RISK ASSESSMENT
Beyond awareness, the first step towards building operational capabilities
Beyond awareness, the first step towards building operational capabilities
Transitional Risk Assessment: a cost-effective start
A Transitional Risk Assessment is a high-level, cost-effective way to help identify key potential risks facing your business, improve confidence that existing systems are working well and begin a measured augmentation process.
A Transitional Risk Assessment begins the process of familiarising staff, improving systems and reducing risk before the full weight of regulatory oversight becomes mandatory. Contact us for details.
Opportunity to build capability
With a Transitional Risk Assessment, your business is saved the cost of the comprehensive, detailed, legislatively imposed Risk Assessment which is the first step before any “reporting entity” can legally establish a formal compliance program or conduct mandatory customer due diligence.
Leading professional services firms should – for reasons of prudence, best practice, reputation and competitive advantage – begin incorporating some of the capabilities that are becoming standard New Zealand business practice. Banks had more than three years to prepare. Professional services firms may have as little as another year to prepare for the biggest change to their operations in decades. Realistically it may be longer, although the law has been in place since 2009 and the lead-in time for tranche 2 businesses is expected to be much shorter than for banks.
Although financial institutions must comply in the full glare of regulatory oversight, transitionally exempt businesses have the benefit of a brief window of
opportunity to build AML/CFT awareness, expand operational capabilities and ensure no hidden surprises before mandatory reporting and regulatory supervision.
A Transitional Risk Assessment is a high-level, cost-effective way to help identify key potential risks facing your business, improve confidence that existing systems are working well and begin a measured augmentation process.
A Transitional Risk Assessment begins the process of familiarising staff, improving systems and reducing risk before the full weight of regulatory oversight becomes mandatory. Contact us for details.
Opportunity to build capability
With a Transitional Risk Assessment, your business is saved the cost of the comprehensive, detailed, legislatively imposed Risk Assessment which is the first step before any “reporting entity” can legally establish a formal compliance program or conduct mandatory customer due diligence.
Leading professional services firms should – for reasons of prudence, best practice, reputation and competitive advantage – begin incorporating some of the capabilities that are becoming standard New Zealand business practice. Banks had more than three years to prepare. Professional services firms may have as little as another year to prepare for the biggest change to their operations in decades. Realistically it may be longer, although the law has been in place since 2009 and the lead-in time for tranche 2 businesses is expected to be much shorter than for banks.
Although financial institutions must comply in the full glare of regulatory oversight, transitionally exempt businesses have the benefit of a brief window of
opportunity to build AML/CFT awareness, expand operational capabilities and ensure no hidden surprises before mandatory reporting and regulatory supervision.