After review of the financial institution's enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention. Which deficiency…

Question

Options

• AThe risk assessment is several years old and does not cover all current products and services.
• BThe risk assessment is revisited too frequently thereby diverting critical resources from other
• CThe risk assessment is managed by a different team from the previous assessment therefore
• DThe risk assessment does not anticipate potential risks even though the financial institution has

• A
  79% (15)
• B
  11% (2)
• C
  5% (1)
• D
  5% (1)

Explanation

How often should an enterprise-wide risk assessment take place? Regardless of the frequency with which an enterprise-wide risk assessment is undertaken, FIs are usually *****required to report annually *****on the status of the money laundering risk environment. This can take the form of an Annual Report or other types of reports. FIs should review their methodology on a regular basis (most likely annually) to ensure that any changes in internal or external factors are incorporated appropriately in order to arrive at the most accurate picture of risk possible Changes will need to be assessed in terms of a FI's ability to compare results year on year, otherwise potentially significant changes in the results may not be justifiable, clearly explained or

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