In this video Compliance Tyler, founder of The Conduct Mind outlines 10 questions you need to ask.
What are the main financial crime risks to the firm's business?
How does the firm seek to understand the financial crime risks it faces?
When did the firm last update its risk assessment?
How does the firm identify new or emerging financial crime risks?
Is there evidence that risk is considered and recorded systematically, that assessments are updated, and that sign-off is appropriate?
Who challenges risk assessments?
How are risk assessments challenged?
Is the risk assessment challenge process sufficiently rigorous and well-documented?
How do procedures on the ground adapt to emerging risks?
How quickly are policy manuals updated and procedures amended once emerging risks have been identified?
If you need help with a conduct risk or compliance project please visit www,theconductmind.com