Legal professionals are attractive to organised criminal networks because they can facilitate the movement, structuring, and concealment of assets through the creation of trusts, companies, property transactions, and client accounts, all under the protection of legal privilege and client confidentiality.
Criminals may exploit lawyers to disguise beneficial ownership, legitimise illicit transactions, or manage complex corporate or real estate structures that obscure the true source of funds. To counter these risks, it is essential that legal professionals maintain a robust, enterprise-wide money laundering, terrorism, and proliferation financing risk assessment framework.
By systematically identifying and assessing their exposure to financial crime risks, and by evaluating the design and operational effectiveness of their mitigating controls in a manner appropriate and proportionate to their nature, size, and complexity, they can safeguard their professional reputation, meet ethical and regulatory obligations, and uphold the integrity of the legal system.
About Arctic Intelligence’s Risk Assessment Platform
Arctic Intelligence’s Risk Assessment Platform can be used by smaller reporting entities out-of-the-box with standardised risk and control libraries or configured by medium and larger enterprises to suit any enterprise risk management framework.
Our multi-award-winning platform is highly-configurable and can be tailored to suit your methodology, risk indicators, applying risk and/or control weightings as appropriate, with a full audit trail and real-time data aggregation of individual business lines or consolidated across enterprises.
Designed by experts to support your industry
What’s included in the content module?
Each of our expert-designed risk modules contain an Enterprise-Wide Risk Assessment, a Product and Services Risk Assessment and a Country Risk Assessment containing hundreds of risk indicators and risk factors, grouped under different risk categories and risk groups.
In addition to a fully comprehensive risk library, our module also contains a library of controls and control tests that you can use to assess the design and operational effectiveness of your control environment.
Our content modules can be used out-of-the-box, easily modified to suit your requirements or you can simply build and import your own risk and control content. We can support implementation directly or through our growing advisory network.
What’s the content module structure?
Our content modules contain hundreds of different risk factors and risk indicators combined with hundreds of controls and control tests, aligned to the following structure.
| External Threat Environment | Internal Threat Environment | ||
| Exposure to External Risks - Higher Risk Environments; Higher Risk Relationships and Higher Risk Regulatory Environments. | Exposure to Internal Risks - Higher Risk Business Operations; Governance and Oversight; Program Alignment to ML/TF/PF Risks; Business Location Risks; Business Activity Risks; Employee Risks and Outsourcing Risks |
Why choose the
Risk Assessment Platform?
How does it work?
The diagram below visualises recognised industry best risk assessment practices overlaid against the features within the Risk Assessment Platform that supports these processes.
