Firm-wide risk assessments

Complete a risk assessment for your practice to help you identify key risk indicators. You can also view answers to previously submitted risk assessments.

In IRIS Elements Anti Money Laundering, you can:

• View firm-wide risk assessments
• Create a firm-wide risk assessment

Why do I need a firm-wide risk assessment?

‌Money laundering presents a huge risk to your reputation, finances, and the law so you must take appropriate action to protect your practice from being exploited by criminals.‌

Completing a firm-wide risk assessment in IRIS Elements Anti Money Laundering demonstrates that you've taken adequate steps to identify the risks of money laundering and terrorist financing. A firm-wide risk assessment identifies the areas of your business that are most exposed so you can focus your resources on the areas of greatest risk.

The requirement to produce a firm-wide risk assessment is set out at Regulation 18 of the money laundering regulations. The risk assessment you produce must:

• address the risk factors (clients, geographies, products and services, transactions) set out in the money laundering regulations
• take into account, and be appropriate to, the size and nature of your business

Politically-exposed People (PEP)

A politically exposed person (PEP) is a person who has been appointed by a community institution, an international body, or a state, to a high-profile position within the last 12 months.

‌Under anti-money laundering regulations, monitoring PEPs helps to mitigate the risk that the proceeds of bribery and corruption may be laundered, or assets otherwise stripped from their country of origin.