Which strategies are most effective for prioritizing resources within an anti-financial crime (AFC) program using a risk-based approach (RBA)? (Choose two.)

The correct answer is B. Regularly reassessing risks to adjust resource allocation C. Allocating more resources to areas with higher financial crime risk. A risk-based approach prioritizes allocating more resources to higher-risk areas and regularly reassessing risks to ensure resource allocation remains aligned with evolving threats and vulnerabilities. This maximizes the effectiveness of the AFC program.

AML/CFT Compliance Programs

Question

Options

APrioritizing resources towards lower-risk areas to reduce workload
BRegularly reassessing risks to adjust resource allocation
CAllocating more resources to areas with higher financial crime risk
DProviding equal resources to all departments to maintain consistency
EUsing a fixed resource allocation plan without adjustments

How the community answered

(23 responses)

A
4% (1)
B
74% (17)
D
17% (4)
E
4% (1)

Explanation

A risk-based approach prioritizes allocating more resources to higher-risk areas and regularly reassessing risks to ensure resource allocation remains aligned with evolving threats and vulnerabilities. This maximizes the effectiveness of the AFC program.

Topics

#risk-based approach#resource allocation#AFC program#financial crime risk

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