SIRA (Systematic Integrity Risk Analysis)
Business Case
In order to guarantee the integrity of the financial sector, the law prescribes that an institution must pursue an adequate policy to be able to guarantee ethical business operations. An institution cannot properly comply with integrity legislation without a Systematic Integrity Risk Analysis (SIRA).
But what if this concerns a larger organization, involving multiple departments and/or business lines?
We were asked to improve and implement a bank-wide SIRA 2.0 methodology across multiple business lines and for multiple stakeholders at the same time. The client’s wish was that we would carry out an extensive analysis in a very short time, consisting of 17 different integrity risks.
Simon Consulting acted as content lead and SIRA SPOC for Commercial Banking (SME and Large Corporates), one of the bank’s largest business lines. We used a two-stage approach to perform periodic integrity risk analysis. Organizing workshops was an important element in this. In addition, it was essential to safeguard the bank’s moderate integrity risk. Simon Consulting has used both qualitative and quantitative assessments for this.
We succeeded in implementing and successfully applying the new SIRA 2.0 methodology within a period of 6 months. We have been able to provide the management team with a better understanding of their specific integrity risks and have also proposed new mitigating measures.