With the ‘insic Update’ series of articles, we give you a complete overview of the software required to implement the compliance requirements of German and European regulation.

You can find all articles in this series on our multilingual overview page.

insic Online Risk Management for franchise organisations

The insic Risk Management System (RMS) for franchise organisations enables the efficient creation of risk analyses in compliance with the Money Laundering Act, all within an online portal.

The RMS facilitates the mapping of procedures for the qualification of processes, identification of risks, and implementation of measures for risk mitigation. Evaluations are conducted online through multiple-choice questionnaires.

Step 1: The RMS provides a ready-to-use catalogue of 100 operational processes for gaming companies and goods traders to evaluate. Step 2: A pre-structured catalogue of over 100 money laundering risks, categorised into risk classes, is assessed online according to probability of occurrence.

Step 3: Over 200 potential risk mitigation measures are linked to the identified risks. These measures are evaluated by the provider according to their respective degree of implementation, and the responsible department must be identified.

The obligated party then receives a comprehensive report, which includes the identifies risks, the associated processes, and the recommended measures to be taken within the responsible departments. Based on the risk positions and the degree of the implementation, the system calculates Key Performance Indicators (KPIs) to track risk levels and prioritise actions over time.

After logging in, franchises and subsidiaries only assess the risks relevant to their operations. These decentralised responses contribute to the overall organisational KPI calculations.

Reduce the time needed to generate group-wide risk analyses, manage the implementation of risk measures, and create transparency using continuously calculated KPIs!

Quelle: insic GmbH