52. Effective supervision depends on supervisors' ability to identify and prioritise on a timely basis, areas and institutions for greater supervisory attention. Supervisors typically review and update their risk assessments according to a fixed cycle and in response to trigger events (especially in relation to entity-level risk assessments, and this is further explained below). In addition to such updates, there are opportunities to leverage available information and data to move towards more dynamic and timely assessment of risks (see section 4.1).

53. Supervisors should ensure that their ML/TF risk assessments remain up to date and relevant, by doing the following:

• Set out the frequency and triggers for updates to sectoral and entity risk assessments under the supervisory risk assessment methodology.