Advanced CAMS-RM Exam Topics Cover:

International policies and procedures
Governing documents and their relation to international guidance, laws, and regulations
International Standards for data sharing, data protection, privacy and relevant jurisdictional legislation
Key national and international financial crime regulations as they apply to a risk assessment as well as the extraterritorial reach of those regulations
Risk management components (eg risk-based approach, risk appetite, control effectiveness,
How risk appetite drives client and product portfolio and associated risk mitigation
How the results of risk assessments affect the management of financial crime programs (eg, transaction monitoring typologies)
How jurisdiction-based regulations (eg, FinCEN, EU) impact institutional risk
How jurisdictional risk assessments impact the enterprise-wide risk assessment
Varying risk management strategies (eg, accept, avoid, treat, control)
Need for model validation, how to implement model risk validation, and how to manage data
Issue management (eg, logs or databases), including knowledge of the incident management process (eg, maintaining event and loss database)
Elements of an effective program management feedback loop
Importance of company culture of compliance (eg, code of ethics, code of conduct, tone from the top) Common risk areas
Relationship among financial crimes and of financial crime methodologies/typologies and how they impact the risk assessment process
How risk differs across compliance programs (eg, anti- bribery and corruption, sanctions, fraud, AML)
Key concepts related to bribery and corruption (eg, active and passive bribery, facilitation payments)
Inherent risk indicators related to clients, products and services, delivery channels, and geographies
Basic concepts and trends of terrorist financing including funding, risks, and red flags
How to assess layered risk (ie, multiple risks associated with single account/transaction)
Different beneficial ownership structures (eg, effective control via ownership, effective control without ownership, hybrid effective control)
Emerging risks (eg, FinTech, cyber, cryptocurrency)
Information sharing opportunities (eg (b), financial crime working groups) and their impact on identifying emerging risks and financial crime trends
How the customer risk score is calculated
Risks associated with taking punitive action/ enforcement
How regulatory and independent reviews (eg, enterprise-wide AML regulatory exams, control assessments, audit reports) impact risk assessments
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
Internal controls (eg, group-wide , local, process-embedded, and manual controls) based on risk assessment
Impact of financial crimes on the risk framework
How to detect and use preventative internal controls to manage financial crime risk (ie, mitigate risk of customers, products, and jurisdictions)
Emerging technologies (eg, artificial intelligence, machine learning, robotics) and how they can be applied to monitor, control, and mitigate financial crime risk
How to measure the effectiveness of know your customer, customer due diligence, and enhanced due diligence research
How media screenings influence risk ratings and when to conduct ongoing due diligence and monitoring
Controls for complex products (eg, payment intermediaries, foreign correspondent banking, private banking, mobile banking)
Documentation to evidence legitimate transactions regarding high-risk products
How to incorporate your risk assessment into your transaction monitoring tool(s)
Drivers of relevant metrics (ie, what influences the metrics) and how relevant metrics (eg, KPIs, KRIs, etc) relate to risk management and their appropriate use in reporting
Process for evaluating the integrity of relevant data (eg, data sources, completeness) and how to interpret the data for risk purposes
Methods of incorporating analytics into risk management
How to evaluate the effectiveness and communication of the training program