Solution

RISK RATINGS, CONSOLIDATED & BY RISK CATEGORY

The Risk Assessment Process

Solution

RISK RATINGS, CONSOLIDATED & BY RISK CATEGORY

The Risk Assessment Process

RiskRator uses a comprehensive 4 phase process:

Phase 1

Create your entity’s profile

Based on your institution’s unique Risk factors:

Customers served.
Products & Services offered.
Channels of Distribution.
Geographic exposure.

Based on your institution’s unique risk factors:

Customers served.
Products & Services offered.
Channels of Distribution.
Geographic exposure.

Phase 2

Upload the total in-flow and out-flow of transactions to calculate Inherent Risk

Analyzing the volume of transactions is the most accurate way to calculate Inherent Risk.
RiskRator uses Cloud-based AWS Storage.
Utilizing the highest level of security protocols and masked customer identifying information.

Analyzing the volume of transactions is the most accurate way to calculate Inherent Risk.
RiskRator uses Cloud-based AWS Storage.
Utilizing the highest level of security protocols and masked customer identifying information.

Phase 3

Input your Controls and Mitigating Factors

Alongside our senior compliance experts, the client inputs the controls and mitigating factors for each Risk Event. Once these inputs are completed, RiskRator calculates Residual Risk across Risk Events, Risk Categories and on a Consolidated basis.
Controls are based on FFIEC guidance and International best practices.

Alongside our senior compliance experts, the client inputs the controls and mitigating factors for each Risk Event. Once these inputs are completed, RiskRator calculates Residual Risk across Risk Events, Risk Categories and on a Consolidated basis.
Controls are based on FFIEC guidance and International best practices.

Phase 4

Consolidated Risk Profile
RiskRator calculates and generates the AML/CFT risk profile and the Sanctions Programs/OFAC risk profile on a consolidated basis and by risk category

Consolidated AML/CFT Risk Assessment

–

The AML/CFT Consolidated Risk Assessment calculates the Risk Profile of the Institution based on the individual results of the Customer, Products, Services, Channels and Geographic Risk Assessments.

The analysis is based on specific topics that are addressed in the FFEIC Inspection Manual and other applicable international standards. The process calculates inherent and residual risk as follows:

Inherent Risk is calculated on the quantity of risk and the impact of the potential of each risk event materializing. This is done by analyzing all the institution’s transactions during the covered period – this is the methodology preferred by regulators.

–
Residual Risk is calculated by taking into consideration each risk factor’s inherent risk, and the quality and effectiveness of the risk mitigation controls. RiskRator contains a wide selection of robust risk mitigation controls, based on regulatory requirements and expectations.

Consolidated AML/CFT Risk Assessment

–

The AML/CFT Consolidated Risk Assessment calculates the Risk Profile of the Institution based on the individual results of the Customer, Products, Services, Channels and Geographic Risk Assessments.

The analysis is based on specific topics that are addressed in the FFEIC Inspection Manual and other applicable international standards. The process calculates inherent and residual risk as follows:

Inherent Risk is calculated on the quantity of risk and the impact of the potential of each risk event materializing. This is done by analyzing all the institution’s transactions during the covered period – this is the methodology preferred by regulators.

–
Residual Risk is calculated by taking into consideration each risk factor’s inherent risk, and the quality and effectiveness of the risk mitigation controls. RiskRator contains a wide selection of robust risk mitigation controls, based on regulatory requirements and expectations.

Consolidated Sanctions / OFAC Risk Assessment

–

The Consolidated Sanctions Risk Assessment calculates the Risk Profile of the Institution based on its likelihood of violating sanctions or not timely detecting them based on the institution’s potential exposure via its Customers, Products, Services, Channels and Geographic distribution.

The analysis is based on specific topics that are addressed in the Wolfsberg Questionnaire, the FATF guidance reports, the FFEIC Inspection Manual, and other applicable international standards. We will evaluate existing controls and mitigation factors to detect controls for existing Sanctions, for example:

–

The existence and quality of documentation.

–
Evaluate the process of freezing and/or blocking accounts.

–
Evaluate the processes for informing Senior Management.

–
Review the processes for identifying risks associated with electronic banking products and services.

Consolidated Sanctions / OFAC Risk Assessment

–

The Consolidated Sanctions Risk Assessment calculates the Risk Profile of the Institution based on its likelihood of violating sanctions or not timely detecting them based on the institution’s potential exposure via its Customers, Products, Services, Channels and Geographic distribution.

The analysis is based on specific topics that are addressed in the Wolfsberg Questionnaire, the FATF guidance reports, the FFEIC Inspection Manual, and other applicable international standards. We will evaluate existing controls and mitigation factors to detect controls for existing Sanctions, for example:

–

The existence and quality of documentation.

–
Evaluate the process of freezing and/or blocking accounts.

–
Evaluate the processes for informing Senior Management.

–
Review the processes for identifying risks associated with electronic banking products and services.

RiskRator allows you to drill down into the details of each Risk rating to understand what is driving both the Inherent and Residual Risk score and your overall Risk Profile.

