Transcript Susan McAll
Compliance and Anti Money
Laundering Seminar
2nd Annual Compliance and Anti Money Laundering Seminar
23 March 2010 – Riyadh, KSA
Panel Session: Compliance Risk Assessments - purpose & mechanics
Susan McAll, Lloyds Banking Group
THE BENEFITS OF COMPLIANCE RISK SELF
ASSESSMENT
Compliance Risk and Self Assessments are a core
component of a risk management framework
Line management own the assessment and are
reporting on the operating effectiveness of their key
controls
The assessment frequency is tailored to the inherent and
residual risk level and the business’s risk appetite
Control failings are identified and remedial action taken
and monitored
Allows control design to be re-considered and updated
THE BENEFITS OF COMPLIANCE RISK SELF
ASSESSMENT
An effective compliance risk self assessment process will
help financial institutions: To satisfy their customers
To satisfy their shareholders
To satisfy governments and the regulators
To grow their business and achieve strategic and
business objectives
To manage their current business risks