Hi and thanks for the video. I'm very confused and I have some questions that need answers please. 1- is it true that the elements or the stages of risk-based approach is included in ISO 31000? 2- what is the difference between risk management and Risk Based Approach? 3- is there any other approaches rather than risk-based approach? accordingly, if there are no other approaches, why did they call it risk based approach? 4- Where can I use risk-based approach? is it only for AML CFT? 5- Is there any standard that talk about the Risk based approach? any book or organization that explain in more details about the risk-based approach. 6- where is the risk evaluation, risk assessment within your 4 steps ?
Hi Aamer, thanks for commenting on my video. You sent a long list here 😅 but I will try to answer your questions based on my understanding. 1- Yes, I think this is true as ISO 31000 does not seek to eliminate risks, instead, it is meant to help organizations identify their risks and establish a strategy for mitigating or reducing risks where appropriate. 2- Risk Management is a broader concept which can include different ways to deal with risks like the Risk-Based Approach so you could also have a risk management policy that allows “zero risk tolerance” in some areas (this is not applicable to AML). 3- Yes, across other industries there could be other approaches to risk. 4- I’m experienced in the AML & CTF sector so I won’t be able to expand to other industries 5- For the AML & CTF sector you can read more about it here: www.fatf-gafi.org/documents/riskbasedapproach/?hf=10&b=0&s=desc(fatf_releasedate) 6- Yes the evaluation of the risk would take place during the risk assessments I hope my answers are helping you to clear up some confusion. Thank you for watching my videos 👍🏻
@@FinCrimeAgent thanks for replying back. for answer no. 3 as far as you know, what are the approaches? in case and later on, if you have any information about, if the approach is only for AML please let me know. My Experience in UAE - Middle East is that they are using it in Banks as per UAE Central bank and FATF.
@@AamerAli Other 3 risk approaches that I remember (again not applicable to AML) are: Risk Transfer, Risk Diversification and Risk Avoidance. Probably you can find some more if you research deeper into the risk management topic. The use of a risk-based approach in AML is generally adopted by most jurisdictions.
Hi Kiran, yes that could be indeed an interesting topic that I can cover. I will keep it mind for a future video. In the interim, you might find useful some of the information about FinCEN that I've published in this video: ruclips.net/video/M3tSykSsxYk/видео.html Thanks for your inputs 👍
Hi Kiran, as promised I started to put some material together about UK and US regulators. In this week's new video I'm covering at high level, the responsibilities of the FCA. Here is the link: ruclips.net/video/md699NsaAZg/видео.html More to come with regulators from US and other jurisdictions in future videos. Thanks for watching my channel. Marco
Hi Kiran, as promised I have also published a new video highlighting the role and responsibilities of the main US regulatory bodies. I hope you find it useful. Here is the link: ruclips.net/video/nkNWXZmGv8U/видео.html
Hi Kiran, I have recently published a new video focused on the counter terrorist financing regulations within the UK. I thought you could be interested to watch. If so here is the link to it 🙂 ruclips.net/video/QKWzfL76zK8/видео.html
Hi and thanks for the video. I'm very confused and I have some questions that need answers please.
1- is it true that the elements or the stages of risk-based approach is included in ISO 31000?
2- what is the difference between risk management and Risk Based Approach?
3- is there any other approaches rather than risk-based approach? accordingly, if there are no other approaches, why did they call it risk based approach?
4- Where can I use risk-based approach? is it only for AML CFT?
5- Is there any standard that talk about the Risk based approach? any book or organization that explain in more details about the risk-based approach.
6- where is the risk evaluation, risk assessment within your 4 steps ?
Hi Aamer, thanks for commenting on my video. You sent a long list here 😅 but I will try to answer your questions based on my understanding.
1- Yes, I think this is true as ISO 31000 does not seek to eliminate risks, instead, it is meant to help organizations identify their risks and establish a strategy for mitigating or reducing risks where appropriate.
2- Risk Management is a broader concept which can include different ways to deal with risks like the Risk-Based Approach so you could also have a risk management policy that allows “zero risk tolerance” in some areas (this is not applicable to AML).
3- Yes, across other industries there could be other approaches to risk.
4- I’m experienced in the AML & CTF sector so I won’t be able to expand to other industries
5- For the AML & CTF sector you can read more about it here: www.fatf-gafi.org/documents/riskbasedapproach/?hf=10&b=0&s=desc(fatf_releasedate)
6- Yes the evaluation of the risk would take place during the risk assessments
I hope my answers are helping you to clear up some confusion.
Thank you for watching my videos 👍🏻
@@FinCrimeAgent thanks for replying back.
for answer no. 3 as far as you know, what are the approaches?
in case and later on, if you have any information about, if the approach is only for AML please let me know.
My Experience in UAE - Middle East is that they are using it in Banks as per UAE Central bank and FATF.
@@AamerAli Other 3 risk approaches that I remember (again not applicable to AML) are: Risk Transfer, Risk Diversification and Risk Avoidance. Probably you can find some more if you research deeper into the risk management topic.
The use of a risk-based approach in AML is generally adopted by most jurisdictions.
Good information 👍
Thank you for your feedback 🙂
Can u make a video on regulator bodies of US and UK and their duties
Hi Kiran, yes that could be indeed an interesting topic that I can cover. I will keep it mind for a future video. In the interim, you might find useful some of the information about FinCEN that I've published in this video: ruclips.net/video/M3tSykSsxYk/видео.html
Thanks for your inputs 👍
@@FinCrimeAgent Thank u so much for all your efforts
Hi Kiran, as promised I started to put some material together about UK and US regulators. In this week's new video I'm covering at high level, the responsibilities of the FCA. Here is the link: ruclips.net/video/md699NsaAZg/видео.html
More to come with regulators from US and other jurisdictions in future videos.
Thanks for watching my channel. Marco
Hi Kiran, as promised I have also published a new video highlighting the role and responsibilities of the main US regulatory bodies. I hope you find it useful. Here is the link: ruclips.net/video/nkNWXZmGv8U/видео.html
Hi Kiran, I have recently published a new video focused on the counter terrorist financing regulations within the UK. I thought you could be interested to watch. If so here is the link to it 🙂
ruclips.net/video/QKWzfL76zK8/видео.html