FAQ: What are the references and key risk areas for each of the global risk models?

Applies to: Risk Assessment Platform

Question

What are the references and key risk areas for each of the global risk models?

References: ISO 37001 Antibribery Management Systems, Transparency International Corruption Perceptions Index.
Key risk areas: geographic exposure, employee risk, products, services and transactions, intermediaries and facilitation, gifts and hospitality, donations and sponsorships, service provider relationships, customer risk.
Key points: Assess your own organisation, which can also be used to assess suppliers and other third parties.

References: US, EU, AU. CAN sanctions lists. Office of Foreign Asset Control (OFAC) Compliance Framework.
Key risk areas: geographic exposure, customer risk, products, services, transactions, channels to market.

References: Association of Fraud Examiners (ACFE) risk assessment and anti-fraud playbook, AU 8001 Fraud and Corruption Control, Audit Office of NSW Fraud Control Improvement Kit, Queensland Audit Office Fraud and Corruption Self Assessment, UK National Audit Office: Good Practice Guidance – Fraud and Error.
Key risk areas: Customer account fraud, procurement fraud, financial fraud, personnel fraud, management fraud, information systems and many other areas and typologies.
Key points: Can be used to assess internal and external fraud risks and capture mitigating controls.

References: Wolfsberg principles and template.
Key risk areas: Entity and ownership, products and services, AML, CTF and Sanctions programme, Anti-bribery and corruption, KYC, CDD, EDD, Monitoring and reporting, training, quality assurance and audit, declaration statement.
Key points: We have taken the Wolfsberg templates and mirrored the questions and answers but have added our financial crime risk expertise to apply risk ratings to the answers to generate an overall risk score and profile for each correspondent banking relationship. The platform can facilitate the completion of the questionnaire by each bank, providing your organisation with a portfolio view of the risk profile of those correspondent banking relationships and areas of higher risk.

References: AUSTRAC Illegal Wildlife Trafficking Financial Crime Guide.
Key risk areas: Higher risk industries, geographic exposure, location of branches and operations, higher risk transactions.
Key points: Designed for financial services organisations who are looking to assess and minimise their risk exposure to customers who may be involved with wildlife trafficking. We have applied our financial crime risk expertise to create a risk model and set of controls to assess wildlife trafficking risk exposure to your organisation.

References: FINTRAC Indicators: The laundering of illicit proceeds from human trafficking for sexual exploitation.
Key risk areas: Higher risk industries, geographic exposure, location of branches and operations, higher risk transactions.
Key points: Designed for financial services organisations who are looking to assess and minimise their risk exposure to customers who may be involved with human trafficking and sexual exploitation. We have applied our financial crime risk expertise to create a risk model and set of controls to assess human trafficking risk exposure to your organisation.

References: Australian Department of Home Affairs: Modern Slavery Act 2018 – Guidance for Reporting Entities, UK Home Office: 2015 Modern Slavery Act.
Key risk areas: Business activities, casual/migrant workers, vendor risk, products and services, compliance risk.
Key points: Designed for organisations to assess their modern slavery risk exposure and document their control processes. Can also be used to facilitate the review of suppliers and completion of the questionnaire by each supplier, providing your organisation with a portfolio view of the risk profile of those supplier relationships and areas of higher risk. We have applied our financial crime risk expertise to the reporting requirements to create a risk model and set of controls to assess modern slavery risks in your organisations and your supply chain.