General Information About
Corporate Risk Department
The Corporate Risk Department is a core function within VBET that ensures the company remains resilient, compliant, and prepared for emerging challenges across financial, regulatory, and operational domains. Unlike teams that directly focus on marketing or product, this department operates at a cross-functional level, analyzing internal and external factors that could potentially disrupt business continuity.
Meet Our Team
Aram Zakaryan
Head of Corporate Risk Department
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Arman Tadevosyan
Compliance Team Lead
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Corporate Risk Department
With its work rooted in the complexities of the iGaming industry, the Corporate Risk Department proactively identifies threats, evaluates vulnerabilities, and implements strategic control measures to protect both customer assets and company interests. Whether it’s about mitigating exposure to financial fraud, adjusting to new regulations in a licensed market, or addressing internal procedural weaknesses, the department’s role is fundamentally preventive and strategic.
The Corporate Risk Department plays a significant role in maintaining the trust of stakeholders, ensuring regulatory readiness, and fostering a culture of risk awareness across all levels of the organization.
Main Functions of the Corporate Risk Department:
The department’s work can be grouped under six primary functions:
- Risk Identification and Assessment
Systematically evaluate financial, legal, operational, and reputational risks that may affect the company’s performance or compliance status, particularly those relevant to the gambling and betting sectors.
- Risk Mitigation and Control
Design and implement internal control systems, risk mitigation frameworks, and standard operating procedures to reduce the company’s exposure to known and unknown risks.
- Business Process Risk Analysis
Monitor and evaluate workflows, operational routines, and critical business processes to identify inefficiencies, breakdown points, or potential compliance failures.
- Reporting and Documentation
Prepare ongoing and ad hoc risk assessment reports for senior executives, including dashboards, risk heatmaps, and mitigation status summaries. This documentation informs decision-making at the highest level.
- Strategic Risk Planning
Develop long-term, scenario-based risk strategies that prepare the organization for crisis situations, including cyberattacks, system outages, regulatory investigations, and reputational crises.
- Data-Driven Risk Analytics
Leverage statistical modeling, data mining, machine learning, and other AI-powered tools to detect anomalous behavior, financial irregularities, or patterns indicative of emerging threats.
Collaboration with other Departments:
Corporate Risk does not operate in isolation — it works across departments to ensure consistent and proactive risk management:
- VBET Risk Management Department
Partners with this team to prevent payment-related risks (such as chargebacks or fraudulent deposits) and track suspicious financial activities from user accounts.
- Legal & Compliance
Ensures that all risk mitigation strategies are in full compliance with both local and international regulatory standards. This is particularly important in regulated markets where VBET holds licenses.
- Data Governance & Cybersecurity
Collaborates to secure sensitive information, enforce data protection policies (e.g., GDPR), and prevent external cyber threats or internal data breaches.
- Finance Department
Aligns risk policies with financial control mechanisms to ensure that budgetary decisions are risk-informed and that any financial anomalies are quickly flagged and addressed.
- Product & Operations
Supports the launch of new features and services by conducting risk assessments in product planning stages and reviewing operational procedures for risk exposure.
- Executive Leadership
Provides strategic input and actionable reporting that enables VBET’s leadership to make informed decisions based on real-time and predictive risk assessments.
All procedures are governed by internal protocols and are periodically updated in line with regulatory changes, technological advancements, or company restructuring.
Compliance Division
General Information:
The Compliance Division at VBET plays a vital strategic and operational role in ensuring the company’s adherence to regulatory, legal, and licensing obligations across all jurisdictions where VBET operates. With gambling licenses in complex and highly regulated markets such as the United Kingdom, France, Germany, Sweden, the Netherlands, Brazil, Romania, and Denmark, the Compliance Division safeguards the business by maintaining full alignment between internal processes and external regulatory frameworks.
Unlike other departments focused on growth or user acquisition, the Compliance Division functions as the guardian of legality, ethical conduct, and operational integrity. Its responsibilities go far beyond regulatory box-ticking — the team is actively involved in risk prevention, internal policy design, staff training, and coordination with regulatory authorities. The department also supports expansion into new markets, ensuring that all required conditions — such as KYC (Know Your Customer), AML/CTF (Anti-Money Laundering / Counter-Terrorist Financing), Responsible Gambling, Risk Management, and Platform Compliance — are set up correctly from the start.
