Enterprise Wide Risk Assessment (EWRA)

In the UAE, both Designated Non-Financial Businesses and Professions (DNFBPs) and Financial Institutions (FIs) are required to undertake an Anti-Money Laundering (AML) Business Risk Assessment (BRA), also known as Enterprise Wide Risk Assessment (EWRA) or Firm Wide Risk Assessment (FWRA). The EWRA serves as a foundational element of the risk-based approach (RBA). It is essential for AML policies, procedures, and controls to align with the outcomes of the business risk assessment, adhering to the principle that higher risks necessitate more stringent controls – a fundamental aspect of the risk-based approach.

A robust Business Risk Assessment, grounded in reliable qualitative and quantitative data, provides DNFBPs and FIs with the assurance that their AML risks are within acceptable levels according to their risk tolerance thresholds.

Kaizen Compliance Consulting plays a pivotal role in supporting enterprises in conducting their Business Risk Assessment (BRA) to effectively manage AML risks. We assist organizations in identifying both inherent and residual risks associated with their products, services, customers, delivery channels, and geographical areas of operation. This enables businesses to gain a comprehensive understanding of their exposure to AML/CFT risks and implement appropriate policies and controls to mitigate these risks, ensuring they remain within the bounds of their risk tolerance levels.