Your Firm-Wide Risk Assessment (FWRA) is a key part of staying compliant with AML regulations. It helps you identify where risks lie across your firm and sets out how you'll manage them.
With Firmcheck, you can automatically pull in client data to help complete your FWRA, making it easier to keep everything up to date and accurate.
This article walks you through how to use the pre-population feature to streamline your FWRA process.
To access the Firm-wide risk assessment, you can find this within the “Firm” tab. Select the “Start firm-wide risk assessment”
You will then begin the workflow of creating your Firm-wide risk assessment, starting with the introduction.
💡 Tips on writing your introduction
The firm-wide risk assessment is generally the first document a supervisor will look at when reviewing your AML processes. The introduction should give the supervisor an idea of what kind of accounting practice you are – what industries you specialise in, or what services clients come to you for.
In this area, you will add and complete an assessment of risk, and record any mitigating actions for various risk factors, including:
Clients
Services
Geography
Transactions
Delivery Channels
Proliferation financing
Other
The summary section at the top of each factor will automatically update with the various risk factors you have identified while completing your Client Risk Assessments.
An example of what this looks like is below 👇
Tips on mitigating actions
This is where you should call out what you are doing to mitigate the risks identified above. They should be processes you and your firm are actively doing, or intending to begin
This section is for you to document the actions you take as a firm based on the risks identified above:
Action item: List what actions you will take to address the risks identified across your firm.
Staff member to complete action: Select from the drop-down the user who has completed the FWRA
Delivery date: date of completion
You do have the option to add more action items below.
In this section, you'll need to provide a conclusion, summarising the overall risks you've identified. After reviewing the sign-off details, once you're satisfied with the information, click "Complete Firm-Wide Risk Assessment" to finalise it.
You can download a PDF version of the Firm-Wide Risk Assessment for your records. Simply navigate to the "Firm" tab, and you'll find the download option at the bottom.
