PIMFA
The Business Wide Risk Assessment (BWRA) is a key pillar in understanding the risks posed to your business and monitoring the effectiveness of you control framework. Yet so many firms are still getting this critical, living document wrong and thus falling short of regulatory expectations.
The Business Wide Risk Assessment masterclass, delivered by Avyse, is your opportunity to step back and consider the financial crime risks your firm is, or could be, exposed to and consider how those risks could be mitigated.
Under the guidance of experienced consultants, you will be guided through a tried and tested approach that will not only improve the quality of your firm-wide risk assessments, but ensure it can be replicated to be the backbone of your financial crime controls in 2024.
Through this masterclass, you’ll learn how to:
• Complete a comprehensive, yet proportionate assessment;
• Document the methodology in a clear, reliable way; and
• Use the outputs of the risk assessment to inform and enhance the financial crime framework.
Masterclass topics covered include:
• Adopting and embedding the latest FCA requirements and industry guidance in your BWRA.
• Providing an in depth look at the business wide risk assessment process.
• Grasping why it’s crucial to get it right, provide tips and tricks we’ve learned by assisting a myriad of firms in developing their BWRA tools and methodologies.
• Sharing best practice from peer firms – specifically, how to keep the BWRA proportionate yet comprehensive and scalable.
• Recognise good and poor practice – common themes Avyse has identified through their Skilled Person and broader advisory work
Working through an example risk assessment, you will learn how to:Â Â
• Avoid the pitfalls most firms make when carrying out and documenting their BWRA.
• Understand and apply different methodologies for carrying out a financial crime risk assessment. This will include:
o Identifying and assessing risks; and
o Identifying and assessing the effectiveness of key controls.
• Replace a tick box exercise approach with a living document to identify ‘real risk’ and that stands up to internal and external scrutiny.
• Determine how to use the outputs of the risk assessment to support internal decision-making processes, including where to enhance controls and allocate additional resources.
• Review, update and improve your BWRA by applying the key principles discussed.
• Conduct with confidence a risk assessment that follows industry good practice
• Explain with confidence to key stakeholders the reasoning and rationale of your BWRA
Who should enrol:
• Heads of Financial Crime / MLROs / Deputy MLROs
• Heads of Compliance and Compliance Leads
• Governance specialists
• Firms currently going through specific registration / authorisation applications.
More about Rebecca Cummings
Rebecca leads the financial crime practice at Avyse Partners. She has consulted on a huge variety of financial crime-related projects, from Skilled Person reviews and global Monitorships to remediation programmes and designing and implementing proportionate, risk-based frameworks from (an almost) blank sheet of paper!
She has performed on-site reviews in Asia and Europe, specialising in areas including CDD, sanctions and governance. Other projects have included developing both business and customer risk assessments for a variety of clients including branches and subsidiaries of overseas banks.
Prior to consulting, she worked in the commercial arm of one of the UK’s largest retail banks where she delivered several regulatory projects, including in their Fraud and Financial Crime teams
More about Daisy White-Smith
Daisy has seven years financial crime experience across sectors including banking, e-money / payments, wealth and investment management.
She has worked on a number of advisory and remediation projects as well as s166 reviews on behalf of the FCA. She has also support the NYDFS on the Monitorship of Deutsche Bank.
