During the financial crisis, the absence of effective checks and balances in some institutions led to inadequate oversight of management decisions, resulting in short-term, high-risk strategies. Management bodies, especially in supervisory roles, often lacked a deep understanding of complex risks, allowing excessive risk-taking to go unregulated.
Internal governance frameworks—including internal controls and risk management—were often poorly integrated across institutions, with the lack of standardized methodologies and terminology prohibiting a holistic view of risks. Internal control functions also frequently lacked sufficient resources, authority, and expertise to be effective.
In contrast, institutions with strong governance practices weathered the crisis more effectively. These institutions adopted key measures, such as setting appropriate risk strategies and appetite levels, implementing comprehensive risk management frameworks, and maintaining clear reporting lines to the management body.
Outsourcing your company’s control functions offers numerous advantages over developing these capabilities in-house. Not only can it be cost-effective, but it also grants access to specialized knowledge and expertise that might otherwise be challenging to source internally. NFR Group provides a team of experts who stay current with best practices, regulatory changes, and advanced risk management techniques, ensuring your company benefits from the most up-to-date guidance.
Additionally, outsourcing to NFR Group offers scalability, allowing you to adjust resources as your needs evolve or address unexpected deficiencies promptly. As a truly independent, full-service provider, NFR Group brings objectivity and an unbiased perspective, free from internal influence. We can serve as interim resources or establish a long-term function tailored to your organization’s needs.
Access to expertise
By outsourcing, you gain access to top-tier specialists in risk management, regulatory compliance, and internal controls. Our experts are deeply familiar with industry standards and regulator expectations, ensuring your business stays ahead of the curve.
Cost efficiency and scalable
Tailor the level of support to match your organization’s current needs. Our flexible services allow you to scale up or down effortlessly, optimizing costs without sacrificing quality.
Focus on core business
Redirect your focus towards key business functions like customer service, lending, and product development. Concentrating on these core areas enhances your competitiveness and elevates service quality, positioning you as a leader in your industry.
Objective and unbiased
As an external provider, we deliver an unbiased perspective on your risk profile, helping identify potential blind spots and overlooked areas. Our objective view aids in comprehensive risk assessment, fostering a culture of transparency and diligence.
Risk management
Our services cater extensively to Chief Risk Officers, Risk control functions, and risk modelling capacity. Whether you’re looking to establish the function from the ground up or need support during periods requiring additional resources, we are here to assist. We offer specialized expertise in risk management tailored to your organization’s specific needs.
Whether you require focused assistance on particular controls or need to bridge gaps in staffing, or seek expert guidance during pivotal projects, our team is equipped to deliver dedicated high-quality support.
- Support in establishing an effective risk function or support in conducting special projects
- Support in developing your risk function to better support decision-making
Compliance
We offer a full range of services around the compliance agenda designed to support your organization in achieving adherence to regulatory standards, industry best practice and Policy Management. These services are tailored to align with regulatory expectations, delivering clear, actionable insights that drive sustainable compliance improvements and regulatory alignment.
- Support in establishing or developing a robust compliance function or providing targeted support through specialized compliance reviews
- Conduct targeted projects or reviews to extend the effectiveness of the compliance function
Internal audit
We provide a value-adding internal audit service characterized by unbiased perspective, a structured approach, and effective communication, ensuring clarity and transparency throughout the auditing process.
Internal auditing is designed to aid organizations in reaching their targets by systematically and strategically assessing how effective their risk management procedures, internal controls, and management processes are designed and implemented. Using proven methodologies, NFR Group’s internal audit services can play a crucial role in the continuous enhancement of your organization. These services align with the board’s expectations, focusing on delivering transparent, actionable insights that drive strategic improvements, identification of risks and ensure compliance.
