A Money Laundering and Terrorist Financing Risk Assessment is a methodology to identify and understand the inherent money laundering and terrorist financing risks faced by an organisation and whether the controls in place are sufficient to mitigate those risks. The outputs are the residual money laundering and terrorist financing risks, which (if outside of risk appetite) will feed into the Financial Crime Framework enhancement initiatives.
This Money Laundering and Terrorist Financing Risk Assessment template is designed for organisations that wish to understand their money laundering and terrorist financing risks, as part of a Financial Crime Framework. The template has been created by experts in financial crime with financial services backgrounds, but is applicable to all industry types. The template consists of two documents, which are both fully editable should your organisation wish to add or remove any risk and control element:
1. A Risk and Controls Scoring Tool (in Excel) utilising 53 inherent risk questions and 85 control questions to calculate the organisation's quantitative residual risk rating.
2. A Risk Assessment Template (in Word) to provide qualitative analysis of the residual risk rating.
The Risk Assessment covers the following Inherent Risks:
- Industry/Sector
- Products/Services
- Delivery Channel
- Clients
- Countries
- Transactions
- Organisations
- Third Parties
The Risk Assessment covers the following Controls:
- Governance
- Reporting
- New Products/Services
- Due Diligence
- Monitoring
- Employee Engagement
- Third Party Oversight
- Assurance
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