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Power your assessment of money laundering and terrorism financing risk with Deloitte’s Risk Beacon
Deloitte’s secure cloud-based risk assessment solution, Risk Beacon, drives a comprehensive approach to examining your money laundering and terrorism financing risk to execute and manage a robust risk-based approach.
Money laundering and terrorism financing (ML/TF) is a real and significant threat faced by Australian organisations. There is an onus upon every organisation regulated by AUSTRAC in Australia to adopt a dynamic and robust “risk-based” approach that identifies, manages, and mitigates ML/TF risk. Proactive analysis and identification and of all relevant risks and threats is pivotal for achieving this outcome.
As organisations evolve and change, new threats and vulnerabilities also emerge and materialise. A dynamic and detailed risk assessment is essential for organisations to identify and manage risk effectively and comply with their AML obligations.
Deloitte’s Risk Beacon is a secure cloud-based risk assessment application that provides organisations with an intuitive approach to execute a detailed and methodical assessment of ML/TF risk that drives identification and management of threats and vulnerabilities.
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Importantly, Risk Beacon connects analysis of risk with identification, assessment, and oversight of controls, through sequencing and integration of the key stages of the risk assessment process, set out below:
Methodology – determine the risk scale and ratings produced by the risk assessment to classify and understand the level of exposure to risk.
Inherent risk – assess the level of inherent risk exposure by including risk factors and risk indicators of ML and TF threats and vulnerabilities, including sector-specific crimes and typologies. There is the ability to capture both qualitative and inputs as well as metrics and key risk indicators that quantify risk exposure.
Controls – assess controls coverage by linking controls with the risk analysis in conjunction with assessing the effectiveness of the controls.
Residual risk – identify residual risk, and establish a treatment plan to identify, manage and actively respond to threats and vulnerabilities.
Updates can be made to the assessment at any time with a licence (renewable annually). A pre-built methodology, country risk rating catalogue, risk model and controls library is included with the licence, which can be modified and tailored to suit specific sectors, organisations and other risk domains (for example, anti-bribery and corruption and fraud).
Deloitte’s team of financial crime professionals in APAC has extensive experience in executing and advising on ML/TF risk assessments through engaging with regulated organisations and AUSTRAC in Australia over many years. We offer professional support with deploying and configuring Risk Beacon, including:
- Training and knowhow to optimise and self-manage the risk assessment with user-workflow, governance and reporting preferences
- Inclusion of sector-specific risk indicators of threats and vulnerabilities leveraging research and analysis of ML/TF techniques and guidance
- Review and analysis of the results to identify opportunities to proactively strengthen risk coverage and management
For more information or a discussion about your organisation’s requirements, please contact our team.