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Software Risk Assessment

Under schedule 7 of the Counter Terrorism Act 2008, it is a requirement for firms to comply with all financial sanction restrictions imposed by HM Treasury.

All money transfer organisations utilize specific software systems that undertake all their financial transactions. It is mandatory that all IT software systems used in financial transactions incorporate ALL recognised sanction lists. These include the United Nations, the EU, the UK HM Treasury, OFAC, FATF as well as many others.

Failing to adhere to these sanction lists is a criminal offence as outlined under the Terrorism Order Act 2009.

Our software risk assessments identify the possible risks an organisation may face when utilising financial software systems.

The scope of our Software Risk Assessment includes;
- Explaining how transaction, payment & customer information is recorded and held;
- The electronic verification of all customer information;
- Assessing software standards to be in line with latest sanction lists; and much more



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