The Danish Gambling Authority has recently criticized Mr Green for its inadequate risk assessment procedures.
The authority has labeled the online gambling operator’s risk assessment as “insufficient” and has set a deadline for Mr Green to submit a revised version by June 10.
Spillemyndigheden, the Danish regulator, pointed out significant shortcomings in Mr Green’s current approach, particularly noting the lack of “adequate procedures for internal controls.”
The regulator emphasized that the existing procedures do not adequately define how often these internal controls should be performed, highlighting a major area of concern that needs immediate attention.
In addition to improving its risk assessment, Mr Green is also required to overhaul its business procedures related to internal controls.
The company must present new business procedures that clearly describe how the implementation of these controls will be monitored and enforced moving forward.
The authority stressed the importance of a more detailed and comprehensive approach to risk assessment.
“The Danish Gambling Authority evaluates that the risk assessment must encompass a separate assessment of the risk of the individual payment solutions and delivery channels, as well as a separate risk assessment of the risk factors linked with these,” the regulator stated.
This statement underlines the regulator’s expectation that Mr Green should not only address general risks but also focus specifically on the risks associated with different payment solutions and delivery channels.
The need for distinct risk assessments for these areas indicates a move towards more targeted and effective risk management practices within the industry.
By setting these requirements, the Danish Gambling Authority is pushing Mr Green to meet higher standards in its operational and compliance procedures.
“Therefore, Mr Green did not fulfill the risk assessment obligation,” concluded the authority, signaling that the current efforts by Mr Green are far from meeting the regulatory expectations.
This directive serves as a call to action for Mr Green to significantly enhance its risk management strategies to ensure compliance and protect stakeholders.