Get a handle on integrity risks by conducting a SIRA

A systematic integrity risk analysis (SIRA) requires an effort on the part of financial institutions, partly because the results of a SIRA need to be implemented and monitored throughout the entire organisation.

What is a SIRA?

A SIRA is a systematic analysis of possible integrity risks within an organisation. This involves approaching risk management as a cyclical process that consists of repeated iterations of the following steps:

  • Identifying possible integrity risks within the organisation, such as corruption and fraud.
  • Analysing the nature and scale of these risks.
  • Determining the structure of the risk management environment (policy and mitigating measures, including internal procedures). It is crucial during this step to decide which risks are to be accepted or mitigated.
  • Monitoring the effectiveness of the management environment.

SIRAs are compulsory for financial institutions

Banks, insurers, pension funds and other financial institutions are obliged to conduct a systematic integrity risk analysis.

Did you know?
Tackling financial and economic crime is one of DNB's spearheads. DNB research carried out in 2016 and 2017 showed that the SIRAs conducted by many financial institutions were inadequate. It was also established in 2018 that there is much room for improvement in how SIRAs are being conducted by pension funds.

Questions you may have

  • Can you help us identify and analyse integrity risks?
  • Which measures should we take to manage the identified integrity risks effectively?
  • We have already conducted a SIRA, but how do we ensure that it is properly embedded within our organisation?
  • How do we test and monitor the effectiveness of the management measures?

Forvis Mazars can help

Thanks to a personal approach and short lines of communication, Forvis Mazars experts are able to provide pragmatic, tailored and innovative services. Our services include the following:

  • Identifying integrity risks by means of a SIRA quick scan. The scan quickly highlights the relevant focus areas and identifies possible risks.
  • Drawing up risk scenarios that match the nature and scale of your organisation.
  • Identifying and assessing current processes and controls.
  • Collaborating / advising on suitable mitigating measures to be taken.
  • Setting up a monitoring programme, so that you do not lose your handle on managing your integrity risks.

Our tailored approach and cooperation with your staff are designed to arrive at appropriate, broadly supported and sustainable solutions.

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