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