RiskRator

Transform your Risk Assessment Process

Increase accuracy, reduce time, costs & risk
with the RiskRator® platform

The RiskRator® Risk Assessment Platform is a breakthrough automated system that follows FFIEC examination guidance as well as Basel and FATF-GAFI international standards, and ISO and COSO standardization guidelines to dynamically assess and calculate the BSA/AML/OFAC or AML/CFT risk profile at the Enterprise and individual Bank level. Built on the entire base of an institution’s transaction flows, this bottom-up approach is the most comprehensive and rigorous in the industry.

Automated Process

Reduces time & cost to complete your institution’s Risk Assessment

Utilizes the Entire Base of Transactions

Based on the entire in-flow & out-flow of an institutions' transactions as the basis for analysis

Real-Time

Supports as needed updates to reflect business changes

Robust Quantitative & Qualitative Analysis

Reduces errors and operational risk. RiskRator® performs over 57 Million Calculations per 1 Million Transactions

Formal and Uniform Methodology

For strong risk oversight by management, supervisory authorities, and correspondents

Contains a Powerful Analytics & Reporting System

 

Transaction driven, bottom-up approach with rigor at its core


A Comprehensive 4 Phase Program

1. Entity Inputs

Set up Entity’s Profile

Select your institution’s Client base, Products, Services, Channels & Geographies

Upload Transactions

• Entire Base of In-Flows & Outflows
• Secure AWS file uploads

Input Controls & Mitigating Factors

Measures strengths/weaknesses in an entity’s Compliance Controls and effectiveness of Mitigating Factors

2. Risk Assessment Results

Assessment of Inherent Risks

• Measures inherent risks based on specific risk events, probability, and potential impact on the organization
• Impact Considers: Operational, Reputational, and Legal risk

Enterprise-Wide Risk Profile

• Calculates risk assessment scores for overall risk and by category
• Calculates Residual Risk of the entity and/or group level

3. Powerful Analytics & Reporting

Allows analysis of all transaction activity

Drill down by customer, branch, geography, product, service - identify potential areas of concern & opportunity

Create dynamic visualizations & internal reports

For Management, Directors, Auditors, Regulators & Correspondent Bank reviews

Outperforms Manual Approaches

RiskRator® performs over 57 million calculations per Million transactions

4. Validation & Final Risk Assessment Report

Validation of Inputs

Includes an on-site or remote visit to review all Client provided inputs and corroborate that the information submitted reflects the current status of the Client’s internal controls as it has been entered into the RiskRator® platform

Report of Risk Assessment

Documents the process for each of the tasks executed to reach the assessments results, the assessment methodology, and the calculations to reach the residual risk of each of the risk categories by risk event, and the final risk profile of the organization

RiskRator® 1st in Class

Enterprise-Wide AML & Sanctions Risk Assessment

Dynamic Assessment Following FFIEC Guidelines

Following FFIEC examination guidance as well as international standards set by Basel and FATF-GAFI and standardization guidelines issued by ISO and COSO, RiskRator® dynamically assesses and calculates the BSA/AML/OFAC or AML/CFT risk profile at the enterprise-wide and individual institution’s level.

Assess Risk Overall and by Category

The process combines quantitative and qualitative analysis to generate risk assessment scores for overall risk and by category and calculates Residual Risk of the entity and/or group level.

Provides Strategic Insights into an Entity’s Risk Profile

The assessment process allows you to drill down into the details of each risk rating to understand what is driving both the inherent risk score and your overall Risk Profile, helping you to see:

  • Areas of strength
  • Areas of weakness

  • The impact of stronger/weaker controls on your risk score

  • The potential impact of dropping or adding a product, geographic area, or client class

  • The impact of a potential merger or acquisition

  • How your enterprise-wide risk profile is changing over time and much more

Multivariate Methodology Calculates Residual Risk

RiskRator® contains a wide selection of robust risk mitigation controls, based on regulatory requirements and expectations, to calculate residual risk. As each control is selected, the tool calculates residual risk taking into consideration each risk factor’s inherent risk, which is calculated on quantity of risk, the impact of the potential of each risk event materializing, and quality and effectiveness of the risk mitigation controls.

Consolidated AML/BSA Risk Rating

RiskRator/Consl_AML_direct

Consolidated Sanctions Program & OFAC Risk Rating

Customer, Geographic, Products, Channels & Services Risk

Controls & Mitigating Factors, Impact Values

RiskRator® Contains a Powerful Analytics & Reporting Tool

Dashboards to Mine Insights from your Data

RiskRator® contains a default set of dashboards built from the underlying data provided. The RiskRator® filtering tools help in mining the organization’s data to understand patterns of activity such as the geographical distribution of clients’ payments activity. The organization can further analyze this data by level of risk or whether a client is a PEP or other special category thereby quickly identifying normal patterns or areas of potential concern.

Identify Risk at its Source

The strength of RiskRator® analytics lies in its ability to help you identify risks across many areas of your business. This includes your institution’s “first line of defense” where compliance officers can monitor for vulnerabilities at the branch network and relationship manager levels. This helps identify, in a continuous basis, potential problem areas and helps pinpoint instances where further training or additional remediation measures are in order.

Visualizations for Management, Directors, Auditors, Regulator & Correspondent Banks

RiskRator® provides point-and-click functionality that allows you to quickly move through the institutional story and demonstrate that you have complete oversight and visibility into your compliance operation. Easily arrange your dashboards into creative and informative storyboards providing full transparency of the institution’s position vis-à-vis third-party expectations and industry best practices.

Analyze Risk Over Time

While your risk assessment provides a view of your AML/CFT Compliance related risks for a specific period of time, the reality is that your enterprise risk is constantly changing in line with changes to your client base, product utilization rates, geographic distribution of payments, and adjustments to client risk profiles. In recognition of this reality RiskRator® provides you with the tools to analyze your “risk over time” by identifying behavioral patterns and increases/decreases in risk related activity.

Seamless Drill Downs into areas of concern or interest

With a few simple clicks you can instantly view product utilization across segments, risk classes, and customer geographies. Stepped drill downs are available allowing you to parse your data into more specific categories even right down to the specific account level. You can also download all reports into excel or CSV.

  • Automated
  • Real-time
  • Rigorous

Developed by AML Compliance and Digital Banking experts, RiskRator® is the most comprehensive and rigorous risk assessment process in the industry. The platform utilizes the entire base of an institution’s transactions to employ a bottom-up based approach that closely follows regulatory expectations and frees management to focus on the strategic aspects of risk management.

RiskRator® includes data preparation and integration, on-site/remote training, year-round customer support and validation and comprehensive final report by CSMB.

CSMB - over 23 years providing Compliance Advisory and hundreds of Risk Assessments

Alacriti - over 17 years dedicated to helping clients accelerate their Digital Transformation

I4A - nearly 5 years helping clients leverage BI and AI based Regulatory Compliance solutions

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