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Deep Industry Experience Meets the Best in Technology

Most regulators globally require organisations to conduct periodic assessments of their financial crime risks across the entire enterprise, typically, at least once in a year. These regulations mandate a risk-based approach that helps management identify and mitigate risks through risk-specific controls.

The expectations include an assessment methodology that incorporates various risk factors, is granular in its assessments covering all business units and subsidiaries, and provides an unbiased view of threats and vulnerabilities.

FTI Consulting has developed an automated risk assessment platform that reduces the manual workload on compliance and risk teams, enabling users to focus on analysing and addressing elevated risk factors.

The platform improves the efficiency and effectiveness of current periodic enterprise-wide risk assessment processes. Its highly customisable features enable addressing various risk categories, providing an intuitive workflow, along with extensive dashboard reporting.

Streamline Risk Assessment

Industry Recognition

Winner of the Outstanding Project-RegTech Initiative of the Year in the Regulation Asia Awards for Excellence 2022.

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Common Challenges with Risk Assessments

When conducted correctly, risk assessment can serve as a valuable tool for comprehending an organisation's financial crime risk and control environment. However, we have observed varying degrees of maturity in this area, with assessments often being perceived as nothing more than a routine tick-box exercise. Some of the common challenges include:

Development of the risk assessment methodology

Laborious process to make updates or introduce changes to existing methodology on an ongoing basis (E.g., based on regulatory feedback or strategic changes within the organisation)
Challenges with adopting a risk-based approach to develop a holistic assessment methodology

Assessment roll-out

Risk assessments are largely manual and currently rolled-out via email or shared folders
Prone to error, particularly for complex organisation structures comprising multiple assessment units across geographies

Collection of supporting documentation and audit trails

Supporting documents and evidences are often collected and stored separately, making it complex to keep track of data received and map them to relevant risk factors and questions
Absence of audit trails as a result of the manual process

Simplify Your Risk Assessment Workflow: Key Benefits

Customisable rules engine and visual rule builder

User-friendly interface allows design of custom risk models.

In-built baseline assessment questionnaire

A comprehensive library of 500+ assessment questions defined using global and industry leading standards. Post implementation, questionnaires can easily be modified and calibrated to suit assessment or business unit level consideration.

Multi-layered risk assessment workflow

Effective risk assessment requires that teams take a decision that is supported by a consistent application of an optimal workflow and risk-based approach that can withstand regulatory audit and scrutiny. The tool allows multi-layered workflows and approval structure to enable smooth data intake between first and second line of defense.

Lookup values & data ingestion tables

The platform comes with a standard set of lookup values to address risk ratings for all key risk categories that can be easily updated edited on an ongoing basis. It is also coupled with detailed data ingestion tables to enable easy upload of critical look up values and quantitative information related to ongoing risk assessments.

Management information reports, dashboard & widgets

The platform contains a standard set of management information reports and dashboards to enable deep-dive analysis on the results of risk assessment and submission of reports to key stakeholders in the most comprehensive manner possible.

Fungible deployment and integration

The tool can be easily deployed on cloud, on-premises or provided as SaaS. The tool can easily integrate with existing systems for ongoing data ingestion.