Episode 7 — Financial Crime Assessments
Lesson Recap — Self-assessment questions you need to ask:
Self-assessment questions
- What are the main financial crime risks to the firm’s business?
- How does the firm seek to understand the financial crime risks it faces?
- When did the firm last update its risk assessment?
- How does the firm identify new or emerging financial crime risks?
- Is there evidence that risk is considered and recorded systematically, that assessments are updated, and that sign-off is appropriate?
- Who challenges risk assessments?
- How are risk assessments challenged?
- Is the risk assessment challenge process sufficiently rigorous and well-documented?
- How do procedures on the ground adapt to emerging risks?
- How quickly are policy manuals updated and…
