Best Practices for Risk & Independence within Highly Regulated Businesses and Professional Services

Our client was looking to better understand how professional services firms and other heavily regulated businesses manage the various risks associated with compliance with regulatory and legal requirements.

The objective was to define best practices and industry standards related to independence, and other reputation and regulatory risk areas such as anti-corruption-trade, quality & risk management, confidentiality & privacy.

10EQS identified and interviewed leading risk and independence experts with experience in the professional services space and assessed how leading companies structure their independence functions. 10EQS further assessed companies’ methods to manage risk, including systemization, standardization, and automation

Project Team
  • Ex-Bain Management Consultant with extensive experience in professional services and organizational transformations
  • Business Analyst supporting secondary research and analysis
  • 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
  • 4 industry experts
Industry experts (sample)
  • Former Chief Technology Officer, Risk Management, and Technology Risk & Compliance – Global Accounting Firm (US)
  • Partner, National Office of Risk Management– Professional Services Firm (US)
  • Partner, US Independence Group – Global Accounting Firm (US)

10EQS delivered specific values (i.e. number of FTEs) for various risk areas across companies to provide benchmarking data for the client and provided best practices regarding the risk function.