The ML/TF Risk Assessment is the foundation of your AML/CTF efforts, and the first step that you should take when developing adequate mitigation measures. Below we will provide a step-by-step guide on how to create your ML/TF Risk Assessment with bronID.
Step 1: Use the bronID ML/TF tool to provide more information about your business. Here you will provide information about your operations, product, customers and countries where you operate.
Step 3 (optional): Use the bronID scheduling tool, to schedule an interview with a Compliance Adviser to go through your answers and iron out anything that might have been unclear in Step 1 and Step 2.
Step 4: bronID will map the provided information to different Risk Factors and estimate your organisation's Inherent ML/TF Risk in six categories of Business Risk and Regulatory Risk.
Step 5: Based on expert knowledge, bronID will suggest mitigation controls that are appropriate to your circumstances. You can also add or remove controls by using the bronID Control Bank. By applying different controls, bronID will calculate your Residual Risk.
Step 6: The different risk factors and mitigation controls, together with the calculated Inherent Risk and Residual Risk, will be summarised in the ML/TF Risk Matrix.
Step 7: You can download your ML/TF Risk Assessment Report that summarises the Risk Assessment Methodology, your ML/TF Risk and the applied mitigation controls.