Financial Crime: Identifying, Assessing and Mitigating Risk
Overview
Business risk assessments, customer risk assessments and the understanding of the management of Financial Crime Risk throughout a firm are critical to an effective Financial Crime Compliance programme. Failures to identify, assess and mitigate these risks appear all too often in enforcement actions.
This highly interactive course is designed to provide a practical, applied understanding of financial crime risks, and how to apply this in an effective financial crime compliance programme.
Participants will be asked to challenge assumptions and apply their thinking in a supportive and applied environment.
This course is led by a highly experienced trainer with more than 40 years of experience in the field of financial crime compliance.
Who is this for?
This course is ideal for staff at all levels who want to learn about the identification and management of financial crime risk or enhance their existing knowledge and skills in this area. For example:
- Compliance professionals
- Risk professionals
- Legal, audit, and operational staff
Learning Outcomes
After attending this course, participants will be able to:
- Describe the purpose of a risk-based approach, its strengths, and limitations.
- Explain and evaluate the nature of risk; risk as a continuum, substance over form, the challenge of risk aware criminals.
- Create a firmwide risk assessment, including identifying key risk owners, developing appropriate and consistent assessment methodologies, identifying threats, vulnerabilities, and potential impact.
- Define and codify inherent risks; Identify controls and control risks; assessing residual risk within the risk appetite.
- Ensure continuity between the firmwide risk assessment and individual client risk assessments.
- Monitor the application of the firmwide risk assessment and providing feedback on performance.
Course Details
Session 1
- Understanding the nature and scope of financial crime risks, internal and external
- The function of risk with the risk-based approach
- Creating a business wide financial crime risk assessment: approach, methodologies, risk categories, challenges, quality assurance
Session 2
- Applying the business risk assessment to the financial compliance programme
- Customer risk assessments: purpose, methodologies, risk categories
- The risk continuum and its application
- Traps, pitfalls and best practice
Delivery
All of CCL Academy’s public courses are delivered virtually using Zoom.
Firms with more than 5 staff to train have the flexibility to deliver training in-person by one of our trainers at your premises, or virtually via Zoom, Teams or Webex.
Find out more about your Virtual or In-Person training experience below.
Virtual Delivery
Our virtual training courses are designed to be every bit as engaging as our in-person courses. To achieve this, our trainers use market-leading technology and a range of training techniques to ensure high levels of interaction with participants. Courses include the use of:
- Virtual ‘break-out’ rooms: participants are divided into virtual rooms to facilitate small group discussion.
- Polling: multiple-choice questions, answered anonymously, allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to highlight the practical application of theoretical knowledge.
- Messaging: participants can submit questions and comments, either to the whole group or privately to the trainer.
Additional Benefits:
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Recording: public course participants have the option to access a recording of the course for one month after the course. In-House clients also have the option to record their training for an additional fee.
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On-going Q&A: public course participants can access an ongoing Q&A facility allowing them to ask questions relating to the course.
In-Person Delivery
Our in-person training is delivered face to face at your offices, and includes:
- ‘In-the-moment’ questions & discussions: questions through conversations allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to explore practical application of theoretical knowledge.
- Q&A: participants can ask questions during training, either to the whole group or privately to the trainer.
