Legislation in force to prevent financial crime has become more risk focused, requiring organizations to fully understand the risks their organization faces based on their business model and strategy. Companies’ financial crime controls are increasingly in the crosshairs of regulators. Therefore, embed- ding financial crime controls in a risk management framework and developing a robust risk assessment tool around this framework has become a key priority. The following article discusses the recently published risk assessment approach set out by the Wolfsberg Group and looks at possible approaches that might be considered based on EU and U.K. regulatory requirements.
Published in ACAMS TODAY | DECEMBER 2015–FEBRUARY 2016