TABLE OF CONTENTS
- How to configure a Risk Assessment
- Completing the risk assessment in a case
- When no risk assessment is set
The Risk Assessment is made up of 2 components: Risk assessment questions and Risk threshold.
Risk assessment questions
To get started with setting up your Risk Assessment questionnaire and creating questions:
Navigate to the Settings on the left hand navigation bar and click the Risk assessment tab
Click Enable Risk Assessment to ensure the created questions appear in your cases
Click Add another question to start adding in your Risk Assessment question
Continue to click Add another question to add the questions you require in your Risk Assessment
Once you have added all the required questions, click Save to save the Risk Assessment questionnaire
You are able to create custom risk weighting to drive KYC processes based on risk thresholds.
The risk threshold gives the limits for each of the risk levels.
- Any total score lower than the low risk threshold will result in a low risk rating
- Any total score higher than the high risk threshold will result in a high risk rating
- Any score between the low risk threshold and high risk threshold will result in a medium risk rating
Please see the steps below on how to configure it:
*This can be configured by your First AML contact or a Compliance Admin.
- Navigate to the Settings on the left hand navigation bar and click the Risk assessment tab
Click Enable scores, thresholds, and automatically set case’s risk level to ensure the threshold that you add automatically calculates and sets risk level once completed
Set you Risk threshold by adding in the relevant scale for Low, Medium and High risk
Once the Risk threshold has been set, you can now add the weighting to each question. Enter in the weighting for each question (’Yes’ and ‘No’) answers.
Once you have completed adding the weighting to each question, click Save. *Please note if you do not press save, you will lose your progress
Risk assessment configurations
There are three key configuration settings that you can manage for your Risk Assessment questionnaire:
- Enable Risk Assessment - ticking this will ensure that the Risk Assessment questionnaire that you have created will appear in the cases you create
- Enable scores, thresholds, and automatically set case’s risk level - ticking this will ensure that the Risk thereshold and weighting that you assign to questions will be enabled. This means that once the Risk Assessment questionnaire is completed for a case, a Risk score will be automatically generated
- Block case from advancing without Risk Assessment completion - ticking this will ensure that your cases cannot move to ‘Ready for Review’ without having the Risk Assessment questionnaire completed
Example risk assessment questionnaire
For demonstrative purposes, please see an example of a configure Risk Assessment questionnaire within the Source by First AML platform:
Downloading a copy of a completed Risk assessment questionnaire
Use the print preview button to download a copy of the risk assessment questionnaire.