Our operations in Italy are led by Raffaele Cosimo, CEO. Before joining Promontory in March 2008, Mr. Cosimo worked for 17 years for Banca Nazionale Del Lavoro S.p.A., the Italian wholly-owned subsidiary of BNP Paribas. Most recently he was Chief Operating Officer of BNL Corporate Division and prior to that was the Head of Finance and Administration at the London Branch. While at BNL, Mr. Cosimo worked on a variety of regulatory matters, including with the Bank of Italy.
Promontory’s recent work in Italy has included projects undertaken on behalf of three of the country’s major banks:
- Providing compliance support services and assistance with implementation of compliance remediation plans.
- Conducting reviews of transactions related to Bank Secrecy Act and anti-money laundering compliance programs and assisting with the implementation of transaction monitoring procedures.
- Assessing market risks, including evaluating credit portfolios, specifically with regard to valuation techniques utilized in connection with asset-based securities.
- Reviewing and recommending enhancements in internal audit procedures, including work paper documentation and exam report preparation.
- Creating an overall corporate governance framework and risk management function to house oversight of compliance, legal and audit-related risks.