Entries by riskratoradmin

Leveraging Business Intelligence Tools for Enhanced Risk Assessment

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In an era of rapid technological advancement, the financial industry is increasingly relying on data-driven decision-making processes. This paper explores how Business Intelligence (BI) tools have
transformed the risk assessment process within banks. By harnessing data analytics, visualization, and predictive modeling, these tools empower banks to make informed decisions, manage risks more effectively, and ultimately ensure the stability and sustainability of their operations.

The Advantages of Automated Risk Assessment Over Excel- Based Solutions in Banking

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Risk assessment is a fundamental process in the banking industry. Accurately evaluating and managing risks is crucial to ensure financial stability, regulatory compliance, and sustainable growth. Traditionally, banks have relied on Excel-based solutions for risk assessment, but in recent years, automated risk assessment systems have gained popularity.

This paper explores the reasons why automated risk assessment is superior to Excel-based solutions for banks.

Mastering AML & Sanctions risk

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Adequately capturing a financial institution’s risk profile requires at its core, an accurate risk assessment.  RiskRator provides a cloud based, AML/CFT & Sanctions Risk Assessment process utilizing a transaction-based methodology guided from start to finish by Compliance professionals, resulting in the most accurate and agile risk assessment in the industry.  Contact us for more information: https://riskrator.com/faq/

Strengthen and modernize financial institutions

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Anti-Money Laundering and Countering the Financing of Terrorism Programs

Action: Proposed rulemaking.

Summary: FinCEN proposes a rule to modernize anti-money laundering (AML) and countering the financing of terrorism (CFT) programs under the Anti-Money Laundering Act of 2020. Financial institutions will be required to establish effective, risk-based AML/CFT programs that include mandatory risk assessments and incorporate government-wide priorities. The proposal also aims to ensure consistency across rules for different types of financial institutions.