According to the 2019 Wolfsberg Guidance on Sanctions Screening, which is related to the fundamental...

The Wolfsberg 2019 Guidance identifies risk assessment as a foundational component of sanctions screening programs. Screening systems, list management, and alert handling must reflect the institution’s assessed sanctions risk exposure.

External audit and reporting are relevant compliance functions but are not listed as fundamental pillars of screening programs in the Wolfsberg framework. Risk management is a broader corporate discipline, while screening specifically starts with a clear sanctions risk assessment.