Ultimately, the Compliance Division’s mission is to maintain the company's licenses, protect customers, uphold industry reputation, and ensure VBET’s long-term sustainability in every region of operation.
Main Functions of the Compliance Division:
The department’s work is divided into several core functions:
A. Regulatory Compliance
- Monitor gambling legislation and evolving regulatory requirements in each operating market.
- Interpret license obligations issued by regulatory bodies such as UKGC (UK), ANJ (France), ONJN (Romania), Kansspelautoriteit (Netherlands), and Spelinspektionen (Sweden).
- Conduct internal self-assessments and audits to identify gaps or non-compliance.
- Maintain centralized compliance registers, up-to-date documentation, and audit trails for accountability.
B. License Management
- Support new license applications, renewals, and scope changes in existing licenses.
- Coordinate with legal, technical, and product teams to ensure all licensing prerequisites are met (e.g., ownership structures, responsible gambling tools, platform documentation, etc.).
C. Risk Management (Compliance-oriented)
- Identify and assess regulatory and reputational risks.
- Apply a risk-based approach to all compliance activities, focusing on higher-risk areas such as AML, data privacy, and advertising.
- Develop and apply internal controls to mitigate exposure in each risk domain.
D. Policy Development & Implementation
- Draft, update, and enforce internal compliance policies across departments.
- Ensure alignment of operational procedures with regulatory frameworks (e.g., advertising standards, self-exclusion systems, bonus terms, etc.).
- Deliver regular updates and reminders on policy changes to relevant teams.
E. Regulatory Reporting
- Submit official reports and notifications to regulatory authorities — such as Suspicious Activity Reports (SARs), technical incident disclosures, vulnerable player alerts, and RTP variance reports.
- Coordinate with internal teams (e.g., Risk, Product, Finance) to collect accurate data for timely and accurate reporting.
F. Internal Advisory Role
- Provide on-demand legal and regulatory advice to internal stakeholders, especially product, marketing, tech, and customer support departments.
- Participate in market launch planning and product design reviews to ensure compliance-by-design principles are followed.
G. Training & Awareness
- Conduct staff training on regulatory duties, KYC/AML practices, advertising restrictions, and responsible gambling standards.
- Promote a company-wide culture of ethical conduct and regulatory awareness.
H. Collaboration & Coordination
- Maintain active coordination between SoftConstruct central teams and VBET business units.
- Track progress on compliance-related tasks and align regulatory interpretations across internal entities.
- Drive compliance-focused improvements across teams while keeping business goals in mind.
Key Operational Procedures:
A. KYC (Know Your Customer) & Customer Due Diligence (CDD/EDD)
- Enforce national ID verification rules for each licensed market.
- Oversee both automated and manual KYC processes through platforms such as Sumsub, Signicat, TruNarrative, Jumio, etc.
- Support escalated or complex cases (e.g., Source of Funds / Source of Wealth checks) in cooperation with Customer Support and Risk teams.
B. AML(Anti-Money Laundering) & CTF(Counter Terrorist Financing)
- Monitor user behavior through transaction monitoring platforms (e.g., Umbrella) and internal tools.
- Maintain and apply AML/CTF frameworks aligned with EU Directives, FATF Recommendations, and local AML laws.
- Lead or assist in the submission of SARs (Suspicious Activity Reports) to FIUs (Financial Intelligence Units).
C. Responsible Gambling (RG)
- Ensure that RG tools (e.g., deposit limits, timeouts, self-exclusion) are fully operational and available in each market.
- Apply affordability and behavioral monitoring in sensitive jurisdictions like the UK and Netherlands.
- Coordinate internally on RG case management and escalate critical cases where needed.
D. Advertising & Promotions Compliance
- Review all promotional materials, marketing campaigns, and bonuses to ensure compliance with market-specific advertising regulations.
- Collaborate with Marketing and CRM teams to prevent misleading content or excessive incentives that could encourage irresponsible gambling behavior.
E. Technical Compliance & Platform Integrity
- Support implementation and ongoing compliance with technical certifications (e.g., GLI, iTech Labs, ISO/IEC 27001).
- Monitor platform stability, RTP consistency, and handle regulator-required incident protocols in case of technical faults.
Role in Regulatory Relationships:
The Compliance Division is the official communication channel between VBET and national regulators. It ensures:
- Transparent and prompt communication with authorities.
- Timely response to audits, inspections, and data requests.
- Participation in regulatory consultations, hearings, or license review sessions.
