AML Conversations Integrating Risk, Fraud, and Technology: Evolving the Risk Assessment Process
Jul 8, 2025
In this conversation, Jeff Fischer, Director in the Financial Crimes Advisory Group at AML RightSource, shares his insights on modernizing risk assessment practices in financial institutions. He emphasizes the integration of fraud and AML considerations and the importance of adapting to regulatory changes. Jeff highlights the value of collaboration and proactive methodologies, leveraging technology for dynamic assessments. He also discusses how early risk assessments can enhance product development and the role of automation in streamlining compliance, ultimately improving risk management strategies.
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Fraud's Link to Money Laundering
- Fraud can be a precursor to money laundering, linking these risks closely together.
- Addressing fraud vulnerabilities strengthens an organization's overall financial crime prevention efforts.
Regularly Update Risk Assessments
- Review risk assessment policies and methodologies regularly, at least annually.
- Update controls and consider new regulations promptly to keep compliant and effective.
Use Quantitative Data Wisely
- Distinguish between meaningful data and noise when gathering information for risk assessments.
- Use quantitative data to support risk conclusions, showing clear analysis behind scoring or decisions.