The Business Risk Assessment (BRA) allows the subject person to ensure that the current business model is in line with its risk appetite. In order to be effective, it must be drawn up using reliable quantitative and qualitative data and be regularly revised.
We have the tools and know-how to assist subject persons to draw up purposeful and relevant business risk assessments. Mazars created business risk assessment (BRA) models specifically designed for the following sectors:
Remote Gaming Companies
Company Service Providers (CSPs), Trustees and Fiduciaries
Our models meet all the requirements of the PMLFTR and FIAU Implementing Procedures, taking into consideration both quantitative and qualitative factors.
What makes our BRA models different?
Each of the BRA models are designed to service all subject persons within the above sectors. These are bespoke models which are designed around the specific risks of the subject person. A comprehensive scoring and weighting methodology is applied to analyse the inherent risks and relevant controls of the subject person.
The BRA model in practice
The BRA process includes an orientation phase, followed by a procedural walkthrough and workshops with the MLRO and risk owners. This will enable the MLRO to understand the BRA methodology and obtain a deeper understanding of the inherent and residual risks exposures of the subject person.
All evident risks are included. The BRA model delves into at least 5 risk categories that are specific to the relevant sector, including governance structures.
While the BRA is not an independent assessment, this model is designed to include and give due weighting to the mitigating measures applied to the identified risks.
Reporting – accuracy, consistency and simplicity
The methodology and workings together with the results generated from the model will be analysed and presented in an easy-to understand report. The Report also provides narrative on why controls are effective or otherwise in the context of the specific and holistic risk exposure, thereby control weaknesses can be easily identified.
Applying the BRA conclusions into practice
We can assist in the drawing up of remedial plans for the gaps identified during the assessment.
Data Sources – because data is key
The model is a data driven assessment which makes extensive use of quantitative and qualitative data
We can also assist subject persons to manage their risk exposure. Measures are broad and vary on a case-by-case basis but may range from strengthening specific parts of the AML control framework to embarking on a structured de-risking exercise.
Our AML Compliance unit assists organisations by offering tailored support and solutions to meet their regulatory requirements. Our team includes Certified Anti-Money Laundering Specialists (CAMS) with extensive experience in the AML/CFT area.
In today’s world of tightening regulations and an evolving risk landscape, companies are facing increased pressure to comply with Anti Money Laundering (AML) regulations to avoid hefty fines, reputational risk, and disruptions to their operations.
The 4th AML Directive brought with it a mandatory risk-based approach, whereby subject persons must draw up AML/CFT policies and procedures commensurate to their risk appetite and to the risks that they are exposed to.