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Risk Assessment course syllabus updated 17MAR2019 1

RISK ASSESSMENT

Course Syllabus

Audience

The primary target is the frontline analyst, teaching skills that benefit new and experienced employees, especially as regulator and market expectations increase. This course assumes the employer has already introduced that organization’s unique roles, processes, systems, and common cases, and this course will not conflict with those. To bring all learners to a shared baseline of terminology, concepts, and processes, the course starts with the “Essentials” video and then builds from there.

The course is written and presented by subject matter experts working around the world. It pulls examples from many countries, and is globally appropriate. The lessons and examples are relevant to any industry. A primary focus is “financial institutions,” including banks, credit unions, asset managers, insurance, MSB, securities broker-dealers, credit card issuers, alternate payment systems, etc.

Course Structure

ACAMS allows you 4 calendar weeks to complete 4 hours of coursework, including a final assessment. You will be guided using a learning path on ACAMS’ learning management system (LMS). Follow carefully all instructions. Live virtual classroom events are pre-scheduled before you purchase the course. 4 weeks from the course start date your access expires.

Assignment Format Download from LMS

Week 1 30 mins – VIDEO “Essentials”

Video: Self-paced, available anytime PDF quick reference

Week 2 90 mins – VIRTUAL CLASSROOM

Live event: See LMS for date/time. Later a recording will be on the LMS.

PDF slides

Week 3 90 mins – VIRTUAL CLASSROOM

Live event: See LMS for date/time. Later a recording will be on the LMS.

PDF slides

Week 4 15 mins – HOMEWORK 15 mins – ONLINE ASSESSMENT

Self-paced, available anytime. Self-paced, available anytime.

PDF Assignment PDF ACAMS Certificate

To earn the certificate you must pass the assessment within the 4 weeks. The assessment has 20 questions. The minimum passing score is 80%. Multiple attempts are allowed. When you pass, your ACAMS Certificate will be available in the learning path itself. Click to download a PDF. ACAMS will automatically add 4 CAMS Credits to your profile.

© ACAMS. All rights reserved. This information is subject to change.

Risk Assessment course syllabus updated 17MAR2019 2

Technical Requirements:

This course is compatible with most operating systems, browsers, and devices to make it easy for everyone to participate. The ACAMS Learning Management System (LMS) is https://lms.acams.org. Contact your organization’s IT department for assistance.

© ACAMS. All rights reserved. This information is subject to change.

Risk Assessment course syllabus updated 17MAR2019 3

Better measure risk and leverage results to maximize institutional goals.

Behavioral outcomes of this course:

1. Understand how risk assessment influences AML policies and procedures

2. Know the AML risk assessment process

3. Utilize risk assessment to find gaps in your internal controls

4. Build an AML risk assessment

Course content

WEEK 1 – Self-paced video “Essentials”

Minutes Content

30 The “Essentials” video is both a summary and an introduction to the broader course, designed to bring all learners to a shared baseline of terminology, concepts, and processes.

WEEK 2 – Live event “Know your risk”

Minutes Content

5 Welcome and Introductions

5 Poll question

25 Understand how risk assessment influences AML policies and procedures1. International Standards and Legal Obligations

a. A Risk Assessment is the basis for a risk-based approach

i. FATF recommendations

ii. Basel Committee, Wolfsberg Group, Egmont

iii. 4th EU AMLD

iv. BSA

2. What is Risk from a AML perspective

a. Products and services

b. Geographic locations

c. Customers and entities

d. Distribution channels

e. Combination risk

f. Specific risk categories

5 Poll question

5 Q&A highlights

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Risk Assessment course syllabus updated 17MAR2019 4

25 Know the AML risk assessment process 3. Methodology of a Risk Assessment

a. Approach

b. Technology & data collection

c. Approval of senior management

d. Documentation

4. Role of the Three-lines of Defense

i. Lines of Business

ii. AML/Financial Crime Risk Management

1. Other Risk Management functions

iii. Independent Audit

5 Q&A highlights

10 Poll question

5 Close and Homework

WEEK 3 – Live event “Manage your risk”

Minutes Content

5 Welcome

5 Poll question

5 Course review

25 1. Define AML risk and understand how to measure your institution’s inherent risk

a. Inherent Risk - Control Effectiveness = Residual Risk

b. Control effectiveness

c. Residual risk

d. Risk Appetite

e. Mitigating Measures

Utilize risk assessment to find gaps in your internal controls

2. Identify the gaps in your AML operations and implement effective risk mitigation controls and understandyour residual risk

a. Working with all business lines to identify key risk items

b. What are Key Risk Indicators for AML

c. What are Key Performance Indicators for AML

3. Qualitative and Quantitative items for the risk assessment

5 Poll question

5 Q&A Highlights

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Risk Assessment course syllabus updated 17MAR2019 5

25 Build an AML risk assessment

4. Develop the financial institution AML Compliance Program based on its risk assessment

a. Vertical Risk Assessment

b. Horizontal Risk Assessment across business lines

c. Group-wide Risk Assessments

5. Outline the core components of the risk assessment you provide to examiners

a. What are the examiners looking for from the institutions AML risk assessment?

6. Communicate your institution’s risk vulnerabilities to senior management

a. Involvement from the Board and Executive / Senior management

7. How to connect AML risk assessment with other risk assessments

a. Financial Crime Risk Management risk assessment methodology

i. Fraud

ii. Sanctions

iii. ABC

b. Enterprise risk management methodology

i. Improved efficiency

ii. Recognize and determine gaps in efficiencies

iii. Highlights over looked high risk items

8. National Risk Assessments – a short outlook

5 Q&A Highlights

5 Poll question

5 Close and next steps