19 Jun 2019
Industry Common Challenges in Building an Effective AML/CTF Risk Assessment Program
Please join us for a panel discussion on “Industry Common Challenges in Building an Effective AML/CTF Risk Assessment Program.” Risk Assessment is a cornerstone of the financial institution’s Financial Crime Compliance Program. The key purpose of a risk assessment is to effectively assess and drive improvements in financial crime risk management through identifying industry generic and specific money laundering risks a financial institution (FI) is facing. Risk Assessment is a bespoke FI exercise that produces a program applicable to the FI, based on their client types, products and services offering, channels and geographies they operate.
Risk assessment through quantitative and qualitative analysis determines how identified risks are mitigated by a firm’s FCC program controls and highlighting the remaining residual risk. Risk assessment is a live document, designed to guide senior management and the Board to understand business structure across all lines of businesses, and to identify all the potential gaps and opportunities for improvement in policies and processes. It helps the Board to make informed decisions about risk appetite and implementation of control, allocation of resources, and technology and to develop interim risk mitigation strategies and target operating models.
Every institution’s business model is structure is different, risk assessment should not be a “check the box exercise”. The panel will discuss common mistakes, challenges and lessons learnt in building out a Risk Assessment Program. The esteemed panel will cover the common trends seen within the banking, the broader financial industry, and Tranche 2 entities.
Session starts at 6pm sharp. Please be punctual.
Nicholas McTaggart, Director, The Murinbin Group
- Neil Jeans, Principal Consultant, Initialism
- Anthony Quinn, Founder and CEO, Arctic Intelligence