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Course Overview
This half-day workshop is aimed at non-compliance professionals and will provide a practical introduction to key AML/CFT risks, the role of the BRA, how to prepare it and what it should contain. This course is aimed at senior managers, directors and non-executive directors wanting a very practical insight into preparing or reviewing their firm’s AML/CFT Business Risk Assessment.
Course Content
- Overview of regulatory requirements
- Consequences for non-compliance
- Business strategy and setting risk appetite
- Risk management – the steps
- Objectives of the BRA
- Understanding your biggest risks
- Preparing a BRA what should it look like
- Practical steps - the do’s and don’ts
- Identifying risks
- Assessing and prioritising risks
- Managing risks
- How to monitor those risks
- Key questions to ask your MLRO
Benefits
The AML/CFT Handbook requires that a Business Risk Assessment is conducted, documented, kept up to date and consideration given on an ongoing basis to the firm’s AML/CFT vulnerabilities. Furthermore, all new GFSC licence applications must now be accompanied by the applicant’s Business Risk Assessment (BRA). The Board is responsible!
At the end of this course you will:
- Understand the expectations of the GFSC
- Be familiar with key AML/CFT risk management concepts
- Be able to critically review your firm’s BRA and determine what management information you need in order to monitor those risks on an ongoing basis
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