gap assessments

You might be unsure about the strength of your program design because it has been a while since anyone external reviewed it, or you inherited the policies and procedures from someone else. Perhaps standards have changed or you have adapted the program from one you use in another country. In those situations, you might first want to start with a gap assessment. The AML Shop's assessments start with gaining a detailed understanding of your business. We then use our inventory of standards to isolate those obligations and expectations that apply to your business model and the jurisidictions in which you operate. We then conduct three main procedures: a) an analysis of inherent risks outlined in your risk assessment against authoritative sources to identify potential gaps; b) detailed analysis of your program documents to identify any gaps between known standards; and, c) detailed analysis of your program documents to ensure that they are internally consistent. Our assessments conclude with a report that articulates our methodology, findings, and a road-map to remediating any observed gaps and opportunities for improvement.