Customer Insights – January 2021
Goodbye, 2020! Hello, 2021!
We kicked off the year with a major update to the Risk Assessment Platform; our largest to-date. And work is underway on new features and enhancements for AML Accelerate.
These updates reflect our continued focus on transforming risk assessment and compliance to be fast, easy, and comprehensive.
Risk Assessment Platform v1.8
The Assessment Unit
To better reflect what you are assessing, the term “Assessment Unit” replaces “Sub-Assessment”.
Centralised Controls Assessment per Assessment Unit
Controls are now assessed once per Assessment Unit as a separate Controls Assessment step, instead of per Risk Factor. Similar to Risk Factors, Controls now have their own assessment page to complete and can be assigned to users to assess and approve.
Control Effectiveness calculations are now per control and control category, instead of per Risk Factor. And the Residual Risk Rating is calculated per Assessment Unit, instead of per Risk Factor.
Approvers, Permissions and Rating Overrides
Risk Factors and Controls can now have up to 3 Approvers.
User Application Roles have more permissions, allowing for more granular control.
Custom roles can now be created with permissions to override ratings and hide/show specific fields at the Assessment and Assessment Unit levels.
Added a new global “Client” role that provides view-only access to Assessments and Assessment Units, perfect for your clients to view their Assessment data and outcomes.
There are now more customisation options for defining your company methodology, giving you greater flexibility and control. New customisation options include Control Assessment Metrics and Metric Groups and the rating scales for Inherent Risk, Residual Risk, Country Risk, Control Effectiveness, and Control Metrics.
Assessment Reports and CSV Exports
Assessment and Assessment Unit word reports are fully overhauled and improved.
CSV Exports have also been improved and are now also available at the Assessment level.
And so much more
There are many more new features and enhancements in this release.
AML Accelerate Next Release
It is early days in the development cycle for the next release of AML Accelerate, so we can’t go into too much detail, but here is a sneak peak.
Compliance Calendar – track all your compliance tasks in the calendar, view by month or year, set up reminders, and assign owners.
Control Testing Documentation – upload your control testing documents to controls, view and manage them in the Control Management window and from the Assessment.
2021 here we come
We’re off to a great start for an exciting year ahead.
Everyone here at Arctic Intelligence is looking forward to hearing what you think about all the new features and enhancements in AML Accelerate and the Risk Assessment Platform. We hope they help to transform and streamline your risk assessment and compliance.
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