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What are the key steps in performing an effective firm-wide risk assessment?

Article ID: 2941
Last updated: 10 Jun, 2019

There are three key steps in performing an effective firm-wide risk assessment:

  1. identifying the money laundering risks faced by different areas of the business, clients and market served by the firm.
  2. assessing each risk identified by considering the likelihood of it occurring and the resulting impact if it occurs.
  3. reviewing the mitigating checks, systems and controls put in place, or mitigating actions to be taken, to bring the level of net risk to an acceptable level.
Article ID: 2941
Last updated: 10 Jun, 2019
Revision: 1
Views: 48
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