The International Compliance Association (ICA), a leading professional body for the compliance community, has launched an enterprise-wide risk assessment tool to help its members better assess, document, and manage financial crime risk.

According to Arctic Intelligence’s AML Industry Benchmark Report 2021, 1 in 4 risk and compliance professionals say rolling out and managing the risk assessment process is a challenge, while 53 percent confirm they conduct risk assessments just once a year. The process takes up to six months to complete, according to 68 percent of respondents.

RegTech solutions can help businesses generate an entity- and enterprise-level view of AML risks as well as provide real-time reporting, which can aggregate risk outcomes to deliver accurate, consistent, and dependable results. The ICA has therefore introduced two cloud-based solutions that digitally transform risk management practices and contain structured workflow processes while allowing customizable risk methodologies and models to be used.

Powered by Arctic Intelligence, the ICA risk assessment platforms are:

AML Accelerate: A cloud-based counter-terrorism financing and AML risk assessment platform, tailored to over 30 financial and nonfinancial industry sectors.

Risk Assessment: Designed to help businesses identify, assess, mitigate, and manage AML, bribery, sanctions, modern slavery, fraud, correspondent banking, cyber, and other risk domains.

“Financial crime risk assessment has become a growing challenge in recent years, and the global pandemic has only exacerbated the issue,” said ICA Vice President Pekka Dare in a press release. “Many financial organizations are now turning to technology to help them mitigate risk. However, selecting and implementing the right software is a challenge in itself.

“To assist our members and the wider compliance community, we have introduced these platforms to offer a premier yet cost effective solution.”

The International Compliance Association is a sister company to Compliance Week. Both organizations are under the umbrella of Wilmington plc.