Service Description

This session is suitable for Financial Crime and Compliance Analyst, Compliance professionals, Financial Crime Consultants, involved in managing risk within the Financial Crime Framework. According to the FCA, a good practice risk assessment framework is comprehensive, continuous and based on best available sources of internal and external information, and concentrates its resources on higher risks. Of the many vulnerabilities and threats to the financial services sector, financial crime risk has emerged as a pervasive, yet widely misunderstood category of risk. As consumers, governments, and the financial industry have gained familiarity with various forms of financial crime, financial services organizations have seen that the underlying risk of financial crimes not only includes the direct action taken by criminals, but also includes the impact of deterrence, detection, and resolution on the organization and its customers. This interactive and engaging programme aims to help participants understand the financial crime regulatory framework; and develop a comprehension on the management of financial crime risks. This course will aim to cover areas such as: Part A: - 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? Part B: - Determining inherent risk—Inherent risk represents the exposure to financial crime in the absence of any control environment being applied. - Assessment of internal controls—Once the risks have been identified, internal controls (policies, procedures and other activities) need to be mapped against these risks - Deriving residual risk—Once the inherent risk and the effectiveness of internal controls have been evaluated, the residual risk can be determined.