CORAL™ EnterpriseRisk

Monitoring of Risk Management

CORAL™ EnterpriseRisk

CORAL™ EnterpriseRisk is a management system that protects financial providers from potential business-impacting risks of all types. It manages organization risks effectively through identifying, analyzing, integrating, prioritizing and treating risks, with subsequent monitoring of risk management strategies. The design, development and implementation of a successful enterprise risk management (ERM) system enables financial establishments to minimize losses and maximize return on investment for all stakeholders. 

Institutions are required to develop, implement, and maintain a risk-based AML strategy that will protect the institution from risks associated with AML/TF and other financial crimes through proactive compliance with relevant AML/CFT laws and regulations. 

Key Features

Policies & Procedures Review
Interview with Stakeholders
Design Control Assessment
Testing of Operational Effectiveness
Continuous Improvement Suggestion

The Model covers 3 Tiers of Risk Management System

FIRST TIER:

Operational Management

Operational management is responsible, and accountable for identifying, assessing, controlling, mitigating, and reporting on risks encountered during a bank’s business activities. 

SECOND TIER:

Risk Management Function, Compliance Function, & Other Monitoring Functions

These are control functions that also ensure policies and procedures regarding risk-taking (risk management, compliance risk, human resources, and legal) are in place and enforced. The risk management function facilitates and monitors the implementation of effective risk management practices by business-line management.

THIRD TIER:

Internal Audit Function

The internal audit function is responsible for independently assessing the effectiveness of the design and operation of internal controls and compliance practice with laws, rules, and regulations. 

CORAL™ Enterprise Risk Product Brochure
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