Risk Assessment - Full Service

Work with a BSA/AML certified specialist that will help your organization assess the money laundering and terrorist financing risk it faces. Depending on the number of products/services your business offers, the ML/TF risk assessment may vary in complexity as we will consider different risk factors relevant to your organization's business model. Our methodology looks into two main risk categories: Business Risk and Regulatory Risk. Business Risk pertains to the likelihood of your organization being utilized for money laundering or terrorism financing, while Regulatory Risk pertains to the probability of non-compliance with AML laws and regulations. The assessment separates Business Risk into six categories: Environmental Risk, Operational Risk, Product/Service Risk, Customer Risk, Delivery Risk, and Jurisdiction Risk.

Based on the results of the assessment, the specialist will develop tailored mitigation controls to help the organization reduce its inherent risk to an acceptable level and work with you on how these mitigation controls can be incorporated into your overall BSA/AML efforts. 

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The process

We have developed a strong understanding of effective and ineffective practices based on our extensive experience evaluating the risks associated with ML/TF in numerous assessments. As a result, we have created a process where we gather relevant input from your end and try to keep the disturbance on your day-to-day operations at a minimum. Our process of conducting an ML/TF risk assessment includes:

• Going through the steps of our online questionnaire tool to provide us with information about the structure, operations, products, services, customers, and geographical locations of your organization.
• Scheduling a kick-off call with your team to gain an understanding of your organization, its products, services, customers, and geographical locations.
• Reviewing all existing relevant documentation in regards to your BSA/AML efforts, including product manuals, existing programs, and past audits.
• Conducting a detailed money laundering/terrorist financing risk assessment taking into account all your product lines, channels of distribution and geographical locations.
• Designing applicable mitigation procedures and controls to help you minimize the identified ML/TF risks.
• Summarizing all the above findings in a detailed ML/TF risk assessment report. We will provide a final draft for review comments.
• Finalizing the ML/TF risk assessment report and scheduling a hand-over meeting with your team to provide the assessment and answer any questions.