ACCPAScore Risk Assessment Solution
ACCPAScore is used by financial institutions to identify, assess, and mitigate their compliance risks. Identifying risk associated with the compliance function is a challenge for many financial institutions. That is why they rely on ACCPAScore to assist them. ACCPAScore assesses your compliance function and provides a detailed report that will allow you to easily identify and assess your compliance risk. The ACCPAScore Report provides an accurate numerical score which will allow you to determine the overall strength of your compliance function. The ACCPAScore system uses 50 data points to aggregate your numerical ACCPAScore which indicates your level of risk exposure. This will enable you to pay attention to the areas of your compliance function that requires the most attention.
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The Importance of Risk Assessment
Identifying the inherent AML/CFT risk of an institution's products and services, customers and entities, and the geographic locations in which the institution and its customers operate is the first step in developing an effective AML/CFT compliance program. It is only after these risks are identified and analyzed that an institution can begin to develop a compliance program tailored to and commensurate with the risk profile of the institution. Understanding the inherent risk faced by the institution will determine how it approaches the four pillars of AML compliance. For example, the level of inherent risk should determine:
(1) The nature and extent of internal controls,
(2) The scope of independent testing,
(3) The skills and expertise required of the BSA compliance officer, and
(4) The focus of and approach to training.
The board of directors and senior management at financial institutions should develop compliance programs tailored to the specific inherent risks of their institutions. Likewise, the nature and extent of mitigating controls, including investments in infrastructure and human resources, should be commensurate with a bank's risk profile.
The stakes for failing to comply with BSA/AML regulations have never been higher. Not only has noncompliance in some recent cases resulted in significant fines and penalties, but weak programs can also stall expansionary plans. In recent years, various regulatory agencies have assessed fines and penalties against a number of institutions representing the largest amount in AML/CFT penalties ever imposed. In addition to the monetary penalties and fines, financial institutions incur significant expenses associated with remediating their compliance programs, such as increases in staffing and investments in technology, as well as related legal expenses. But even if compliance program shortcomings are not significant enough to warrant monetary penalties, material deficiencies that are deemed to make a program less than satisfactory can curtail an institution's expansionary activities.
Types of Risk Exposure
Some of the risks with the AML/CFT Compliance function include:
• Regulatory Risk
• Correspondent Risk
• Reputational Risk
• Transactional Risk
• Operational Risk
• Systemic Risk
• Human Capital Risk
• Money Laundering Risk
• Terrorist Financing Risk
• Fraud Risk
• KYC Risk
• RBA Risk
• UBO Risk
• EDD Risk
• STR Risk
• PEP Risk
• Sanctions Screening Risk
• Structuring Risk
• Cyber Risks and
• Procedural Risk
To inquire about the ACCPAScore Risk Assessment Solution, please contact us at
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