Course Summary
CAMS Advanced CAMS – Risk Management is the first exambased advanced certification designed to advance the skills and verify the expertise of CAMS-certified individuals seeking to further their
careers with a global credential in Risk Management.
It addresses the needs of Financial Crime Risk
Management professionals by providing a verifiable
credential attesting to their skills and abilities in
assessing, mitigating and managing financial crime
risk.
Candidates to the Advanced CAMS – Risk Management certification must be CAMS certified, and can obtain the Advanced CAMS-Risk Management credential by examination.
Topics tested in the examination:
— Risk Framework and Governance
— Risk Identification and Assessment
— Monitoring, Controls and Mitigation
— Communications and Training
RISK FRAMEWORK AND GOVERNANCE 25%
1.1 International policies and procedures
1.2 Governing documents and their relation to
international guidance, laws, and regulations
1.3 International Standards for data sharing, data
protection, privacy and relevant jurisdictional
legislation
1.4 Key national and international financial crime
regulations as they apply to a risk assessment
as well as the extraterritorial reach of those
regulations.
1.5 Risk management components (e.g risk-based
approach, risk appetite, control effectiveness,
regulatory and business risk, mitigating factors,
residual risk)
1.6 How risk appetite drives client and product
portfolio and associated risk mitigation
1.7 How the results of risk assessments affect the
management of financial crime programs (e.g.,
transaction monitoring typologies)
1.8 How jurisdiction-based regulations (e.g., FinCEN, EU) impact institutional risk
1.9 How jurisdictional risk assessments impact the
enterprise-wide risk assessment
1.10 Varying risk management strategies (e.g.,
accept, avoid, treat, control)
1.11 Need for model validation, how to implement
model risk validation, and how to manage data
1.12 Issue management (e.g., logs or databases),
including knowledge of the incident
management process (e.g., maintaining event
and loss database)
1.13 Elements of an effective program management
feedback loop
1.14 Importance of company culture of compliance
(e.g., code of ethics, code of conduct, tone from
the top)
RISK IDENTIFICATION AND ASSESSMENT 30%
2.1 Common risk areas.
2.2 Relationship among financial crimes and of
financial crime methodologies/typologies and
how they impact the risk assessment process
2.3 How risk differs across compliance programs
(e.g., anti- bribery and corruption, sanctions,
fraud, AML)
2.4 Key concepts related to bribery and corruption
(e.g., active and passive bribery, facilitation
payments)
2.5 Inherent risk indicators related to clients,
products and services, delivery channels, and
geographies
2.6 Basic concepts and trends of terrorist financing
including funding, risks, and red flags
2.7 How to assess layered risk (i.e., multiple risks
associated with single account/transaction)
2.8 Different beneficial ownership structures (e.g.,
effective control via ownership, effective control
without ownership, hybrid effective control)
2.9 Emerging risks (e.g., FinTech, cyber,
cryptocurrency) i
2.10 Information sharing opportunities (e.g. 314(b),
financial crime working groups) and their impact
on identifying emerging risks and financial crime
trends
2.11 How the customer risk score is calculated
2.12 Risks associated with taking punitive action/
enforcement
2.13 How regulatory and independent reviews
(e.g., enterprise-wide AML regulatory exams,
control assessments, audit reports) impact risk
assessments
2.14 How a merger and acquisition affects a financial crime compliance program, including relevant data points, metrics, program information, and due diligence that should be conducted prior,
during, and after a M&A
MONITORING, CONTROL, AND MITIGATION 30%
3.1 Internal controls (e.g., group-wide , local,
process-embedded, and manual controls)
based on risk assessment.
3.2 Impact of financial crimes on the risk framework
3.3 How to detect and use preventative internal
controls to manage financial crime risk (i.e
, mitigate risk of customers, products, and
jurisdictions)
3.4 Emerging technologies (e.g., artificial intelligence, machine learning, robotics) and how they can be applied to monitor, control, and mitigate financial crime risk
3.5 How to measure the effectiveness of know
your customer, customer due diligence, and
enhanced due diligence research
3.6 How media screenings influence risk ratings and when to conduct ongoing due diligence and
monitoring (e.g., customer screening, transaction
monitoring, periodic reviews, event driven
reviews) based on risk
3.7 Controls for complex products (e.g., payment
intermediaries, foreign correspondent banking,
private banking, mobile banking)
3.8 Documentation to evidence legitimate
transactions regarding high-risk products
3.9 How to incorporate your risk assessment into
your transaction monitoring tool(s)
3.10. Drivers of relevant metrics (i.e., what influences the metrics) and how relevant metrics (e.g., KPIs, KRIs, etc.) relate to risk management and their appropriate use in reporting
3.11 Process for evaluating the integrity of relevant
data (e.g., data sources, completeness) and how
to interpret the data for risk purposes
3.12 Methods of incorporating analytics into risk
management
COMMUNICATION AND TRAINING 15%
4.1 How to evaluate the effectiveness and
communication of the training program
4.2 Assurance, incorporating regulatory exams and
testing programs, and how they drive training
requirements and changes to the program
4.3 Communication techniques appropriate for
company leadership and other stakeholders
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