A risk management program is an essential part of any organisations compliance regime and provides a multifaceted approach to identifying, evaluating, preventing and monitoring risk at an internal and external level. All organisations are subject to a certain level of risk from areas such as money laundering, data protection and information security. However, some businesses are involved in activities that make their risk factors higher, requiring a systematic way of approaching and dealing with those risks.
We have developed a robust Risk Management Policy template for firms to use, which also includes our risk matrix, action plan template and risk register. It is fully customisable, meaning it can be used by any sector or industry and provides a foundation on which to build a compliant and structured risk assessment program.
Our risk management policy and procedure template enables firms to assess their risks through a series of stages, including:-
- identifying the main risks to your objectives, business and customers
- assessing/measuring the importance, impact and likelihood of the risk
- mitigating the risks through corrective actions, controls and operational measures
- reassessing the risk importance, impact and likelihood
- ongoing monitoring of the risk and mitigating controls
We have adopted the Three Lines of Defence approach in our risk management documents, which provides firms with an effective framework for identifying, assessing and managing risk.
Anti-Money Laundering & Data Protection
AML and DPA18 (GDPR) have specific requirements for risk assessment and managing risks which require assessment tools to comply with the MLR17 and GDPR/DPA18 respectively. As these areas are specific, we have included compliant assessment tools and procedures within the relevant Toolkit and policy pack for each.