Developing a Risk-Management Matrix for Non-Bank Financial Institutions (NBFIs) to Comply with AML Laws
Duration: 60 Minutes
Non-bank financial institutions are increasingly facing pressure from regulators for more effective risk screening and management to prevent those institutions and their products and services from abuse and exploitation for fraud, corruption, money laundering and other financial crimes. These regulations call for such institutions to develop and implement appropriate risk identification and management frameworks within which to identify potential risks and determination how best to mitigate or avoid those with high risk potential. This one-hour presentation will examine approaches and strategies for non-bank financial institutions to take in creating an effective and viable risk management system.
Objectives of the Presentation
Why Should you Attend
- What kinds of risks are non-bank financial institutions potentially subjected to?
- What regulatory frameworks impose these requirements on non-bank financial institutions?
- What are the potential consequences of failure to establish a risk management program?
- Who within the institution needs to be included in a risk management program?
- What are the steps involved in developing a risk management matrix?
- How often does an institution need to address risk management?
Non-bank financial institutions can become victims of exploitation for crime, corruption, fraud, money laundering and related financial irregularities. The failure to protect an institution from these potential vulnerabilities can lead to loss of reputation, lawsuits and judgments, loss of investment value, and serious fines, penalties and possible imprisonment for institution officers and directors. Effective identification of potential risks and management of efforts to mitigate those risks are key to prevention of falling victim to these events.
Who will Benefit
- What types of risk should be considered
- Why is a risk management program necessary
- How are risks identified
- How are risks categorized within the matrix
- What kind of training is necessary
- What products or services are covered by a risk management program
- What consequences may occur if a risk management program is not instituted
- Compliance officers
- Risk managers
- Security dealers
- Real estate brokers