Risk Assessments

Tailoring our bespoke process to your situation

We encourage clients to begin any compliance enhancement or monitorship period with a thorough risks assessment. FRA experts have developed our own bespoke risk assessment framework, mapped against leading international benchmarks and validated by regulators and independent assessors, to support the design or improvement of compliance programs. This includes third party due diligence procedures, internal financial controls and system effectiveness testing.  

Our expertise, combined with our in-depth knowledge of a client's operations and historical risk areas, is an effective way to ensure the most value is obtained from a compliance and internal controls review. Our services include, among others:  

• Assessing anti-financial crime arrangements (incl. fraud, AML & sanctions)  
• Reviewing CDD, ECDD and KYC arrangements
• Reviewing transaction monitoring, alert creation and regulatory reporting processes
• Assessing escalation and governance processes against regulatory requirements  

Comprehensive collaboration from start to finish

From the first stages of scoping a risk assessment, our experts work with the company to ensure leadership and relevant functions are equally invested in the process. Whether the scope is defined geographically, by sector or internal department, our forensic teams and data experts undertake a quantitative and qualitative process of understanding direction from the top against the reality of operations on the ground.  

Our experts guide the company through collecting the necessary buy-in, documentation, analysis, and reporting back to the top before conducting testing and further periodic review. Throughout this collaborative process, our experts aim to give the relevant departments the tools to continue to manage risks effectively and truly shine with stakeholders. Our focus is not on a one-off product, but instilling a culture and process for regular risk assessment.  

A nuanced understanding of Net Risk

Our risk assessments seek to (i) identify and examine the key risks, (ii) assess the design and effectiveness of existing controls, and (iii) perform a gap analysis. While we scope each engagement clearly to ensure a tailored approach, our risk assessment typically involves a customized balance of document review and meetings with personnel, before we conduct our unique assessment of net risks in the areas under review (e.g. fraud risk, bribery and corruption, money laundering). Contact our experts to find out more about how we reach our assessment of net risk.