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Risk-Based Approach for Financial Institutions
Difficulty Intermediate
All companies that are under regulation of the Central Bank of Curaçao and Sint Maarten (CBCS) are obligated to align their compliance organization to the risk-based approach. The Risk-Based Approach for Financial Institutions explains and guides you through all the steps you need to take to implement the risk-based approach in your company. It includes:
- Checklist: All compliance steps at a glance (also available separately for free)
- Compliance Policy Statement
- Risk Appetite Statement
- Business Risk Assessment including SARA and report (also sold separately)
- Compliance Manual (also sold separately)
- Preparing for the audit
Written examples and/or extensive templates are available, and support by phone is also included. You will be guided step by step to meet all the requirements of the risk-based approach.
Learn more about the Risk-Based Approach
Regulators have adopted the ‘Risk-Based Approach’ as a replacement of the ‘Rule-Based Approach’ that was used in the past. The main difference of this new approach is that each company must assess the risks and take appropriate measures instead of following the rules ‘blindly’. However, the distinction between a ‘right’ and ‘wrong’ AML policy also becomes more difficult to determine. After all every organization has to judge for itself what risks they are willing to take and under what conditions. For this reason, there is no one-size-fits-all solution for your organization; What is an unacceptable risk or policy for you may not be an objection for someone else and vice versa. With the information and tools in this training, you will have access to all the tools you need to execute the Business Risk Assessment and determine related policies yourself. Because the intention of the RBA is for organizations to make their own assessment of the risks and counter measures, you are and will always remain responsible for the execution of the assessment, your final policy and the content of the documents resulting from this training.
About the Risk-Based Approach for Financial Institutions
The risk-based approach is a cyclic methodology, and the best point of entry depends on your specific situation. That is why this training consists of several modules. In this first module ‘Risk-Based Approach for Financial Institutions’, we explain the risk-based approach and how it applies to your business operation. This module also explains the purpose of the other modules and in what is the best order to go through them.
Therefore always start with this module first, before you start with any of the other modules in this training.
Involve the right people within your organization
The risk-based approach is not a methodology that can be carried out entirely independently by a compliance officer or -department. To implement the risk-based approach successfully, it is crucial that at least senior management is involved and committed. The core of the methodology requires you to actively address potential risks to your business operations. Although the content of this training ensures that you are guided as much as possible in all the steps you need to take, it can only succeed if you are willing to make this commitment as an organization.
Before you start
The Risk-Based Approach
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