Introduction to Compliance Risk Assessment

Learn Fundamentals of Compliance Risk Assessment (CRA) and How Is It Practically Performed

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Description

Today, It is a big challenge for companies, organizations, institutions, etc. to ensure that they comply with all applicable laws and regulations. Therefore, they must establish robust Compliance Functions and Compliance Risk Assessment (CRA) mechanisms, that help in the identification of the Compliance Risk Profile of the company or organization.

Regulators all around the world have developed and are developing different Laws, Rules, Regulations, Standards, etc. to provide oversight and direction to entities, organizations, companies, etc.


Today, Compliance Risk Assessment (CRA) is considered a mandatory part of overall Compliance Management, in an organization or institution. Financial Institutions, such as banks regularly perform the CRA and report the CRA results to the Board of Directors and Management.

Organizations that do not develop, and implement the Compliance Risk Assessment (CRA) process, are prone to the risk of non-compliances, which may lead to penalties or reputational losses.


This course will give you a comprehensive overview of the Compliance Risk Assessment methodology and process, which organizations and institutions regularly perform, to identify the significant or high-level compliance risks, to which they are exposed.  You will learn how organizations, institutions, and companies practically perform the Compliance Risk Assessment and identify the Risks, Threats, and Vulnerabilities and how they treat those risks.


Your learning journey will provide you with knowledge and understanding of a number of important concepts, including:

  • Fundamentals of Compliance,

  • Compliance Culture, Compliance Risk, and related concepts

  • Different Key Risks Being Faced by Organizations?

  • Sources of Compliance Risks with Examples to Perform CRA

  • Overview of "Data Protection" and "Anti-Money Laundering AML" Compliance Requirements applicable in different countries such as the United States, Europe, China, Singapore, Australia, etc.

  • Consequences of Non-Compliances

  • Compliance Risk Assessment (CRA) Process and its Key Steps 

  • Process of Extraction of Different Compliance Risks

  • Case Scenario: Steps Involved in Using Internal Policy: Source of Compliance Risk, for Risk Identification

  • Extraction of Compliance Requirement for Risk Statement

  • Creation of Risk Statement

  • Checking the Operating Effectiveness of Control and Mapping with Risk Statement

  • Using a CRA Template to perform CRA

  • Process of drafting "Compliance Risk Statements" from Sources

  • Inherent and Residual Risk Assessments Process and Examples

  • Controls Mapping Process CRA template

  • Assigning, Analysing, and Assessing Risk Scores

  • Case Studies: Practical Case Studies to Perform Compliance Risk Assessment


    Further, as part of this course, you will have:


  • Multiple Choice Questions - MCQs to test your knowledge of concepts that you will gain in this course.

  • Downloadable Course Script,

  • Downloadable Prototype of CRA Template,

  • Lifetime access to the course

  • Certificate of completion of course etc.


Who Is This Course For?

  • Chief Compliance Officers (CCOs), GRC Head,

  • Compliance Analysts, GRC Analysts, Compliance Risk Management Professionals,

  • AML Analysts,

  • MLROs, DMLROs,

  • Risk Management Heads and Professionals,

  • Risk Analysts, Risk Reviewers,

  • Risk Consultants,

  • Internal Auditors,

  • Internal Controls Specialists,

  • Cyber Security Risk Analysts,

  • ACAMS and other Compliance Students

  • Anyone who wants to learn about Compliance Risks Assessment is welcome to this course.

Thank you

Happy learning.

What You Will Learn!

  • Learn about Compliance, and Compliance Risks, with examples
  • Learn about Regulators, different Laws, Regulations and Standards issued by Regulators
  • Learn about Risks, and Common Compliance Risks faced by Financial Institutions
  • Learn about Inherent Risk Assessment, Residual Risk Assessment, Risk Scores, Ranges, Impacts and Likelihood
  • Learn about Compliance Risks Identification Process
  • Learn about the methodology of performing Compliance Risk Assessment
  • Learn hoe Compliance Risk Assessment are performed by organizations using the Compliance Risk Assessment Template
  • Case Studies to actually perform the Compliance Risk Assessment

Who Should Attend!

  • Compliance Professionals, Compliance Heads, AML Head, AML Analysts, Compliance Analysts, Anti-Financial Crime Specialists and Compliance Students such as ACAMS
  • Risk Management Professionals, Risk Analysts, Compliance Risk Management Professionals, and Risk Management Students
  • Internal Auditors, Internal Controls Analysts and students
  • IT or Cybersecurity Professionals and Students
  • Money Laundering Reporting Officers (MLROs), Deputy Money Laundering Reporting officers (DMLROs)
  • Departmental heads working in different departments or functions in an organizations or companies