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LiveEx - Risk Based Framework

The risk-based approach (RBA) is central to the effective implementation of the FATF Recommendations adopted in 2012. Between 2007 and 2009, in order to assist both public authorities and the private sector in applying a risk-based approach, the FATF has adopted a series of guidance in co-operation with relevant sectors.

The FATF is now in the process of reviewing its set of RBA guidance papers to bring it in line with the requirements of the revised FATF Recommendations, and to reflect the experience gained by public authorities and private sector over the years.

LiveEx - Risk Mitigation

The LiveEx system offers inbuilt Risk Mitigation form in extended version to ensure effective risk mitigation – to assess implementation of preventative measures and the strength of control and audit functions at a group-level.

In order to assess the inherent risks, the LiveEx system is inbuilt with

  • 1
    Customer Risk
  • 2
    Geographical Risk
  • 3
    Product – Service – Transaction Related Risk

LiveEx – Assessing of Residual Risk

The LiveEx system is provides four categories in the RBA Framework such as Low, Medium, Medium High and High. In determining these ratings, the LiveEx system considers the categories in both inherent and residual risks.

The residual risk rating can be customized according the nature, size and complexity of the business by the organization MLRO or Reporting Officer. Based on the inherent risk and mitigation control the LiveEx system will generate the Residual Risk with the Periodic Review schedule.

High Risk Transaction Monitoring

  • All the High-Risk transactions will be escalated to Compliance Monitoring.
  • Realtime Customer History Analysis
  • Multi-Level Escalations
  • RBA Investigations
  • Mitigation Control verification
  • Email alert to concerned department
  • Quick review dashboards
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