Risk Assessment: Overlooked and Under Tested; The Importance of Implementing a Know Your Risk Assessment (KYRA) Within an AML Audit for Non-Bank Broker-Dealers

Author: Robert J. Bradley, CAMS-Audit

This white paper Risk Assessment: Overlooked and Under Tested; The importance of implementing a Know Your Risk Assessment (KYRA) within an AML Audit for Non-Bank Broker-Dealers will seek to demonstrate the need for a required risk assessment review during the independent annual Anti-Money Laundering (AML) audit.

The paper seeks to define and suggest internal firm wide controls and procedures designed to address the risks of money laundering activities to a broker-dealer. It also looks to emphasize the importance an independent AML auditor can provide in identifying the need for a firm to develop and implement a Know Your Risk Assessment (KRYA) program.

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