Risk Assessment and Monitoring
GlobeOp maintains independent internal business units responsible for the oversight of the operation of the firm’s control environment.
- Enterprise Risk Management (ERM)
Accountable for lowering the company risk profile by assessing and prioritizing company risks and working with various groups to establish policies and standards over time to reduce the company's risk profile. -
- align GlobeOp’s approach to risk and its strategy
- help the business manage uncertainty
- minimize threats
- maximize opportunity and the bottom line.
ERM works to mitigate risk through its interaction with other committees from senior management, including Management Committee, Operating Committee, Enterprise Risk Management Committee (ERMC), the Fair Market Value Committee (co chaired by the Head of ERM) and the Training group.
- Internal Audit (IA)
Operates independently to perform audits of GlobeOp’s risk and control environment -
- rigorous evaluation of financial, operational and administrative controls
- risk management practices
- adherence to laws, regulations and GlobeOp policies and procedures.
The Global Head of IA reports functionally to the Chairman of the GlobeOp Audit Committee of the Board of Directors and administratively to the President & COO. IA communicates issues and status of corrective actions to ensure visibility and foster timely resolution. The IA group adheres to standards of moral and ethical conduct, including those set forth in GlobeOp’s Employee Handbook and the Institute of Internal Auditors’ (IIA) Code of Ethics and Standards for the Professional Practice of Internal Auditing.
- GoCheck control
Responsible for helping to ensure the completeness of information within GoCheck, GlobeOp’s web based task management system -
- tasks assigned are appropriate
- comply with GlobeOp’s standards and have procedures attached
- reporting exceptions based on established criteria for management resolution.
Other committees address risk monitoring and oversight within the operating environment.
- Fair Market Valuation Committee (FMVC)
Escalation point for valuation matters, and is the committee empowered to make determinations on the escalated items involving: -
- valuation and tolerance
- manager marks
- possible restatement situations
- audit adjustments.
- Information security committee
Proactively identifies and assesses information security risk as it relates to confidential data and creates necessary policies and procedures to reduce risk.
- Compliance hotline
Additional resource for employees to report suspicious activities, possible violations of law, our Code of Business Ethics or our policies -
- available 24/7 online or via a toll-free telephone number
- monitored by an independent third-party vendor
- reported to management for investigation and follow-up
- allegations of fraud or impropriety in GlobeOp's own financial reporting reported immediately to the chairman of the Audit Committee.
- Client complaint policy and procedure
A formal system through the Client Relationship Management team (CRM) to resolve client issues: -
- meet with the client and gain full understanding of the issues
- inform the client of how the issues will be handled and/or escalated meet with appropriate
- GlobeOp staff develop a response and action plan and communicate it to the client
- with client consensus, action plan is documented with agreed deliverables, owners and timeframe and logged into GoProjects.
- CRM provides the clients with the status of the action plans until final resolution
- CRM revisits the client’s satisfaction with the resolution.
Updated July 2010