If the problem isn’t defined, it can’t be solved: so with risk – if not specified and assessed it cannot be controlled. The risk-based approach (RBA) – a staple of anti-money laundering literature and standards for nearly two decades – positively insists on proper assessment if limited compliance resource is to be targeted effectively, and yet… organizations struggle to comply, but then it is only this year that the USA has made the RBA a regulatory obligation. Keith Nuthall explores a fundamental, persistent challenge and how technology providers are rising to it.
Published on November 17, 2024 in insights
Risk assessment – right from the start
Proper risk assessment is crucial for effective compliance, yet many organizations struggle with it
