Does the platform automatically detect when a new Risk Assessment should be triggered?
Yes, the platform compares actual transaction patterns against the most recent Risk Assessment and flags when they have diverged enough to warrant a refreshed RA.
Yes. The platform continuously compares actual transaction patterns against the assumptions baked into your most recent Risk Assessment and flags when the two have diverged enough to warrant a refreshed RA. AUSTRAC's Rules require reporting entities to keep the Risk Assessment current and to review it when the business changes - this monitoring automates the early-warning step.
What triggers an RA review prompt:
- Sector shift - you're providing different designated services than the RA assumed (e.g. you've expanded from conveyancing into trust structuring).
- Customer mix shift - risk-rating distribution has changed materially (e.g. a higher proportion of customers are now Medium or High risk than the RA modelled).
- Geographic exposure shift - you're dealing with more foreign customers, higher-risk jurisdictions, or a different mix of state/territory exposure than before.
- Volume change - transaction volume has moved materially (up or down) from the RA baseline, often a sign that the business has changed shape.
- Structural change - you've added entities, moved into a Reporting Group, changed your Compliance Officer, or restructured.
- Regulatory update - AUSTRAC has issued new sector guidance that affects how the RA should be calibrated.
When triggered, the CO receives an in-platform alert and an email. Completing a refreshed RA takes ~10 minutes (most answers prefill from the existing RA) and the AML Program regenerates automatically off the new inputs.
See AUSTRAC's AML/CTF Program reform materials for the RA refresh expectations.