Finance

A risk assessment is a written analysis which aims to identify all possible risk factors for whatever is being assessed, measure the inherent risks, identify action to mitigate the risk, measure the residual risks and determine the risk treatment. Let’s go through the steps of risk assessment and use my favorite example and say you’re thinking about getting a cat (because who wouldn’t want a cat?). You’ve thought about this for a while and your kids have been begging for one for months now. So you’ve already identified why you want the cat:

The process of Know Your Customer (KYC) is yet another that has not escaped the pull of digital transformation. And would we want it to? The events of recent years have forced companies to quickly adopt more digital solutions faster than previously anticipated. With the increase in digital onboarding and interaction, there was a clear need to implement clear anti-money laundering (AML) and KYC measures in a digital context. And yet the reality is that for companies that have needed to hastily move their processes to a digital context, they’re facing the threat of seasoned online criminal activity. It’s therefore crucial to implement solutions that both ensure compliance with regulations as well as help prevent misconduct.

What do insurance companies, real estate agents, car dealerships, accountants, auction houses and banks have in common? Well probably a lot, but for the purpose of this blog we’ll just highlight that they are all well known channels for criminals to launder money.