AML/CFT Risk Profile by Category

Customer Risk Category

Product Risk Category

Services Risk Category

Channels Risk Category

Geographic Risk Category

Solution:

4 Phases of Risk Assessment “What If?” Function Charts & Graphs Business Intelligence Tool Data Vault Validation & Final Report

Solution:

4 Phases of Risk Assessment “What If?” Function Charts & Graphs Business Intelligence Tool Data Vault Validation & Final Report

REQUEST DEMO

RiskRator

–

300 71st Street,
Suite 448
Miami Beach, FL 33140

(888) 223-6156

Solution

RISK RATINGS, CONSOLIDATED & BY RISK CATEGORY

The Risk Assessment Process

Solution

RISK RATINGS, CONSOLIDATED & BY RISK CATEGORY

The Risk Assessment Process

RiskRator uses a comprehensive 4 phase process:

Phase 1

Create your entity’s profile

Based on your institution’s unique Risk factors:

Based on your institution’s unique risk factors:

Phase 2

Upload the total in-flow and out-flow of transactions to calculate Inherent Risk

Analyzing the volume of transactions is the most accurate way to calculate Inherent Risk.

RiskRator uses Cloud-based AWS Storage.

Utilizing the highest level of security protocols and masked customer identifying information.

Analyzing the volume of transactions is the most accurate way to calculate Inherent Risk.

RiskRator uses Cloud-based AWS Storage.

Utilizing the highest level of security protocols and masked customer identifying information.

Phase 3

Input your Controls and Mitigating Factors

Alongside our senior compliance experts, the client inputs the controls and mitigating factors for each Risk Event. Once these inputs are completed, RiskRator calculates Residual Risk across Risk Events, Risk Categories and on a Consolidated basis.

Controls are based on FFIEC guidance and International best practices.

Alongside our senior compliance experts, the client inputs the controls and mitigating factors for each Risk Event. Once these inputs are completed, RiskRator calculates Residual Risk across Risk Events, Risk Categories and on a Consolidated basis.

Controls are based on FFIEC guidance and International best practices.

Phase 4

Consolidated Risk Profile RiskRator calculates and generates the AML/CFT risk profile and the Sanctions Programs/OFAC risk profile on a consolidated basis and by risk category

Consolidated AML/CFT Risk Assessment

–

The AML/CFT Consolidated Risk Assessment calculates the Risk Profile of the Institution based on the individual results of the Customer, Products, Services, Channels and Geographic Risk Assessments.

The analysis is based on specific topics that are addressed in the FFEIC Inspection Manual and other applicable international standards. The process calculates inherent and residual risk as follows:

Inherent Risk is calculated on the quantity of risk and the impact of the potential of each risk event materializing. This is done by analyzing all the institution’s transactions during the covered period – this is the methodology preferred by regulators.

–

Residual Risk is calculated by taking into consideration each risk factor’s inherent risk, and the quality and effectiveness of the risk mitigation controls. RiskRator contains a wide selection of robust risk mitigation controls, based on regulatory requirements and expectations.

Consolidated AML/CFT Risk Assessment

–

The AML/CFT Consolidated Risk Assessment calculates the Risk Profile of the Institution based on the individual results of the Customer, Products, Services, Channels and Geographic Risk Assessments.

The analysis is based on specific topics that are addressed in the FFEIC Inspection Manual and other applicable international standards. The process calculates inherent and residual risk as follows:

Inherent Risk is calculated on the quantity of risk and the impact of the potential of each risk event materializing. This is done by analyzing all the institution’s transactions during the covered period – this is the methodology preferred by regulators.

–

Residual Risk is calculated by taking into consideration each risk factor’s inherent risk, and the quality and effectiveness of the risk mitigation controls. RiskRator contains a wide selection of robust risk mitigation controls, based on regulatory requirements and expectations.

Consolidated Sanctions / OFAC Risk Assessment

–

The Consolidated Sanctions Risk Assessment calculates the Risk Profile of the Institution based on its likelihood of violating sanctions or not timely detecting them based on the institution’s potential exposure via its Customers, Products, Services, Channels and Geographic distribution.

–

The existence and quality of documentation.

–

Evaluate the process of freezing and/or blocking accounts.

–

Evaluate the processes for informing Senior Management.

–

Review the processes for identifying risks associated with electronic banking products and services.

Consolidated Sanctions / OFAC Risk Assessment

–

The Consolidated Sanctions Risk Assessment calculates the Risk Profile of the Institution based on its likelihood of violating sanctions or not timely detecting them based on the institution’s potential exposure via its Customers, Products, Services, Channels and Geographic distribution.

–

The existence and quality of documentation.

–

Evaluate the process of freezing and/or blocking accounts.

–

Evaluate the processes for informing Senior Management.

–

Review the processes for identifying risks associated with electronic banking products and services.

RiskRator allows you to drill down into the details of each Risk rating to understand what is driving both the Inherent and Residual Risk score and your overall Risk Profile.

AML/CFT Risk Profile by Category

Customer Risk Category

Product Risk Category

Services Risk Category

Channels Risk Category

Geographic Risk Category

Solution:

Solution:

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Consolidated Risk Profile
RiskRator calculates and generates the AML/CFT risk profile and the Sanctions Programs/OFAC risk profile on a consolidated basis and by risk category