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Risk Assessment

Money Laundering Sanctions Risk Assessment eGRC

Regulated businesses are required to undertake a formal risk assessment process to identify, analyze and evaluate their financial and sanctions risk exposure. They must devise and implement controls to mitigate the inherent risks and monitor the residual risks.

Risk Assessment helps organizations to manage and, where possible, eradicate the potential of a business to be used as a conduit for illegitimate funds transfer and then caught up in ML/TF or sanctions breaches.

Whether small or large, businesses must perform their risk assessment to determine the level of vulnerability and accordingly develop their compliance program.

A practical risk assessment must review the business approach to AML and its policies, procedures, systems, and controls. It must understand the business and the client operations, identify geographical locations where risk is enhanced and where risks arise, and engage with staff to gather appropriate information to assess risks and how they are and should be managed.

For effective risk management, a risk-based approach is applied, which is dynamic and enables businesses to apply their limited resources in areas that are deemed as high risk.

  1. Identify, evaluate, and mitigate potential risks associated with money laundering and terrorist financing activities.
  2. Identify, evaluate, and mitigate potential risks associated with sanctions violations.
  3. Analyze factors such as product/services, customer base, geographical locations, and regulatory environment.
  4. Understand legal/regulatory frameworks and industry best practices.
  5. Regular review and update of risk assessments to ensure effectiveness and compliance with regulatory requirements.

At eGRC, we ensure to bring our clients the knowledge and expertise to perform qualitative and quantitative enterprise-wide risk assessment exercises.

We work with businesses of all sizes and sectors to conduct their risk assessment and devise mitigating controls.

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