Enterprise-Wide Financial Crime Risk Assessments

Faced with constantly evolving rules and regulations, changing regulator priorities, and shifting financial crime threats, financial institutions must employ dynamic approaches that allow them to understand, measure, and respond to the financial crimes risks that they face. Conducting a rigorous enterprise-wide financial crimes risk assessment that encompasses Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations as well as sanctions laws and regulations such as those promulgated by the Office of Foreign Assets Control (OFAC) is critical to positioning an institution to meet the challenge of managing and implementing change in accordance with its internal strategic risk management objectives and supervisory expectations. 

K2 Integrity AML, BSA, and OFAC experts bring the experience and expertise in current regulations needed to assess, review, enhance, test, and validate financial institutions’ compliance programs through holistic enterprise-wide risk assessments. We help our clients better leverage their customer and transactional data to build a deep understanding of their risk exposure and measure how effectively their current control environment addresses those risks, allowing them to develop tailored responses to mitigate risk and to better evaluate risk to seize commercial opportunities.

Designed to monitor the adequacy of an institution’s AML and sanctions programs, risk assessments determine whether the business is operating in compliance with its legal and regulatory obligations and its own policies and procedures. K2 Integrity provides a fair and unbiased appraisal of a company’s financial crimes compliance program. Grounded in our deep understanding of the relevant laws, regulations, global standards, and industry practices, our assessment encompasses each of the pillars of an effective compliance program: governance, customer due diligence (CDD) and know your customer (KYC) policies and procedures, internal controls, training, and audit and independent testing. K2 Integrity conducts a detailed review of policies and procedures and tests internal systems and controls to identify potential weaknesses and, as appropriate, partners with clients to design and implement corrective actions.

Our risk assessments can also be expanded beyond the traditional BSA/AML and sanctions risk domains to encompass an evaluation of the institution’s policies, procedures, systems, and controls to combat terrorist financing, proliferation financing, bribery and corruption, and fraud programs.