Applying a Risk-Based Approach: More Than a Buzzword

This podcast episode explains how financial institutions should effectively implement a risk-based approach to compliance. The episode outlines a four-step framework: identifying and assessing risks, making informed decisions about managing them, documenting those decisions, and continuously monitoring and reporting. It highlights challenges, such as difficulties in risk identification, data gaps, and pressure to accept risks. The episode emphasises the importance of using the approach responsibly, avoiding its misuse as a justification for inadequate controls, and stresses the need for transparency and accountability. Finally, it provides examples of key moments for reassessment, such as when new regulations are issued.

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