SIRA
SYSTEMATIC INTEGRITY RISK ANALYSIS

An important part of the process is to perform
a comprehensive integrity risk assessment to identify and
cover all relevant risks that need to be mitigated
by the organization.

Both the business and risk management teams should
be involved in the process, which should result in a SIRA
which can and will be embraced by the entire organization.
After completion, this detailed risk assessment will
form a solid basis for the next steps required
to address the risks of money laundering, terrorist financing and sanctions
to come under control.

SIRA
SYSTEMATIC INTEGRITY RISK ANALYSIS

An important part of the process is to perform

a comprehensive integrity risk assessment to identify and

cover all relevant risks that need to be mitigated

by the organization.

Both the business and risk management teams should

be involved in the process, which should result in a SIRA

which can and will be embraced by the entire organization.

After completion, this detailed risk assessment will

form a solid basis for the next steps required

to address the risks of money laundering, terrorist financing and sanctions

to come under control.

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RISK ASSESSMENT APPROACH

Every risk assessment begins with a scoping phase (outlined below). Once the client's requirements and preferences are identified, we proceed to map out the risks. The risks identified will depend on the specific models and methodologies within your organization. This risk assessment is aligned with legal requirements, involving various departments and teams within your organization.

The next step involves evaluating the identified risks and scenarios, which may involve expert sessions and/or tools.

The results are then compared to the organization's Risk Appetite statement, providing a clear overview of risks that require additional risk mitigation measures and risks that have already been addressed. Upon completion, an action plan is formulated, outlining the necessary steps to bring the remaining integrity risks under control.

RISK ASSESSMENT APPROACH

The next step involves evaluating the identified risks and scenarios, which may involve expert sessions and/or tools.

SCOPING OF INTEGRITY RISKS.

The objective of a systematic integrity risk assessment is to identify and evaluate all integrity-related risks. Initially, the focus is on the following topics: Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), circumvention of sanctions regulations, corruption (bribery), Conflict of Interest (COI), internal and external fraud, regulations related to tax evasion or avoidance, market manipulation, cybercrime, and anti-social behavior.

The scope of this assessment depends on the organization's preferences. It could be limited to a specific business area, a particular geographic region, or even have a broader scope encompassing enterprise-wide risks.

ALIGNMENT WITH LEGAL REQUIREMENTS

In addition to laws and regulations, regulators often have additional requirements, best practices or regulations related to monitoring, methodology or reporting. Before beginning assessments, the approach will be aligned with these regulatory requirements.

EMBEDDING OF THE SIRA

The initial SIRA (Systematic Integrity Risk Assessment) is crucial and involves significant work, but once completed and approved, subsequent maintenance and periodic reviews become easier, provided they are well-organized.

BlueMonks offers tools to simplify this process. The tools include digital assessments (such as Brown Paper sessions), maintenance of mitigating measures and controls, and the creation of effective management information at various levels.

If you need support in conducting your SIRA, please contact us.

Expertise

BlueMonks has a team of experts specialising in financial and economic crime, with years of experience in identifying, mitigating and managing such risks.

Tailor-made solutions

BlueMonks offers tailor-made solutions tailored to each customer's specific needs, rather than a one-size-fits-all approach.

Innovative technologies

BlueMonks uses innovative technologies, such as artificial intelligence and machine learning, to identify and prevent financial and economic crime.

Regulatory compliance

BlueMonks has a deep understanding of the complex regulatory landscape surrounding financial and economic crime and we ensure that our clients are fully compliant with relevant laws and regulations.

Reputation

BlueMonks has a strong reputation in the industry for providing high-quality, reliable services and solutions to our customers.

Confidentiality

BlueMonks understands the importance of confidentiality and privacy when dealing with financial and economic crime challenges, and we take all necessary measures to protect our customers' sensitive information.

Cost-saving

BlueMonks provides cost-effective solutions to our clients, enabling them to manage their financial and economic crime risks and keep costs manageable.

Proactive approach

BlueMonks BV takes a proactive rather than reactive approach to financial and economic crime, allowing our clients to identify and mitigate risks before they become a problem.

HOW DOES IT WORK?

1

Schedule a free, no-obligation consultation.

2

During the online conversation, we discuss the options.

3

Choose the service that suits you.

GET IN TOUCH

Interested in what BlueMonks could do for you in terms of unburdening your AML/KYC/FEC process?

SIRA SYSTEMATIC INTEGRITY RISK ANALYSIS