The Bank Compliance Risk Assessment Template is a critical tool for financial institutions operating in England and Wales to systematically evaluate their compliance risks and control effectiveness. This document is used when conducting periodic risk assessments, responding to regulatory changes, or implementing new products or services. It encompasses various risk categories including AML/CTF, conduct risk, operational risk, and regulatory reporting requirements. The template helps ensure compliance with FCA and PRA requirements while providing a standardized approach to risk assessment across the organization.
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1. Executive Summary: Overview of the risk assessment scope and key findings
2. Risk Assessment Framework: Methodology used for assessing risks, including risk scoring criteria
3. Regulatory Context: Overview of applicable regulations and compliance requirements including FSMA, MLR 2017, POCA 2002, Terrorism Act 2000, DPA 2018, UK GDPR, and Bribery Act 2010
4. Core Risk Areas: Assessment of fundamental banking risks including credit, market, operational risks, and conduct risk
5. Control Environment: Evaluation of existing control measures and their effectiveness across all risk areas
1. Geographic Risk Analysis: Detailed assessment of risks specific to different jurisdictions where the bank operates, including international sanctions considerations
2. Product-Specific Risk Assessment: Detailed analysis of risks associated with specific banking products and services
3. Technology Risk Assessment: Comprehensive analysis of IT infrastructure, cybersecurity risks, and data protection measures
1. Risk Matrix: Detailed risk scoring matrix and assessment methodology
2. Control Testing Results: Documentation of control effectiveness testing results and findings
3. Regulatory Requirements Checklist: Comprehensive checklist mapping compliance against all relevant regulations
4. Action Plan Template: Template for documenting and tracking remediation actions and timelines
5. Risk Register: Detailed log of all identified risks, their assessment, and current status
6. Regulatory Reporting Calendar: Schedule of regulatory reporting requirements and submission deadlines
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