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 that can help you implement an efficient risk assessment to mitigate risk behind finance crime.

Self-assessment questions:

  • What are the main financial crime risks to the business?
  • How does your firm seek to understand the financial crime risks it faces?
  • When did the firm last update its risk assessment?
  • How do you identify new or emerging financial crime risks?
  • Is there evidence that risk is considered and recorded systematically, assessments are updated and sign-off is appropriate?
  • Who challenges risk assessments and how? Is this process sufficiently rigorous and well-documented?
  • How do procedures on the ground adapt to emerging risks? (For example, how quickly are policy manuals updated and procedures amended?)

Examples of good practice:

  • The firm’s risk assessment is comprehensive.
  • Risk assessment is a continuous process based on the best information available from internal and external sources.
  • The firm assesses where risks are greater and concentrates its resources accordingly.
  • The firm actively considers the impact of crime on customers.
  • The firm considers financial crime risk when designing new products and services.

Examples of poor practice

  • Risk assessment is a one-off exercise.
  • Efforts to understand risk are piecemeal and lack coordination.
  • Risk assessments are incomplete.
  • 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)

[/vc_column_text][accordion_father caption_url=””][accordion_son title=”About CRI Group” clr=”#ffffff” bgclr=”#1e73be”]Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business IntelligenceDue Diligence, Compliance Solutions and other professional Investigative Research solutions provider. 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 also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.

In 2016, CRI Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.[/accordion_son][/accordion_father][/vc_column][/vc_row]

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