This role is crucial in maintaining a positive and cooperative relationship with regulators, which in turn helps ensure license retention and reputation management.
Collaboration with Other Departments:
The Compliance Division works closely with the following departments:
- Legal – for interpreting laws and licensing frameworks, and for handling regulatory disputes.
- Risk Management – for profiling players, transaction monitoring, and detecting suspicious behaviors.
- Customer Support – for verification procedures, user complaints, and SoF/SoW case handling.
- Marketing & CRM – to review campaigns and prevent violations of promotional laws.
- Product & Tech / IT – to ensure that compliance requirements are embedded in platform design and product development.
- Data Protection Officer – to ensure alignment with GDPR and other data protection laws.
- Finance – for financial reporting, affordability monitoring, and budgetary alignment with compliance goals.
Business Process Team
General Information:
The Business Processes Team plays a critical cross-functional role in maintaining and improving operational efficiency across VBET. The team is responsible for building visual clarity around workflows, enabling streamlined collaboration, and ensuring teams are aligned with structured processes.
Unlike product or marketing teams, which focus on external performance, the Business Processes Team is internally oriented — focused on how work happens, how teams interact, and how responsibilities are tracked and improved. The team acts as a central link between operations, tech, and support departments by translating real-world workflows into structured systems (such as Jira and Confluence), where each process is clearly documented, visualized, and optimized.
In essence, the Business Processes Team empowers teams to work smarter, not harder — by minimizing confusion, increasing accountability, and ensuring that institutional knowledge is organized and accessible.
Main Functions of the Business Process Team:
The team’s core functions fall into the following categories:
- Creating and Updating Business Process Maps
Visually design process flows that reflect how tasks and responsibilities move between teams. These diagrams make it easier for departments to understand their roles, dependencies, and timelines, reducing miscommunication and increasing productivity.
- Managing Jira Projects and Workflows
Collaborate with the Jira Admin/Dev team to set up, configure, and maintain Jira boards. Ensure each department has properly structured workflows that reflect how their tasks are created, prioritized, escalated, and closed. The goal is to bring consistency and visibility to task management.
- Providing Jira Training to New Employees
Deliver introductory-level training to newcomers, ensuring they can navigate Jira comfortably, understand internal workflow standards, and follow correct procedures for task tracking. These sessions also improve onboarding efficiency and reduce support dependencies.
- Organizing and Maintaining Confluence (Wiki)
Act as key owners of the company’s Confluence structure. Update internal documentation regularly, ensure knowledge bases are aligned with current practices, and create intuitive, navigable content categories. The goal is to make Confluence a reliable, user-friendly source of truth for process-related information.
- Collaborating Across Teams to Enhance
Engage regularly with stakeholders from all departments to gather insights on how processes function in reality. By understanding team needs and friction points, the team supports better decision-making and ensures processes are business-aligned and scalable.
- Processes Identifying Gaps and Suggesting Improvements
Regularly analyze current practices to identify inefficiencies, broken workflows, or areas where automation or simplification is possible. The team also supports the rollout of new solutions by adjusting process maps and updating documentation accordingly.
Working Procedure:
The team follows a structured, repeatable approach to process improvement:
- Understand Current Processes
Gather data through meetings, system reports, and team interviews to map out how current workflows are executed. This includes identifying decision points, handovers, and areas of delay or overlap.
- Use Jira and Confluence to Operationalize Workflows
- In Jira: Create task templates, define project boards, assign roles, configure triggers and automations, and track performance metrics to ensure transparency and efficiency.
- In Confluence: Document business processes, update visual diagrams, link process explanations with Jira workflows, and ensure that information is up to date and easy to navigate.
- Collaborate and Iterate
Maintain constant communication with departmental leads and stakeholders. As new issues arise or improvements are implemented, workflows are iteratively updated. Feedback is encouraged, and cross-functional workshops are conducted as needed to align teams on new procedures.
Tools and Platforms Used:
The Business Processes Team works with a blend of process mapping, documentation, and task management tools, including:
- Jira (Atlassian) – The core platform used to track tasks, visualize workflows, automate processes, and provide transparency across teams.
- Confluence (Atlassian) – The central knowledge management system where all process documents, maps, and onboarding guides are stored.
- Google Workspace / Microsoft Office – For collaborating on training guides, internal surveys, and documentation drafts.
- Pandayo Plus (Internal Communication) – Used for quick collaboration, feedback gathering, and real-time updates regarding new process launches or workflow changes.
