Interactive workshop on the integrity risk assessment under the Wtt
Trust offices must comply with a wide range of laws and regulations, including the Wtt (Trust Offices Supervision Act), the Wwft (Anti-Money Laundering and Anti-Terrorist Financing Act), and the Sanctions Act. This is often easier said than done. Following a visit from the regulator, the Dutch Central Bank (DNB), a trust office was instructed to subject its clients to a review. However, the firm’s compliance officer noticed that employees were struggling to conduct the integrity risk assessment (IRA) under Article 26 of the Wtt. How do you assess a risk step by step? And what exactly is the difference between a gross risk and a net risk?
Identifying and mitigating integrity risks
Under the Wtt, trust offices are obliged to identify, mitigate, and monitor integrity risks. A risk assessment must take into account various risk factors, such as the client type, the service provided, and the country where the client is established. To stay ahead of any potential issues with the regulator, the trust office’s compliance officer decided to call in The Ministry of Compliance. Consultant Leon Bex helped her map out exactly which practical knowledge was lacking within the organisation. He then put together a tailored online workshop aimed at helping the trust office’s staff better recognise and mitigate integrity risks.
Interactive online workshop
Just three days after the initial call from the compliance officer, the workshop took place. During a two-hour online session, Bex covered the theoretical framework and the necessity of a client integrity risk assessment. The various sections of the IRA form and the structure of a risk profile were also discussed in detail. Following the theoretical component, the participants worked on practical case studies in small groups. Bex noted: “In breakout rooms, the participants worked through three different cases. Together, they practised identifying risks, drawing up risk profiles, determining mitigating measures, and assessing the impact of these measures.”
“The training didn’t just ensure that our employees now better understand and know how to implement the risk assessment process; it also ensured that they all adopt the exact same approach.”
More information
Is your organisation facing an investigation by the regulator, and have you not yet fully mastered (certain parts of) the CDD process? Or are you dealing with other learning challenges regarding compliance with the Wwft, the Sanctions Act, or the Wtt? The Ministry of Compliance is happy to support you with tailored training courses, specifically focused on the knowledge and skills your organisation needs to meet the regulator’s requirements.
Our learning consultants will be pleased to brainstorm with you. Read more about our bespoke options or contact us directly for personal advice.