Financial Crime & Compliance | AML Risk Assessment methodology and campaign execution (Group level)

Client Needs & Objectives

As part of the 2017 AML Risk Assessment exercise, our client wanted to:

  • Review the methodology and related procedures in order to simplify them and better include generic risk families into the overall design of the questionnaires
  • Prepare and ease deployment by assisting the team in the production of the 2017 Risk Assessment including pilot phase, training sessions on processes and tools
  • Define a challenge plan and review entities answers by Business Line
  • Define, test and select a scoring methodology for each questionnaire

Our Approach

Methodology and questionnaires review

  • Review the Inherent Risk factors being assessed related to: products and services offered by entities, Distribution channels, Client base characteristics, transactions performed…
  • Review the criteria to assess the Control Environment set-up in entities for risk mitigation, such as organization, monitoring & KPIs,
  • Review criteria and weightings used to score and any possibility of scoring overrides

Campaign execution

  • Update procedures and prepare guidelines and training materials
  • Follow up the progress of the Risk Assessment campaign
  • Identify gaps and deficiencies and propose remedial actions

Main Deliverables

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Client Benefits & Main Results

Improved, simplified and updated risk assessment methodology

Better inclusion of specificities by entities, Business Lines or operational perimeters

Trained teams and updated procedures, tools and training materials

On time and completed Risk Assessment exercise

Updated scoring methodology ensuring stability with previous exercises

Production of relevant analysis and scorecards

Communication of results to heads of entities