• Just how flexible is your AML/CFT risk assessment model?

    Organisation’s with mature risk management practices know that not all risks are treated equally, so you need a risk assessment model that is flexible and highly configurable.

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The world’s first software-as-a-service (SaaS) Money Laundering Risk Assessment Tool

The Money Laundering Risk Assessment Tool makes it easy to identify, assess, mitigate and manage AML/CFT risks

Configuring the AML/CFT Risk Assessment Tool

  • Select Industry Sector

    The “X” Risk Assessment Tool contains over “X” risk factors that have been specifically tailored to “X” industry sectors (link).

    Simply preview the out-of-the-box risk factors and either use the default settings or these can be easily modified.

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  • Configure Groups and Categories

    Configure the risk groups and categories by setting relative weightings using the easy-to-use sliders which automatically calculates a risk weighted score using expertly built algorithms, adding commentary to justify configuration decisions.

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  • Configure Sub-Categories

    Add sub-categories, re-order how they are answered in the risk assessment, defend risk decisions

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  • Configure Risk Factors

    Add new risk factors, assign weighting of each risk factor, or use the default settings, add comments to justify risk decisioning and apply bulk changes as required.

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  • Configure Risk Thresholds

    Determine the cut-offs for what constitutes a Low, Medium or High Risk based on your organisations risk appetite.

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  • Configure Country Risk Factors

    The “X” Risk Assessment Tool has an in-built country risk score based on 25 independent and reliable data sources (link) and across 26o countries and territories (link), which has been normalised on a ten-point scale which is then plotted into a ratings map. Either use the default scores or configure these to suit.

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  • Country Risk Rating Map

    The Country Risk Rating Map provides a ‘heat map’ depicting the normalised country risk score for each country.

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How well do you manage the risks of a risk-based approach?

AML/CFT laws are in-part both principles-based and risk-based.  The risk-based approach essentially provides flexibility for regulated entities to design and implement systems, procedures and controls that are proportionate to the money laundering or terrorism financing risks that their business typically faces.

The challenge for regulated entities in identifying, analysing, mitigating and managing money laundering and terrorism financing risks is not insignificant even for organisations with mature AML/CFT Programs, but is particularly challenging for newly regulated organisations that often do not know where to start in designing a robust and defendable AML/CFT Risk Management Framework.

After more than a decade of managing financial crime prevention programs for some of the world’s most successful financial institutions, our subject matter experts have designed the AML/CFT Risk Assessment which contains hundreds of risk factors that have been specifically tailored to over 25 industry sectors but has the flexibility to allow organisation’s to add risk factors, add risk categories and apply relative weightings to these risks to reflect the relative importance of each.

Select Industry Sector

The AML/CFT Risk Assessment Tool contains over 300 different risk factors tailored to over 25 different industry sectors.  Just select the industry sector that is most relevant and the risk factors relevant to that sector will be presented in the model.

Use the out-of-the-box risk factors as they are or simply disable, edit or add your own and these will be automatically incorporated into the AML/CFT risk assessment algorithms.

Configure Groups and Categories

Does your current AML/CFT Risk Assessment process allow you to easily reflect relative risk weightings?

Not all risks or groups of risks are the same, so you need a tool that allows you to reflect the relative importance of different risk categories, as well as, the ability to document the rationale behind your risk-based decisions to justify these to key stakeholders.

Adjust the sliders to allocate the percentage risk weighting at the Group and Category level and our patented algorithms will represent this in the overall risk rating calculations.

Configure Sub-Categories

The AML/CFT Risk Assessment Tool can be used to easily create additional risk sub-categories which can then have underlying risk factors rolling-up into, which in turn rolls-up into a risk category.

Organisations can re-order all risk elements which changes the order in which risk factors are presented in the model.

Configure Risk Factors

The AML/CFT Risk Assessment Tool can be used to easily create new risk factors, as well as, modifying any information contained against the out-of-the-box risk factors.

Simply define the risk factor, provide the context behind the risk factor, select a response type, select the industry, assign a risk factor weight and provide commentary, as required.  We have also built in a ‘bulk change’ feature to accelerate the risk configuration activity.

Configure Risk Thresholds

The Risk Threshold feature allows organisation’s to determine the cutoffs for what constitutes a Low, Medium or High risk, which is ultimately reflected in the Overall Risk Rating gauge.

For example, an organisation could set Low risks to be any overall score from 0-30, Medium risks from 31-70 and High risk 70 or above.

Jurisdiction/Territory Risk Ratings

The AML/CFT Risk Assessment includes a jurisdictional risk dimension which is based on our methodology for assessing country risk for 260 Countries and Territories by normalising the outputs from 25 reliable and independent data sources.

Organisation’s have the ability to maintain the country risk ratings which are then reflected in the Country/Territory Risk Rating map.

Country/Territory Risk Rating map

Generate a ‘drillable’ world-map with the country risk of each country displayed which once clicked reveals the country score and composite risk factors.

Why not sign up for an obligation free trial today?

Contact us and we will provide you with access to a limited functionality no obligation free trial today!

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