Increase accuracy, reduce time, costs & risk
with the RiskRator® platform
The RiskRator® Risk Assessment Platform is a breakthrough automated system that follows FFIEC examination guidance as well as Basel and FATF-GAFI international standards, and ISO and COSO standardization guidelines to dynamically assess and calculate the BSA/AML/OFAC or AML/CFT risk profile at the Enterprise and individual Bank level. Built on the entire base of an institution’s transaction flows, this bottom-up approach is the most comprehensive and rigorous in the industry.
Reduces time & cost to complete your institution’s Risk Assessment
Utilizes the Entire Base of Transactions
Based on the entire in-flow & out-flow of an institutions' transactions as the basis for analysis
Supports as needed updates to reflect business changes
Robust Quantitative & Qualitative Analysis
Reduces errors and operational risk. RiskRator® performs over 57 Million Calculations per 1 Million Transactions
Formal and Uniform Methodology
For strong risk oversight by management, supervisory authorities, and correspondents
Contains a Powerful Analytics & Reporting System
A Comprehensive 4 Phase Program
1. Entity Inputs
Set up Entity’s Profile
Select your institution’s Client base, Products, Services, Channels & Geographies
• Entire Base of In-Flows & Outflows
• Secure AWS file uploads
Input Controls & Mitigating Factors
Measures strengths/weaknesses in an entity’s Compliance Controls and effectiveness of Mitigating Factors
2. Risk Assessment Results
Assessment of Inherent Risks
• Measures inherent risks based on specific risk events, probability, and potential impact on the organization
• Impact Considers: Operational, Reputational, and Legal risk
Enterprise-Wide Risk Profile
• Calculates risk assessment scores for overall risk and by category
• Calculates Residual Risk of the entity and/or group level
3. Powerful Analytics & Reporting
Allows analysis of all transaction activity
Drill down by customer, branch, geography, product, service - identify potential areas of concern & opportunity
Create dynamic visualizations & internal reports
For Management, Directors, Auditors, Regulators & Correspondent Bank reviews
Outperforms Manual Approaches
RiskRator® performs over 57 million calculations per Million transactions
4. Validation & Final Risk Assessment Report
Validation of Inputs
Includes an on-site or remote visit to review all Client provided inputs and corroborate that the information submitted reflects the current status of the Client’s internal controls as it has been entered into the RiskRator® platform
Report of Risk Assessment
Documents the process for each of the tasks executed to reach the assessments results, the assessment methodology, and the calculations to reach the residual risk of each of the risk categories by risk event, and the final risk profile of the organization
RiskRator® Contains a Powerful Analytics & Reporting Tool
Dashboards to Mine Insights from your Data
RiskRator® contains a default set of dashboards built from the underlying data provided. The RiskRator® filtering tools help in mining the organization’s data to understand patterns of activity such as the geographical distribution of clients’ payments activity. The organization can further analyze this data by level of risk or whether a client is a PEP or other special category thereby quickly identifying normal patterns or areas of potential concern.
Identify Risk at its Source
The strength of RiskRator® analytics lies in its ability to help you identify risks across many areas of your business. This includes your institution’s “first line of defense” where compliance officers can monitor for vulnerabilities at the branch network and relationship manager levels. This helps identify, in a continuous basis, potential problem areas and helps pinpoint instances where further training or additional remediation measures are in order.
Visualizations for Management, Directors, Auditors, Regulator & Correspondent Banks
RiskRator® provides point-and-click functionality that allows you to quickly move through the institutional story and demonstrate that you have complete oversight and visibility into your compliance operation. Easily arrange your dashboards into creative and informative storyboards providing full transparency of the institution’s position vis-à-vis third-party expectations and industry best practices.
Analyze Risk Over Time
While your risk assessment provides a view of your AML/CFT Compliance related risks for a specific period of time, the reality is that your enterprise risk is constantly changing in line with changes to your client base, product utilization rates, geographic distribution of payments, and adjustments to client risk profiles. In recognition of this reality RiskRator® provides you with the tools to analyze your “risk over time” by identifying behavioral patterns and increases/decreases in risk related activity.
Seamless Drill Downs into areas of concern or interest
With a few simple clicks you can instantly view product utilization across segments, risk classes, and customer geographies. Stepped drill downs are available allowing you to parse your data into more specific categories even right down to the specific account level. You can also download all reports into excel or CSV.
Developed by AML Compliance and Digital Banking experts, RiskRator® is the most comprehensive and rigorous risk assessment process in the industry. The platform utilizes the entire base of an institution’s transactions to employ a bottom-up based approach that closely follows regulatory expectations and frees management to focus on the strategic aspects of risk management.
RiskRator® includes data preparation and integration, on-site/remote training, year-round customer support and validation and comprehensive final report by CSMB.
CSMB - over 23 years providing Compliance Advisory and hundreds of Risk Assessments
Alacriti - over 17 years dedicated to helping clients accelerate their Digital Transformation
I4A - nearly 5 years helping clients leverage BI and AI based Regulatory Compliance solutions