December 2023 – New features & upcoming features

Event Management 

We have introduced “Events,” empowering our clients to create, track, and manage breaches, operational incidents, or near-misses. The platform enables real-time drillable dashboards and reports, allowing users to filter information by status, owner, event type, priority, due date, and more. 

In-Application Tutorial 

To enhance user experience, we have implemented a guided in-application tutorial within AML Accelerate. This tutorial walks you through each step of the process, making the platform even more user-friendly. 

“Additive” Calculation Method for Risk Models

Now, when configuring risk models in the Risk Assessment Platform, users have the flexibility to choose between the default “Weighted Average” and the new “Additive Calculation” method. This allows, for example, assigning a rating to the risk factor based on the number of “Yes” responses to specific questions. 

This marks the first of several alternative calculation methods we plan to introduce in the coming months, so stay tuned for more updates! 

Expanded Override Options 

Frequently, 2nd Line of Defense (2LOD) risk practitioners and 1st Line of Defense (1LOD) business staff may hold differing views on risks even after the system has automatically calculated the inherent or residual risk rating. This situation may necessitate overriding the calculated rating to reflect a subjective view based on skills, knowledge, and experience. 

In this latest release, we have introduced additional points where overrides can be applied. This feature is now a permissioned user setting, ensuring that only authorised users can make these adjustments. Furthermore, a comprehensive audit trail is provided, documenting the rationale behind applying the override. With these enhancements, you can now apply inherent risk rating overrides to Risk Groups, Risk Categories, and Assessment Units. Additionally, control effectiveness rating overrides can be applied to Risk Categories and Assessment Units. Overrides become accessible to Approvers once all risks or controls are approved. 

Explore the new override permissions for enhanced flexibility.

Map Control Metric Ratings to Control Questions 

Set up the methodology to align control metric ratings with specific control questions, ensuring that each question reflects only its corresponding mapped metric ratings. Enhance granularity in evaluating the design and operational effectiveness of your control environment. 

Customisable Screen Forms 

Recognising that a one-size-fits-all approach isn’t suitable for everyone, we’ve introduced Screen Forms, enabling you to tailor custom Context, Risk Analysis, and Controls Assessment screens. Simply drag and drop input fields and components onto the screen, defining their properties to capture the specific data you require. 

This feature marks the initial stride toward configuring the user interface for numerous screens, granting our clients greater control over their assessments. The possibilities are vast, so stay tuned for the addition of GRC-style forms in the future. 

Self-Service Analytics 

Tailor your dashboards and reports to delve into your risk assessments with greater precision. Additionally, open up risk assessment data endpoints for seamless integration with your preferred third-party business intelligence reporting tools such as Power.Bi, Tableau, or Qlik. This premium feature will be offered as an add-on, and exclusive discounts are available for early adopters, along with access for multi-year licensing agreements. 

Contact our team to learn more! 

Upcoming Features

Regarding AML Accelerate, we have an exciting year ahead in 2024. Our plan includes a gradual rollout featuring new content modules and market expansion into various territories and markets. To support this initiative, we are in the process of establishing a business development team and a network of localised AML consultants. If this piques your interest, please don’t hesitate to reach out. 

As for the Risk Assessment Platform, we have a plethora of initiatives lined up for the coming months. Our focus includes expanding the range of calculation methods to accommodate different techniques for calculating inherent risks. We’re also enhancing controls, giving a fresh look to existing reports, and, of course, there are some intriguing secret developments in the pipeline. Stay tuned for more details as we unveil these exciting updates.

New Content

Collaborating with AML specialists worldwide, we’ve been diligently expanding our content, especially within the AML Accelerate platform. Excitingly, we are gearing up for an early launch in Germany, France, and Italy next year. 

In response to the updated guidance from the UK Gambling Commission at the end of November, we’ve crafted a Gaming Risk Module tailored for UK businesses. Additionally, we’ve introduced a comprehensive Gaming Risk Model applicable to both offline and online gambling operators globally. If you’re interested in a demonstration, please get in touch.

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