Learn the intricacies of developing an effective AML/CTF compliance assurance program and implementing it. Learn how to track the performance of each element of the program and remediate in case of risks.
With increased focus on making AMLCO’s or MLRO’s accountable for performance of programs, what should you do to ensure that you know each element of the program is performing as it should. How do you re-assure your board and senior management that the program is effective?
Have you been able to establish base line performance and understand your actual staffing and/or technology requirements to maintain the program across the entire business?
With a geographically or product diverse business it can be difficult to understand how each business unit or line of business is performing. Establishing a compliance assurance program can help with this and provide an early warning where business units’ processes are not performing as effectively as required. Rather than waiting for an internal audit review cycle you should be able to identify issues as they become evident rather than being advised of the issue 12 - 18 months after it started.
This webinar will work through the intricacies of understanding the risk of not knowing, developing and implementing a compliance assurance program and implementing it.
We’ll discuss:
What is at high risk of failure?
What are critical functions that must not fail?
What tolerance levels are there for backlogs?
What QA is being performed by the business and can you rely on it?
Are there functions in your program that aren’t being reviewed for performance?
Reviewing the performance of outsource partners.
Board Members,
CRO,
MLRO,
Why Should You Attend:
Developing an AML/CTF program and ensuring the effectiveness of the implementation and actual performance is critical. Most regulatory actions against reporting entities has not been for actual money laundering, it has been for failures to implement or maintain the processes that underpin your program.With increased focus on making AMLCO’s or MLRO’s accountable for performance of programs, what should you do to ensure that you know each element of the program is performing as it should. How do you re-assure your board and senior management that the program is effective?
Have you been able to establish base line performance and understand your actual staffing and/or technology requirements to maintain the program across the entire business?
With a geographically or product diverse business it can be difficult to understand how each business unit or line of business is performing. Establishing a compliance assurance program can help with this and provide an early warning where business units’ processes are not performing as effectively as required. Rather than waiting for an internal audit review cycle you should be able to identify issues as they become evident rather than being advised of the issue 12 - 18 months after it started.
This webinar will work through the intricacies of understanding the risk of not knowing, developing and implementing a compliance assurance program and implementing it.
We’ll discuss:
What is at high risk of failure?
What are critical functions that must not fail?
What tolerance levels are there for backlogs?
What QA is being performed by the business and can you rely on it?
Are there functions in your program that aren’t being reviewed for performance?
Reviewing the performance of outsource partners.
Learning Objectives:
- Understanding potential failure points
- Developing a compliance assurance program
- Dealing with outsource partners who may be performing key functions on your behalf
- Identifying data you can rely on
- Identifying the level of ongoing monitoring
Areas Covered in the Webinar:
- Program Governance
- Encouraging compliance and undertaking assurance programs
- Examples of issues (case studies throughout the webinar)
- Making the lines of business responsible and accountable
- Using the data gathered to make a case for change
- Assessing and monitoring contract performance for 3rd party outsourcing
- Monitoring and testing for compliance
Who Will Benefit:
The following professionals from Banks and Financial Institutions operating in Australia:Board Members,
CRO,
MLRO,
- AML/CTF teams
- financial crime compliance managers,
- compliance staff,
- Legal
- Regulatory
- Compliance
- Internal and Independent Auditors
- Staff with Roles and Responsibilities in AML Management and Oversight
- Risk and Compliance Management
- Compliance Analysts
- Operational Risk Managers
Course Provider
David Harley,
