Compliance Risk Cartography
Compliance Risk Analysis & Assessment
Über die Jahre hat IMTF Over the years IMTF has developed a specific methodology for defining the risk cartography of a financial institution. This risk cartography is the basis for configuring the suspicious activity detection systems, such as profiling and filtering.
The methodology includes the definition of various elements such as:
- Business Lines for Banks: private banking, retail banking, etc.
- Business Lines for Insurance: life insurance, legal insurance, etc.
- Business Units: subsidiaries, departments, etc.
- Assessment Criteria: risk - high, medium, low, etc.; relevance - money laundering, fraud, etc.
- Regulations: 3rd EU AML directive, CDB08, etc.
- Risks Classes: customer segments, products, employees, organisation and processes, operations, etc.
- Risks: PEP, HNWI, account opening, transfers to risk countries, etc.
- Measures: education, additional detection scenarios, etc.
These various elements when combined with each other, result in a detailed risk cartography which allows quantitative and qualitative measurements to be made and the appropriate measures to be taken to mitigate against identified risks.
In complement, the defined risk cartography can be documented in SironRAS and updated periodically in order to reflect in real-time the financial institution’s risk exposure throughout its various business lines.