Enterprise Risk Assessment Program

All the DNFBPs must have strong and effective Enterprise Risk Assessment policies, procedures and controls to improve the efficiency of the AML Program as it helps in the following: 

• Detecting Risks faced by the Enterprise/Organisation as a whole  
• Listing down the suggestive measures to mitigate the associated risks and residual risk 
• Identifying the gaps  
• Identifying opportunities for Improvement  
• Taking cautious decisions about Risk appetite  
• Allocating AML resources  

It is important that the DNFBPs choose an appropriate risk-based approach and prioritise action items based on the quantitative data.

Check out our article on the causes of failure of AML Program and also read important terms in AML/CFT Compliance Program. The infographic on designing a successful Anti-Money Laundering Program provides useful information about important activities to be performed. 

The policy as adopted by the Organization to deal with the Enterprise Risk should be reviewed periodically and should update new methods for risk mitigation based on the various factors. The same should be recorded and approved by the senior management and be circulated to the concerned departments for implementation.