The third article within this series relates delves into the
risk assessments which organisations are to implement from a
financial crime perspective.
Risk assessments are a valuable tool used by the board of
directors in order to structure operational units in the most
appropriate and efficient manner. Whilst AML-CFT business risk
assessments have become mandatory since January 2018, there are
other risk assessments which organisations should consider
undertaking from a financial crime point of view.
What is a Risk Assessment?
A risk assessment is a process through which an organisation
identifies the risks which it is exposed to (taking into account
the various threats, vulnerabilities, risk areas and risk factors)
and through which the appropriate risk mitigation measures are
determined depending on the size, resources and systems available
within the organisation.
