{"id":1447,"date":"2022-06-14T21:51:31","date_gmt":"2022-06-14T21:51:31","guid":{"rendered":"https:\/\/crigroup.com\/?post_type=blog&#038;p=1447"},"modified":"2024-01-22T09:55:23","modified_gmt":"2024-01-22T09:55:23","slug":"financial-crime-risk-assessment","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/financial-crime-risk-assessment\/","title":{"rendered":"FCRA: Risk Assessment and Financial Crime"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">A thorough understanding of its financial crime risks is key if a firm is to apply proportionate systems and controls. The following are self-assessment questions to help you implement an efficient risk assessment to mitigate the risk behind finance crime.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Self-assessment questions:<\/span><\/strong><\/h2>\n<ul>\n<li><span data-preserver-spaces=\"true\">What are the main financial crime risks to the business?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">How does your firm seek to understand the financial crime risks it faces?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">When did the firm last update its risk assessment?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">How do you identify new or emerging financial crime risks?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Is there evidence that risk is considered and recorded systematically, updated assessments, and appropriate sign-off?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Who challenges risk assessments and how? Is this process sufficiently rigorous and well-documented?<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">How do procedures on the ground adapt to emerging risks? (For example, how quickly are policy manuals updated and procedures amended?)<\/span><\/li>\n<\/ul>\n<h2><strong><span data-preserver-spaces=\"true\">Examples of good practice:<\/span><\/strong><\/h2>\n<ul>\n<li><span data-preserver-spaces=\"true\">A comprehensive risk assessment.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Risk assessment is a continuous process based on the best information available from internal and external sources.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The firm assesses where risks are greater and concentrates its resources accordingly.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The firm actively considers the impact of crime on customers.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The firm considers financial crime risk when designing new products and services.<\/span><\/li>\n<\/ul>\n<h2><strong><span data-preserver-spaces=\"true\">Examples of poor practice:<\/span><\/strong><\/h2>\n<ul>\n<li><span data-preserver-spaces=\"true\">Risk assessment is a one-off exercise.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Efforts to understand risk are piecemeal and lack coordination.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Risk assessments are incomplete.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The firm targets financial crimes that affect the bottom line (e.g. fraud against the firm) but neglects those where third parties suffer (e.g. fraud against customers)<\/span><\/li>\n<\/ul>\n<h2><strong><span data-preserver-spaces=\"true\">Using An External Services Provider to Conduct Your Financial Crime Risk Assessment<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Aside from it often being difficult to schedule time for this type of review or know where to start, there is considerable benefit in having an independent, objective review of the financial crime risks your business faces. Corporate Research and Investigations Limited (CRI Group\u2122) has a wealth of knowledge in Financial Crime and can help you identify risks and exposures that might otherwise be missed, thereby enabling appropriate procedures to be put in place.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To engage CRI Group\u2122 to conduct your Financial Crime Risk Assessment, contact the CRI\u2122 team. CRI\u2122 has a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your organisation.<\/span><\/p>\n<h3><strong><span data-preserver-spaces=\"true\">About CRI Group\u2122<\/span><\/strong><\/h3>\n<p><span data-preserver-spaces=\"true\">CRI Group\u2122 has protected businesses from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/investigative-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">fraud<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/anti-bribery-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">bribery and corruption<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0since 1990. We are a leading\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/compliance-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Compliance<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Risk Management<\/span><\/a><span data-preserver-spaces=\"true\"> company licensed and incorporated entity of the Dubai International Financial Center (DIFC) and Qatar Financial Center (QFC). CRI\u2122 protects businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2016, the company launched the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Anti-Bribery Anti-Corruption (ABAC\u2122) Center of Excellence<\/span><\/a><span data-preserver-spaces=\"true\">. This independent certification body helps organisations mitigate internal and external risks by providing a complete suite of Anti-Bribery, Compliance and Risk Management programs.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Based in London, CRI Group\u2122 works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Risk Management<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/employee-background-checks\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Employee Background Screening<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/business-intelligence\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-9\">\u0630\u0643\u0627\u0621 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/div><\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/due-diligence\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-2\">\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 <span class=\"rtl-1\">360\u00b0<\/span><\/div><\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/compliance-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\"><div id=\"h1-1\">\u062d\u0644\u0648\u0644 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644<\/div><\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and other professional\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crigroup.com\/ar\/investigative-solutions\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Investigative Research<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0solutions provider.\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Our global team can support your organisation anywhere in the world.<\/span><\/strong><span data-preserver-spaces=\"true\"> We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI Group\u2122 also holds\u00a0<\/span><strong><span data-preserver-spaces=\"true\">BS 102000:2013<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><strong><span data-preserver-spaces=\"true\">BS 7858:2012 Certifications\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">and is an HRO-certified provider and partner with Oracle.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2016, CRI Group\u2122 launched <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the Anti-Bribery Anti-Corruption (ABAC\u2122) Center of Excellence<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0&#8211; an independent certification body established for\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 37001:2016 Anti-Bribery Management Systems<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37301-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 37301 Compliance Management Systems<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-31000-risk-management\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ISO 31000:2018 Risk Management<\/span><\/a><span data-preserver-spaces=\"true\">, providing\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-training\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">training<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/iso-37001-certification\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">certification<\/span><\/a><span data-preserver-spaces=\"true\">. ABAC\u00ae operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group&#8217;s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world&#8217;s largest organisations. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/abacgroup.com\/contact\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Contact ABAC\u2122 for more<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on ISO Certification and training.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>A thorough understanding of its financial crime risks is key if a firm is to apply proportionate systems and controls. The following are self-assessment questions to help you implement an efficient risk assessment to mitigate the risk behind finance crime. Self-assessment questions: What are the main financial crime risks to the business? How does your [&hellip;]<\/p>","protected":false},"author":1,"featured_media":17018,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,23,146],"tags":[],"class_list":["post-1447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-due-diligence","category-industry-insights","category-resources"],"gutentor_comment":1,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"A thorough understanding of its risks is key if a firm is to apply proportionate systems\u00a0and controls. 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