What aspects does the auditor assess during the EWRA review?

During the Enhanced Wealth Risk Assessment (EWRA) review, the auditor focuses on various critical components of the Anti-Money Laundering (AML) risk assessment process. This includes evaluating the extent and nature of the risk assessments that the organization has conducted, which ensures that all potential vulnerabilities are identified and addressed.

The auditor also examines the coverage of critical and high-risk areas, confirming that the organization prioritizes resources and attention where the risks are most significant. Frequency of assessments is another important consideration; regular and timely assessments are essential for adapting to changing risks and regulatory environments. Lastly, the effectiveness of remedial actions taken by the organization in response to identified risks is scrutinized. This holistic approach enables the auditor to provide a comprehensive evaluation of how well the organization manages AML risks, ensuring that proper controls are in place and functioning effectively.

By focusing on these areas, the auditor can ensure that the organization not only recognizes its exposure to money laundering risks but also has robust frameworks in place to mitigate those risks effectively.