Who knew that the art of anti-money laundering (AML) compliance had so much in common with the science of spotting fake paintings? Governance, risk management, and compliance (GRC) professionals responsible for sniffing out potential AML-related fraud have less sophisticated tools to deploy, but it's not much of a stretch to suggest that those responsible for developing an effective customer risk assessment program can learn a thing or two from experts who spot fake paintings.
Truly knowing your customer requires companies to keep their eyes wide open regarding who they are serving at all times. And just like the art expert, the AML expert running an effective customer risk assessment program can't depend solely on fancy tools and gadgets but must employ good, old-fashioned due diligence and ongoing monitoring.
The latest installment of OCEG's GRC Illustrated Series discusses how knowing your customer—their products, services, market areas, and business-specific context—can help your organization avoid high-risk situations and potential catastrophe.