What is the risk strategy approach?
Developing a risk strategy or adopting a risk-based approach in Anti-Money Laundering (AML) involves developing Internal Policies, Procedures, and Controls (IPPC) that help a business successfully manage possible risks that it may be exposed to. Businesses adopt a risk-based approach to assess the potential consequences of risks, deploy effective control measures, and ensure proper implementation of the control measures.
Take a look at this article explaining risk-based approach in AML compliance