The best way to build an effective risk-based Financial Crime Compliance program is to have a thorough understanding of the risks presented by products, services and delivery channels, customers types, and geographic locations. A transparent and easy-to-understand EWRA process will enable the institution to identify gaps in its program, for example, with a different lines-of-business or legal entity comparative analyses. A review of regulatory guidelines on effective EWRAs will also be addressed. By taking early and decisive action to mitigate these risks, costly penalties and reputational damage can be avoided.