• Money Laundering and Terrorism Financing Risk Assessment

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Money Laundering and Terrorism Financing Risk Assessment

Increasingly, financial crime regulators have been moving away from traditional ‘prescribed’ compliance to ‘risk-based’ approaches, which recognise that one-size does not fit all. Whilst this offers welcome flexibility in developing proportionate controls to mitigate risks, regulated entities are required to develop and maintain a framework for identifying, assessing, mitigating and managing risks, which is often subject to independent review.

Failure to develop and implement a comprehensive and effectively managed AML/CFT Program can expose organisations to financial crime risks and increase the likelihood of breaching AML regulations which can expose both organisations and the individuals that work for them to both civil and criminal penalties.

Do you know how to spot red flags? Do you know whether your approach to risk assessment is compliant?

What is the Money Laundering Risk Assessment platform?

The Money Laundering Risk Assessment platform helps organisations to identify, assess, mitigate and manage money laundering and terrorism financing risks across different dimensions and over 450 different risk factors by providing a standardised process for performing risk assessments on the core requirements of the AML/CFT program and provides a graphical depiction of a risk matrix, depicting the areas of higher risk, highlighting focus areas. This helps organisations in designing, implementing and maintaining robust policies, procedures, systems and controls to reduce these risks.

Solution Overview

The Money Laundering and Terrorism Financing Risk Assessment Platform  contains over 450 different risk factors tailored to over 40 industry sectors, organised across different risk groups:

Environmental Risks (~60)

  • Predicate risk offences, money laundering risks, terrorism financing risks, targeted financial sanctions risks and AML compliance risks

Business Risks (~160)

  • Organisation context, governance and oversight, risk assessment methodology, AML/CFT program manual, customer due diligence, enhanced customer due diligence, ongoing customer due diligence, employee due diligence, training and awareness, reporting, record-keeping and independent review

Customer Risks (~54)

  • Customer location risk, customer business risk, customer type risk and customer activity risk

Channel Risks (~20)

  • Distribution channels for products / services (financial services and designated non-financial services businesses) and product characteristics

Product Risks (~180)

  • Product types (financial services and designated non-financial services businesses) and product characteristics

Country Risks

  • 250+ countries and territories assessed against restricted, high, medium and low risk.

Click here to enlarge diagram.

450

Risk Factors

6

Risk Groups

33

Categories

75

Sub-Categories

40

Industry Sectors

How it works – Get started in 4 easy steps

Configure Model

Use out-of-the-box or tailor to suit your requirements – adding risk factors, changing scores or weightings between categories is easy!

Create Assessment

Assess the inherent risk (likelihood x impact) and assess effectiveness of any mitigating controls across 300+ different risk factors.

Generate Reports

Generate drillable reports providing actionable business intelligence combined with risk, operational & event dashboards delivers strategic risk insights.

Deployment Options

On-Premise

Our solutions can be installed and run on your organisation’s hardware, behind your own firewall and fully supported by your own organisation’s IT support staff which provides control over how the software is used and maintained and provides peace of mind to organisation’s who may not entrust compliance data hosted outside their premises.

Our IT team can provide support to your organisation’s own IT staff to help get you up and running.

Private Cloud

Our solutions are also available to be deployed off-premise as a ‘software-as-a-service’ (SaaS) offering which can be deployed to any private cloud hosting provider of your choice, for example, Amazon Web Services, IBM Softlayer

Private cloud hosting could provide peace-of-mind that trusted cloud-providers that your organisation may already be using to host other software applications, can be extended to new software applications.

Shared Cloud

Our solutions can also be deployed in the cloud using our preferred cloud-solution provider, Microsoft Azure, which is trusted by 57% of Fortune 500 companies.

Microsoft has the highest standards of security, privacy, transparency and compliance to ensure your data is securely hosted in an in-country data centre, which can dramatically reduce your ongoing support costs in terms of staffing, hardware and software acquisition, ongoing maintenance and power consumption.

In the media

Our subject matter experts are recognised as thought leaders in financial crime prevention and are regularly featured in leading GRC publications showcasing our knowledge and experience. We often present at conferences and have done our share of webinars too!

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