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Performing an integrity risk analysis

In order to ensure the integrity of the financial sector, the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) prescribes that financial institutions must draw up, record and monitor an assessment of their integrity risks. This risk assessment must take into account the circumstances specific to the institution, such as the type and nature of the client, the product, the service, the transactions, the delivery channels and the countries in which the institution operates.

The risk factors help to determine the initial risk classification of a customer and thus give an indication of the probable depth of the customer due diligence. The outcome of the risk analysis forms the basis of the measures you must take to further reduce the risks of money laundering and terrorist financing.

Relationship between SIRA and customer integrity risks

The Systematic Integrity Risk Analysis (SIRA) is applicable to the mandatory risk assessment under the Wwft. While a risk assessment under the Wwft is limited to the integrity risks of money laundering, terrorist financing and circumvention of sanction regulations, the SIRA covers all forms of integrity risks.

More about performing a SIRA

Our approach

Charco & Dique can help you conduct a customer integrity risk analysis. In doing so, we follow the following steps:

assessment organization specific circumstances;
identification of the risks;
analysis of the risks (probability and impact);
assessment of the control measures;
monitoring and follow-up.

SIRA training

Do you want to learn how to conduct a SIRA that meets the requirements of regulators? Via our training institute, we offer a course that teaches you to independently conduct a SIRA within your own organization.

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Conducting risk assessments in Ruler

Conducting a risk analysis becomes a lot easier if you use compliance software Ruler. Ruler provides insight into your organization’s legal framework and gives an overview of the standards set for your organisation. In a few simple steps, you can make a risk analysis for each theme and subject in Ruler.

More about Ruler