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.

Michael Ecclestone - Governance, Risk and Compliance Leader
michael@theamlshop.ca
LinkedIn

Michael is Governance, Risk and Compliance Leader at The AML Shop, with over 20 years of experience in financial sector risk, regulatory compliance and legislation as an advisor, an executive, a regulator and a practicing lawyer. Read More.

Bruce Hauser - Senior Manager, Compliance Effectiveness Reviews
bruce@theamlshop.ca
LinkedIn

As the AML Shop’s Senior Manager of Compliance Effectiveness Reviews, Bruce draws on the many years of experience gained while working in the Money Services Business (MSB) and Dealers in Precious Metals (DPM) sectors where he held positions as a Senior Operations Manager and Chief Anti-Money Laundering and Compliance Officer (CAMLO)…read more.