AML Business Risk Assessment
AML Business Risk Assessment
Accordingly, at first, the Institutions shall carry out the Business Risk Assessment to identify the ML/FT risks they are exposed to, the possibility of its occurrence, and the impact it may have on the business.
Business Risk Assessment or Enterprise Risk assessment is the foundation for effectively adopting the Risk-Based approach. It considers the actual factual data of the organization (both qualitative and quantitative), along with the findings of the National Risk Assessment and the recent trends. The analysis of the assessment would help the organization document the comprehensive and relevant AML/CFT measures, policies, controls, and procedures to mitigate financial crime-related risk.
Business Risk Assessment Methodology
Considering the various abovementioned inputs, we identify the risk factors relevant to your nature business, the industry you are operating into, the products/services you offer, and the jurisdiction where you operate.
Business Risk Assessment Methodology
We provide customized services to assist you in the Business Risk Assessment, taking into consideration the AML/CFT regulations applicable to your organization, the National Risk Assessment report, findings of FATF, MENAFATF, other FSRBs, the factual information and feedback from your AML Compliance Officer, along with cognizance to the nature and size of your business.
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How can we help?
By this, the companies can know the ML/FT risk impact on its business, accordingly deploy the effective control measures to mitigate the same and ensure that the ultimate risk exposure is within their risk appetite.
How can we help?
Business Risk Assessment Process
Risk Identification
- Customers
- Countries
- Delivery Channels
- Products, services, and transactions
- Staff and third parties
Risk Monitoring and Review
- Review of risk analysis
- Compliance and audit programs
Risk Analysis
- Likelihood of risk occurrence
- Effects if a risk occurs: Impact
Risk Control
- Policies and procedures
- Systems and controls
How can we help?
AML Bahrain helps the business entities perform their business risk assessment in a comprehensive manner, considering all the relevant parameters and risk factors. It helps organizations identify the inherent and residual risks it is exposed to, from factors related to products, services, customers, transactions, delivery channels, and geographies.
By this, the companies can know the ML/FT risk impact on its business, accordingly deploy the effective control measures to mitigate the same and ensure that the ultimate risk exposure is within their risk appetite.
We help companies
- Layout and implement compliance monitoring programs
- Select the appropriate AML compliance software
- Review AML policies, procedures, and manuals according to regulatory changes
- Assess impact of regulatory changes on AML compliance
- Assess impact ofImpart training to internal staff on AML compliance requirements regulatory changes on AML compliance
We help companies
- Conduct AML compliance reviews
- Perform Business Risk Assessment
- Document tailor-made AML policies, procedures, and manuals in line with legal requirements and the nature and size of the business
- Manage KYC and Customer Due Diligence
- Setup in-house AML compliance department
Business Risk Assessment Steps
Overview of
the business
Make an overview of the business with respect to products, customers, countries, staff, third parties
Analysis of
scenarios
For each risk scenario, determine the likelihood of the scenario occurring and resulting impact.
Determination Of
Residual Risks
Determine the residual risk for each scenario by comparing inherent risk and the level of control.
Determine Additional Measures
Determine the type of action to be taken to increase control or reduce risk
Identify risk
Scenarios
Assess which money laundering and terrorism financing risks may occur and the form that they may take.
Analysis of
Controls
Assess the control measures in place for each scenario.
Assess risk
Appetite
Verify whether the risk is within the boundaries of the risk appetite.
Business Risk Assessment Steps
Identify risk Scenarios
Assess which money laundering and terrorism financing risks may occur and the form that they may take.
Analysis of Controls
For each risk scenario, determine the likelihood of the scenario occurring and resulting impact.
Assess risk Appetite
Verify whether the risk is within the boundaries of the risk appetite.
Overview of the business
Make an overview of the business with respect to products, customers, countries, staff, third parties
Analysis of scenarios
For each risk scenario, determine the likelihood of the scenario occurring and resulting impact.
Determination Of Residual Risks
Determine the residual risk for each scenario by comparing inherent risk and the level of control.
Determine Additional Measures
Determine the type of action to be taken to increase control or reduce risk.
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