Wolfsberg Correspondent Banking Risk Assessment Solution
The Wolfsberg Group is made up of International Financial Institutions that develop frameworks and guidance for the Correspondent Banking Principles. They have designed a set of standards to democratise their worldwide operations for criminal purposes. The established network creates a unique proposition and promotes multilateralism across the organisations. The principles strengthen each institution's fight against financial crime.
Arctic Intelligence recognises the robustness of the Wolfsberg Correspondent Banking principles and has incorporated the standards into its purpose-built enterprise risk assessment solution. The technology is cost-effective and provides a simple and secure solution to maintain Wolfsberg's guidance and due diligence.
Compliance with standards
Wolfsberg Correspondent Banking
Arctic Intelligence recognises the importance of correspondent banking relationships that help to strengthen international trade. However, the globalisation efforts conducted by participating banks are being taken advantage of by financial criminals who misuse the correspondent banking network to launder illicit funds.
The Wolfsberg Group have produced the Correspondent Banking Due Diligence Questionnaire (CBDDQ) along with publications advising financial institutions of common risks and controls that may or may not differ across the world.
To help in the prevention of criminal activity within the correspondent banking system, Arctic Intelligence has incorporated the Wolfsberg Group's correspondent banking principles into its Risk Assessment Platform (RAP). RAP enables you to carry out a digitised assessment of each of the correspondent banks, centrally managing, maintaining and storing the CBDDQs of each bank. Arctic Intelligence update the Correspondent Banking Assessment content with RAP to align with the most recent guidance issued by the Wolfsberg Group.
Follow the lead of the thirteen global banks as they raise the standards with the combined strength of a cost-effective solution that helps you to manage your risks and demonstrates compliance. The Risk Assessment Platform replaces spreadsheet with smart workflow that helps to identify and understand your business risks and demonstrate compliance. By adopting a purpose-built solution that is configurable, and easy to use, businesses can assess each of the correspondent banks they deal with via an assessment within the Risk Assessment Platform.
Wolfsberg Correspondent Banking Risk Solutions
Technology tailored to support your needs
We have the technology to support banks of all sizes and complexities that can benefit from an easy to follow, out-of-the-box methodology that follows the Wolfsberg Correspondent Banking Principles. The Risk Assessment Platform provides an enterprise-wide risk assessment sanctions solution that includes a digitised risk assessment workflow, program manual, and board-level reporting and analytics. Everything you need to help guide you to compliance.
Our technology can also support larger banks with a large number of assessment units, who may want to customise our base risk models or implement their own.