FCRMC joins Arctic Intelligence as South Africa partner

06 May 2020 Consultancy.co.za 3 min. read

Johannesburg-based financial crime risk and compliance solutions firm Financial Crime Risk Management Consultants (FCRMC) will now act as the South African and African partner of global risk and compliance network Arctic Intelligence. 

The partnership comes as financial crime levels across the globe are spiking amid the Covid-19 crisis, compounding the already high rates in South Africa. Vigilance mechanisms that were previously in place have now been weakened due to a change in working structures and distraction among the leadership ranks, leading to a spike in financial crime in many markets.

FCRMC is a recently established firm, founded by Roy Melnick, former Associate Director of the PwC South Africa Financial Crime Services team. His new firm is looking to deliver financial crime, risk and compliance solutions to clients in the public and private sectors, operating on the principle that risk management incorporates all levels of an organisation’s functioning.

The firm works with all levels of a client organisation, from its people to its processes, using technology and data to inform its solutions. A year after its establishment, the firm is now part of a global network of companies – Arctic Intelligence.

Based out of Sydney, Arctic Intelligence has operations across the US, Canada and the UK, with membership networks stretching across major economies in the Asia-Pacific region as well. Member firms are experts in financial crime, risk and compliance solutions with a variety of service offerings. 

FCRMC joins Arctic Intelligence as South Africa partner

South Africa is now part of this network, and FRMRC will act as the regional representative for the African market as well. Commenting on the partnership, Chief Revenue Officer at Arctic Intelligence Imelda Newton said, “Leveraging local expertise is critical to providing the best outcome for our customers. FCRMC brings a depth of financial crime experience and knowledge to our partnership.”

The global network is looking to help businesses navigate the high-risk period that is transpiring under Covid-19 and is anticipated in the aftermath of the crisis.

As explained by Founder & CEO of Arctic Intelligence Anthony Quinn, “technology has an important role to play in providing regulated businesses and the consulting firms that serve them with capabilities that help them to better understand their risks and build appropriate and proportionate controls to mitigate and manage these vulnerabilities. We are excited to be partnering with FCRMC to expand our client and partner network into South Africa and beyond.”

Melnick added that the current regulatory environment across Africa will create ample demand for the network’s services. “We are excited to partner with Arctic Intelligence in bringing their unique products and services to the Africa market. Constant risk assessment and health checks are critical to any financial crime program and organisational operating model. Many African country regulators have recognised this to ensure that control measures within regulated institutions are effective and aligned to changes to the operating environment. Consequently, several countries regulators require regulated institutions to conduct periodic independent assessment of their financial crime risk and control environment, to assist them to bolster efforts to combat financial crime,” he said.