Financial
Services:
Risk Assessment
What is a risk assessment?
A risk assessment is much more than just a few checks in a box.
It is a detailed examination of the effectiveness of your company’s processes, systems, or risks, followed by an assessment of how you could improve. The process gives independent assurance to a firm’s board on how well youer compliance function is performing.
Why does your firm need
a risk assessment?
Prevention is better than cure
- Conducting a risk-assessment can help your business prepare for an upcoming regulatory or statutory audit.
- In 2022, FATF (financial action task force) added UAE to the ‘gray-list’ of countries for not doing enough to combat the threat of money laundering and terrorist financing.
Understandably, this has (and will) result in a big shake-up within the UAE and all firms, big and small,
may likely be exposed to audits, assessments and potential financial and criminal penalties where
they fail to meet the minimum requirements of AML and CTF legislation.
may likely be exposed to audits, assessments and potential financial and criminal penalties where
they fail to meet the minimum requirements of AML and CTF legislation.
- An independent internal risk assessment can be carried out by your firm in-house if your organisation is large enough - for most firms it is more practical and cost effective to use a specialist compliance consultancy which is both independent and brings its own compliance expertise.
Why Pro Legal ?
Our compliance specialists possess corporate experience gained during their tenure as internal auditors at Big 4, blue chip firms and corporate Bank such as:
- PwC
- KPMG
- DeLoittes
- Barclays
- RBS
Our team have at least 12 to 15 years’ experience in compliance and hold several industry standard qualifications.
Their professional experience and domain expertise will help your firm to spot any issues at the earliest possible stage.
Their professional experience and domain expertise will help your firm to spot any issues at the earliest possible stage.
We can also help with any remediation you may need.