Compliance Risk Cartography
SironRAS: Comprehensive Risk Assessment Methodology
In recent years, most financial institutions have implemented tools using sophisticated analytical methods to protect themselves against all kinds of financial crimes such as money laundering, the financing of terrorist activities, internal and external fraud or market abuse. In order for these systems to be effective they must be properly configured. This configuration must be based on an in-depth understanding of the risks and threats facing the financial institution. In many instances, the understanding and assessment of risks can be difficult, given the siloed nature of financial institutions business units and the constant innovations of the criminal mind to exploit these inherent weaknesses. Consequently the detection tools tend not to be very effective and do not provide the expected results.
Recognising this gap, SironRAS helps to bridge the discrepancies between risk analysis and suspicious activity detection systems, such as profiling and filtering. SironRAS allows a structured, exhaustive and consolidated cartography of financial crime risks, covering all the financial institution’s business lines for all its business units. The results can be then qualitatively and quantitatively measured. All risk related information is permanently updated online, wherever the business unit is located in the world. For large financial institutions with multiple subsidiaries abroad, the Group Risk/Compliance Manager can obtain an online overview of all risks for each business unit; providing a real-time overview of the risk exposure of the financial institution as a whole.