developed a well-defined quality assurance methodology. It is based on commonly agreed Rational Unified Process (RUP) for project management. 4C Strategies have several experienced quality controllers whose mission is to evaluate and assure the quality of all our deliveries.
How long is a typical project?
For implementation of our software platform Exonaut® we have developed a rapid implementation process where we usually go-live within 6-12 weeks of project start-up. A project involving a crisis management or business continuity management training and exercise usually takes 1-3 months. However, we also have long-time client partnerships that entail trainings and exercises over the course of several years. The needs of each specific client determines how we tailor each project.
How does a software platform help my organisation with our readiness?
Exonaut®, our GRC software platform, help you integrate disparate sources of information from a wide array of compliance and risk processes, providing users with a single portal for all GRC-activities. Implementing this integrated platform saves you time and money by releasing your staff from tedious administrative tasks.
Further benefits include:
- Great tool for publishing of easy-to-grasp dashboards as well as clear, yet powerful, automated reports
- Increased situational awareness and risk-informed decision-making
- Cost efficient allocation of resources
- Real-time monitoring of risk mitigation activities to minimise risk exposure
- Reduced financial and reputational impact of incidents
- Digital audit trail for effective after-action review and development of best practice
- Increased ability to deliver on strategic objectives
- Facilitation of compliance obligations
- Reduced insurance costs.
How often should a financial organisation exercise crisis management?
Having delivered projects to financial sector clients for over 15 years, we have a good understanding of regulatory requirements and sector best practices. How often you should exercise depends on the size and type of the organisation. Generally, the Crisis Management Team (CMT) of a financial organisation should exercise at least once a year in order to keep their capability to respond effectively to major events at a decent level. Larger and more complex organisations tend to require more frequent trainings and exercises.
What is the difference between a tabletop exercise and a simulation exercise?
A tabletop exercise is carried out as a round-table discussion focused on the impact of different scenarios and decision-making procedures. This type of exercise is meant to be a learning experience for newly formed crisis management teams or somewhat immature organisations. The exercise is designed to be an informal meeting and the target audience is encouraged to react to, and openly discuss, the issues that arise from the scenario. This type of exercise is suitable for organisations that have not previously exercised or that simply need to develop new plans and strategies.
Simulation exercises, on the other hand, are carried out ‘live’ with roles and responsibilities acted out in real-time, in order to practice managing crisis situations in a more realistic setting. During simulation exercises the target audience reacts to realistic events that are gradually introduced by exercise managers. Compared to a table-top exercise, where the scenario is presented via PowerPoint or printed handouts, simulation exercises are more advanced as the scenario is simulated via phone calls, fake press conferences and media injects (YouTube-clips, social media postings, etc.) with the intention of increasing the level of realism. The simulation exercise allows for a higher degree of training and verification but it also requires more resources and advanced planning.
Distributed simulation exercises allow for the simultaneous testing of scenarios and incident management at several locations. A distributed exercise often focuses on communication and coordination across time and space and allows for complex and pressing demands to be simulated in a highly realistic manner.
What regulatory demands does financial supervisory authorities generally have on crisis and business continuity organisations, plans and exercises?
European financial actors are generally required to have a defined, documented and trained organisation for crisis management and business continuity management. Crisis plans, business continuity plans, and IT recovery plans and normally required by law and generally it is the company’s board and/or CEO that are personally responsible to ensure that these plans are updated and tested each year. Feel free to contact one of our experts to see what laws and regulations your organisation have to comply with.
What types of crises do 4C Strategies work with?
Our model for structured crisis management can be used during any type of crisis. 4C Strategies has 20 years of experience in working with all types of crises, from reputational to operational and financial. Lately we have seen an increased demand for our cyber scenario exercises.
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Smart readiness and business continuity is about staying on top of your business. Learn how you can sharpen your competitive edges and enhancing sustainable growth with the Exonaut® software suite.