The featured article explains "why a risk-led approach is key for an effective program and will go into detail about designing a risk-based approach and walkthrough key program attributes, starting with the inherent risk assessment."
As many serious compliance violations are traced back to their origins through a risk-based approach, there needs to be an inherent risk assessment and an effective program.
The pillars of the anti-financial crimes program, customer risk assessment, and how to enrich the risk-based approach were identified as an understanding for compliance officers to aim the objective to avoid noncompliance penalties and preserve reputation.
"If the risk-based approach is the bedrock by which to build an effective program, the risk assessment is the foundation." Thus, it is significant to understand the clients and perform due diligence.
We are sharing this article through the link below and comment your thoughts if you agree or disagree that compliance programs have one thing in common—a risk-based approach.
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