Risk Evaluation. Risk Mitigation. Compliance.
We can assist you in conducting your Business Risk Assessments.
AML/CFT Risk Assessments
We employ a system of tailored methodologies guided by the client’s nature, size and complexity to analyze how your products and services, customer information, transactions and geographic spread may expose your company to risks. We then pinpoint and prioritize sources of inherent risk, assess the effectiveness of existing controls in managing those risks, and formulate and execute strategies to mitigate the risks identified.
Designated Non-Financial Businesses and Professions (DNFBPS) and Financial Institutions (FIs) in the Cayman Islands are required to carry a Business Risk Assessment (BRA). Business Risk Assessments are the pillar of the risk-based approach (RBA). The AML Policy, procedures, and controls must be in line with the BRA. A BRA is performed using reliable qualitative and quantitative data, and is used by DNFBPS and FIs to assess whether their AML risks are in line with their risk appetite.
AML Business Risk Assessment Methodology
We take into consideration the Cayman Islands National Risk Assessment (NRA), findings of FATF, CFATF, Competent Authorities, and the nature and size of business when performing or assessing a client’s Business Risk Assessment.
We then go on to identify the risks affecting the your organisation, and analyze their corresponding likelihood and impact,. We then ensure that the AML/CFT and the policies, procedures, controls and systems are appropriately aligned to mitigate the risks identified.