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What Does an Effective AML Business Risk Assessment Program Look Like?

March 25, 2013

A well-designed business risk assessment program is the key to a successful anti-money laundering program. For companies with ineffective AML pro­grams, avoid­ing the rigorous self-analysis necessary to strengthen AML capabilities is no laughing matter. It can be extremely expensive, as com­panies shelling out tens of millions of dol­lars to regulatory agencies as punishment for allowing transactions connected to drug smuggling and other illegal activity can attest.

An effective business risk assessment program will identify where you should focus, how things are changing, and where you need build-out areas. Without it, your AML program will be inefficient as well as ineffective.

The latest installment of OCEG's GRC Illustrated Series addresses the key questions required to develop an effective business risk assessment program: How much risk should we assume? Where is our business going, and how might that affect our risk appetite? How well do we even define...

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