Use this calculator to estimate how much your business is really spending each year on designing, implementing, and maintaining business-wide financial crime risk assessments.
Answer these 4 simple questions to find out.
For example, how many types of risk assessments (i.e., Enterprise, Operational, Financial Crime - AML, Fraud, Bribery) and assessment units (i.e., countries, operating groups, business units etc.) are conducted in a 12-month period on average across the organisation.
Typically, risk assessments may impact different roles in an organisation, such as front-office, middle-office, back-office, risk and compliance, audit, technology and operations and senior management. Include the number of people involved in the various risk assessment processes in your organisation.
For example, on average across all the different types of roles involved in the risk assessment processes what is the average amount of hours spent per person on average.
In USD (or local equivalent) how much on average is the hourly cost per person based on the average hourly rate across all of the roles of the people involved.
This is an indicative estimate of the manual headcount costs associated with your current risk assessment activities.
The section below covers the main elements of a risk assessment process to and is designed to estimate the amount of time being spent on each activity and the estimated potential time savings through the use of supporting technology, which estimates the number of hours that could be potentially saved.
Use this estimator to break down the typical steps involved in a business-wide financial crime risk assessment process and model how much time and cost could be potentially saved by adopting a technology-led approach.
We recommend arranging a product demonstration to develop a deeper understanding of the potential time and cost savings that could be realised adopting our multi-award-winning business-wide financial crime risk assessment regulatory technology.
Use the sliders below to estimate the potential time and cost savings:
For example, typical risk assessment planning activities include defining the scope, approach and timeframes for conducting the risk assessment, determining the risk assessment framework and designing, developing and deploying the methodology to be used in the assessment.
For example, typical risk assessment preparation activities include issuing worksheets, setting up users / permissions, sourcing data inputs into the risk assessment and preparing workshops to assess risks and controls etc.
For example, typical risk analysis activities include assessing the likelihood and impact of risks, assessing the control design and operational effectiveness and overall residual risk ratings and analysing the differences across the organisation.
For example, typical risk assessment report writing activities include gathering and analysing data, documenting insights and reports to be presented to management including observations, recommendations and key findings.
For example, typical action plan activities include assessing documenting any issues, actions, incidents, observations and findings that will be undertaken, assigning owners, start and end dates and developing committed plans to address any deficiencies.
For example, typical presentation activities include preparing executive summaries and presentations on the risk assessment report to Boards, Senior Management and other internal or external stakeholders, including regulators.
Arctic Intelligence’s multi-award-winning business-wide financial crime risk assessments save our clients time and money, as well as strengthening their control frameworks and reducing the risks of exploitation by organised criminal networks.
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These estimators have been developed for illustrative purposes only as a guide to the potential time and cost savings that could be realised through the transition to technology-first, human-lead approaches to conducting business-wide financial crime risk assessments.