FAQ: How should I answer an Environmental Risk question if the risk doesn’t apply to my company?

Applies to: AML Accelerate

Question

• The risk in the Risk Assessment is irrelevant to my business, what should I do?
• I don't have controls for a risk factor because it doesn't affect my business.
• What if a risk factor in the environmental risk section is irrelevant to my business?
• Can I skip a section if the Risk factor doesn’t apply to my business?

Answer

AML Accelerate was designed as a tool to fit a variety of different industries and company sizes, when conducting the ML/TF Risk Assessment, you may encounter risk factors in the Environmental Risk section that may not be relevant to your business.

As you cannot skip pages in the Risk Assessment, you are required to complete the page before you proceed to the next.

In this situation, select the lowest ratings for Likelihood and Impact in the Inherent Risk Rating section and leave the Residual Risk Rating section empty due to the absence of controls.

Then, in the comment field under Additional Information, explain why the risk is not applicable or would not occur in your business.