What are the advantages of a heat-map?
For senior managers and Board of directors who have many matters to determine, it is not easy, or the best use of their resourcing, to have to read detailed and cumbersome written reports.
A heat map provides the benefit of a snap-shot visual display of risk status and is an efficient way to interpret large and sometimes complex data.
Heat maps provide an indicator of risk and should always have the ability to drill-down to further analyse results.
Is a heat map on its own sufficient for an AML/CFT risk assessment?
No. An AML/CFT risk assessment must reasonably inform a business of the vulnerabilities that it faces to unwittingly committing money laundering or financing of terrorism. A heat map on its own, without any other supporting data, does not reach the status of 'reasonably informing'.
What does the AML360 risk report provide?
The AML360 risk report provides an explanation on why certain aspects of a business presents greater risk. This educates a business owner and AML compliance officer and assists the business to develop appropriate policies, procedures and controls (collectively known as the programme).
Do I get a heat map with AML360's risk assessment?
Yes. Your risk assessment includes a total of six heat maps as well as a risk report and an extensive guidance manual.