The Challenge

A challenge for the for the Money Services Business (MSB) Company Board, Executives and Risk, Information, Compliance and Audit Professionals

  • In the money services business (MSB), calculated risks have to be taken every day to run an organization, but most MSBs fail to monitor and manage risk effectively because they fail to implement systems to get a federated view of the risk. A cavalier and silo approach to risk-taking is a result of a poorly defined leadership and risk culture. It results in disaster, regulatory scrutiny, demise of organization and can potentially become a case study for future generations to come on how poor risk management leads to the demise of MSBs.
  • In a typical MSB, multiple platforms are being used in silos further cementing the silo culture which can be driven through either having legacy systems, not being aware of the integrated GRC tools or it could be driven by “egos of resistance to change”. Nonetheless, unless the organization shifts a culture and changes the play book that we are going to break down the silos between Governance, Risk, Information, Compliance , Audit and foster a culture of tighter communication between each functional departments and ensure visibility of risk and compliance metrics across all of the functions through a single platform, it will never achieve optimal efficiency nor enterprise excellence – this is NOT an easy task and requires a culture shift and commitment from the CE0, Board or the leadership of the MSBs.
  • Gone are the years of simplicity in money services business operations. Keeping the complexity and change in sync is a significant challenge for boards, executives, as well as risk management professionals throughout the business. MSBs have to invest in modernizing and implement an integrated governance, risk, information, compliance and audit systems with bleeding edge artificial technology and architecture to improve operational throughput and minimize non-interest expenses. In order to stay competitive, provide exceptional service and increase quality, MSBs have to balance their focus from growing their portfolio to investing in integrated governance, risk, information, compliance and audit management systems.
  • For some MSBs, risk management is only an expanded view of routine financial controls and is nothing more than a deeper look into internal controls with some heat maps and that does NOT truly provide an enterprise view of risk. Risk is pervasive throughout the entire organization. There are variety of departments that manage risk and compliance with various tools, models, varying taxonomies, with different frameworks and point of view in how risk should be monitored and measured at a functional level that continues for the organization to be exposed to regulatory scrutiny and a workforce that always seems to be in firefighting mode.

The Solution

  • Considering how advanced technology is with artificial intelligence, advance data informatics, and pattern detection, MSBs can easily implement an integrated Governance, Risk, Information, Compliance and Audit Management (GRICA) system based on artificial intelligence which is a big data approach to GRICA. It can automate several risk and compliance process flows such as:
    • Automate the regulatory change management with alerts and tasks
    • Enable mapping of regulations and standards to internal and financial controls
    • Map risk to company & department goals.
    • Take in external data feeds from other internal systems such as financial risk systems and create concept maps between financial risk data to operational risk data which gives you a view of where all the risks intersect, compounds and interrelates and provide enterprise risk view through a single platform.
    • Automate efficacy and effectiveness of internal controls which is tedious and manual process requiring an army of people.

We offer the following solutions to Money Services Business (MSBs):

  • Money Services Business (MSB) Action Plan Automation Through Policy & Procedure Management System Using Artificial Intelligence
  • Automate Efficacy of Internal Controls Through Artificial Intelligence
  • Integrate Operational Risk Data with Financial Risk Data to Get Better Risk Monitoring
  • Money Services Businesses (MSBs) Regulatory Change Management Automation
  • Money Services Businesses (MSB) GRC BI Platform


  • MSBs that will switch from disjointed legacy application to advanced technologies by investing in integrated Governance, Risk Information, Compliance and Audit system will undoubtedly gain efficiencies and reduce costs by minimum of 20%.
  • A sophisticated integrated E-GRC system will provide insight into predictive analytics and context around risk management, business strategy, objectives and performance which will enable the MSBs to make intelligent decisions about acquiring and retaining the best customers as well as safeguard reputation and financial health of your company.

A Case Study

Currently we don’t have any case study of any money services business that either asked us or implemented an integrated enterprise governance risk, information, compliance and audit management system.

The timing is perfect for your MSB to be an early adopter and become our case study of implementing an integrated governance, risk, compliance and audit management system.