- Establish the internal audit function or support interna audit functions with specific reviews or audits
- Execute specific projects to bolster existing internal audit capacities, ensuring effectiveness and quality
- Review risk management, internal controls or compliance with regulation or guidelines
During the financial crisis, the absence of effective checks and balances in some institutions led to inadequate oversight of management decisions, resulting in short-term, high-risk strategies. Management bodies, especially in supervisory roles, often lacked a deep understanding of complex risks, allowing excessive risk-taking to go unregulated.
Internal governance frameworks—including internal controls and risk management—were often poorly integrated across institutions, with the lack of standardized methodologies and terminology prohibiting a holistic view of risks. Internal control functions also frequently lacked sufficient resources, authority, and expertise to be effective.
In contrast, institutions with strong governance practices weathered the crisis more effectively. These institutions adopted key measures, such as setting appropriate risk strategies and appetite levels, implementing comprehensive risk management frameworks, and maintaining clear reporting lines to the management body.
Outsourcing your company’s control functions offers numerous advantages over developing these capabilities in-house. Not only can it be cost-effective, but it also grants access to specialized knowledge and expertise that might otherwise be challenging to source internally. NFR Group provides a team of experts who stay current with best practices, regulatory changes, and advanced risk management techniques, ensuring your company benefits from the most up-to-date guidance.
Additionally, outsourcing to NFR Group offers scalability, allowing you to adjust resources as your needs evolve or address unexpected deficiencies promptly. As a truly independent, full-service provider, NFR Group brings objectivity and an unbiased perspective, free from internal influence. We can serve as interim resources or establish a long-term function tailored to your organization’s needs.
Access to expertise
By outsourcing, you gain access to top-tier specialists in risk management, regulatory compliance, and internal controls. Our experts are deeply familiar with industry standards and regulator expectations, ensuring your business stays ahead of the curve.
Cost efficiency and scalable
Tailor the level of support to match your organization’s current needs. Our flexible services allow you to scale up or down effortlessly, optimizing costs without sacrificing quality.
Focus on core business
Redirect your focus towards key business functions like customer service, lending, and product development. Concentrating on these core areas enhances your competitiveness and elevates service quality, positioning you as a leader in your industry.
Objective and unbiased
As an external provider, we deliver an unbiased perspective on your risk profile, helping identify potential blind spots and overlooked areas. Our objective view aids in comprehensive risk assessment, fostering a culture of transparency and diligence.
Risk management
Our services cater extensively to Chief Risk Officers, Risk control functions, and risk modelling capacity. Whether you’re looking to establish the function from the ground up or need support during periods requiring additional resources, we are here to assist. We offer specialized expertise in risk management tailored to your organization’s specific needs.
Whether you require focused assistance on particular controls or need to bridge gaps in staffing, or seek expert guidance during pivotal projects, our team is equipped to deliver dedicated high-quality support.
- Support in establishing an effective risk function or support in conducting special projects
- Support in developing your risk function to better support decision-making
Compliance
We offer a full range of services around the compliance agenda designed to support your organization in achieving adherence to regulatory standards, industry best practice and Policy Management. These services are tailored to align with regulatory expectations, delivering clear, actionable insights that drive sustainable compliance improvements and regulatory alignment.
- Support in establishing or developing a robust compliance function or providing targeted support through specialized compliance reviews
- Conduct targeted projects or reviews to extend the effectiveness of the compliance function
Internal audit
We provide a value-adding internal audit service characterized by unbiased perspective, a structured approach, and effective communication, ensuring clarity and transparency throughout the auditing process.
Internal auditing is designed to aid organizations in reaching their targets by systematically and strategically assessing how effective their risk management procedures, internal controls, and management processes are designed and implemented. Using proven methodologies, NFR Group’s internal audit services can play a crucial role in the continuous enhancement of your organization. These services align with the board’s expectations, focusing on delivering transparent, actionable insights that drive strategic improvements, identification of risks and ensure compliance.
- Establish the internal audit function or support interna audit functions with specific reviews or audits
- Execute specific projects to bolster existing internal audit capacities, ensuring effectiveness and quality
- Review risk management, internal controls or compliance with regulation or guidelines