The International Compliance Association launches enterprise-wide financial crime risk assessment tool

16 November 2021 – ICA has launched an enterprise-wide risk assessment tool to help its members  better assess, document and manage financial crime risk. 

According to the Annual AML Industry Benchmark Report 2021*, one in four risk and compliance professionals say that rolling out and managing the risk assessment process is a challenge, while 53% confirmed that they conduct risk assessments just once a year, with 68% advising that the process takes up to six months to complete.

RegTech solutions can, however, help businesses generate an entity and enterprise level view of AML risks as well as provide real-time reporting, which can aggregate risk outcomes to deliver accurate, consistent and dependable results.   ICA has therefore introduced two cloud-based solutions that digitally transform risk management practices, and contain structured workflow processes while allowing customisable risk methodologies and models to be used.

Powered by Arctic Intelligence, the ICA risk assessment platforms are:

AML Accelerate: A cloud-based counter-terrorism financing and AML risk assessment platform, tailored to over 30 financial and non-financial industry sectors.

Risk Assessment:  Designed to help businesses identify, assess, mitigate and manage AML, bribery, sanctions, modern slavery, fraud, correspondent banking, cyber and other risk domains.

Pekka Dare, Vice President at ICA confirms, “Financial crime risk assessment has become a growing challenge in recent years and the global pandemic has only exacerbated the issue.  Many financial organisations are now turning to technology to help them mitigate risk, however selecting and implementing the right software is a challenge in itself.  

“To assist our members and the wider compliance community, we have  introduced these platforms to offer a premier yet cost effective solution. 

“The solution offers access to executive level reporting and analytics to enable clients to demonstrate sound and robust risk management practices to regulators. As ever at ICA it is our mission to do all we can to help our members conduct the right business in the right way.”.”

Darren Cade, CEO, Arctic Intelligence confirms:  “We are delighted to work in partnership with the ICA to introduce an enterprise-wide risk assessment solution that assesses a business' vulnerabilities, in line with global regulations and FATF guidelines, while using robust data points to make assessments less subjective.”

ICA is the leading professional body for the global regulatory and financial crime compliance community, offering a variety of qualifications and training resources to over 160,000 professionals across 152 countries. 

For more information please see: ICA Enterprise Wide Risk Assessment Tool (int-comp.org)

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