Compliance Risk Mitigation
Whilst a thorough compliance review is essential for organizations to understand any weaknesses or vulnerabilities which may be present in their compliance framework, any such analysis shall remain ineffective unless and until recommendations are acted upon and proper mitigation measures are applied to effectively control the identified ML/FT risks.
For this reason, following receipt of BDO Malta’s assessment report and implementation plan to address these gaps, BDO Malta may further assist organisations in directly addressing those identified deficiencies and shortcomings.
Our Compliance Risk Mitigation services are tailored according to the organization’s compliance processes, particularly, to any systems, controls and procedures which require additional scrutiny and enforcement. This can therefore include:
- drafting or updating internal policies and procedures, manuals, risk assessments, and documentation to ensure that these fully cover and reflect all relevant legislative updates, rules and regulations;
- educating, guiding, and training the company’s Compliance Team to address the Team members’ knowledge and relevance in the business area;
- providing Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) informative training sessions for the company’s employees to ensure the company’s awareness of AML/CFT-related regulations, policies and procedures; and
- implementing proper and effective customer risk, jurisdictional risk and business risk assessments, with the assistance of our Risk Advisory Department, ensuring compliance with the obligatory risk-based approach.