Effective Business Risk Assessments

Under the various Codes of Practice issued by the Jersey Financial Services Commission (the "JFSC") the Boards of regulated businesses are required to undertake and keep an up to date Business Risk Assessment ("Risk Assessment"). Based on the Risk Assessment the Board must consider, on an ongoing basis, its risk appetite, and the extent of its exposure to money laundering, the financing of terrorism and the financing of proliferation risks "in the round" or as a whole, taking into account its organisational structure, its customers, the countries and territories with which its customers are connected, its products and services and how it delivers those products and services. It may also be beneficial for your money laundering, terrorism and proliferation risks and controls each to be considered separately. The Risk Assessment must also consider the cumulative effects of the risks identified. It must be kept up to date and subject to review in response to changing