RiskRator

RiskRator is a risk assessment platform developed by RiskRator® for AML/CFT compliance. According to the vendor, it is designed to assist financial institutions, banks, compliance officers, risk management professionals, auditors, and other industry experts in their risk assessment and management processes. The platform offers several key features that aim to enhance risk assessment practices.

Key Features

Automated Process: According to the vendor, RiskRator automates the risk assessment process, reducing the time and cost required to complete assessments. It utilizes the entire base of transactions for analysis and supports updates as needed to reflect business changes.

Real-Time Updates: The vendor states that RiskRator allows for real-time updates to risk assessments, ensuring the accuracy and relevance of the risk profile. This feature enables timely decision-making and proactive risk management.

Robust Quantitative & Qualitative Analysis: RiskRator incorporates both quantitative and qualitative factors in the risk assessment process, performing over 57 million calculations per 1 million transactions, according to the vendor. This robust analysis capability aims to minimize errors and operational risks.

Formal and Uniform Methodology: According to the vendor, RiskRator provides a standardized approach to risk assessment, enabling strong risk oversight by management, supervisory authorities, and correspondents. This feature ensures consistency and reliability in risk assessment practices.

Powerful Analytics & Reporting System: RiskRator offers a transaction-driven, bottom-up approach with rigor at its core, providing in-depth analysis of transaction activity, according to the vendor. The platform also creates dynamic visualizations and internal reports, aiming to provide valuable insights for decision-makers.

Comprehensive 4 Phase Program: According to the vendor, RiskRator follows a comprehensive 4 phase program, starting with entity inputs and ending with a validation and final risk assessment report. This structured approach aims to ensure a thorough and accurate risk assessment process.

Enterprise-Wide AML & Sanctions Risk Assessment: RiskRator dynamically assesses and calculates risk profiles at both the enterprise-wide and individual institution's level, following industry standards and guidelines, according to the vendor. These standards include FFIEC examination guidance, Basel and FATF-GAFI international standards, and ISO and COSO standardization guidelines.

Assess Risk Overall and by Category: RiskRator combines quantitative and qualitative analysis to generate risk assessment scores, aiming to provide a comprehensive view of risk both overall and by category, according to the vendor. The platform also calculates residual risk based on robust risk mitigation controls.

Provides Strategic Insights into an Entity's Risk Profile: According to the vendor, RiskRator identifies areas of strength and weakness in an entity's risk profile. It assesses the impact of controls and potential changes to products, geographies, or client classes, while monitoring changes in the enterprise-wide risk profile over time.

Identify Risk at its Source: RiskRator helps monitor vulnerabilities at the branch network and relationship manager levels, according to the vendor. It identifies potential problem areas requiring further training or remediation measures, enabling proactive risk mitigation.