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BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly  

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BSA / AML Officers, Internal Auditors, Staff with roles and responsibilities in BSA / AML management and oversight, Money Service Business BSA/AML Officers, Corporate Audit, Risk Managers, Legal Department Personnel, Regulators, Compliance Officers

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Seminar Summary:

This Bank Secrecy Act risk assessment seminar will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners and will discuss each risk assessment area. (see full course description)

 

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Training Course Syllabus:


BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly: One and Half Day In-person Seminar

By: Gina J. Lowdermilk, BSA/Compliance Auditor and Consultant

Course Description:

Although financial institutions have been managing BSA operations as per the regulatory requirements, the change in focus to appropriate BSA/AML/OFAC risk assessment has become increasingly important. Regulators look to the organization for insurance and evidence that BSA operations are appropriately performing risk assessments. Appropriate risk assessments are essential in an organization’s strategic planning and development, as well as ensuring compliance with laws and regulations.

This Bank Secrecy Act risk assessment seminar will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners and will discuss each risk assessment area. Attendees will learn how to conduct a comprehensive review of their current organization’s BSA/AML/OFAC risk assessment.


Learning Objectives:

Key goals of this BSA risk assessment course are:

To review and evaluate policies and procedures for risk assessments
To help identify your organization’s risks
To determine your organization’s risk threshold based on the organization’s strategic plans and business models
To discuss how to conduct a comprehensive review of your organization’s BSA/AML/OFAC risk assessment, including

  • Determining completeness of the risk assessments

  • Determining the thoroughness of risk assessments

  • Determining if current risk assessment matrixes are appropriate for your organization

To discuss how to establish risk assessments for your organization, specifically:
  • BSA risk assessments

  • AML risk assessments

  • OFAC risk assessments

To illustrate how to perform the risk assessments
To highlight the need for periodically reviewing risk assessments to determine if they are still relevant, appropriate, and adequate
To discuss implementing a BSA/AML/OFAC risk assessment program at your organization


Topic Background:

Financial institutions are required to be compliant with BSA rules and regulations. Such compliance needs to be well documented and consistent to ensure financial institutions avoid BSA violations and implications. Financial institutions’ BSA programs must have adequate risk assessment policies and procedures along with monitoring programs, training programs, and qualified employees overseeing the BSA daily operations and independent testing. An effective BSA risk assessment program will ensure that all areas are being evaluated for risk appropriately and being monitored on a routine basis. However, to accomplish this, your financial institution must not only have the appropriate risk assessment procedures in place, but also be performing them correctly.



BSA/AML/OFAC Risk Assessments Course Outline:

Day One (8:30 AM – 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

Welcome and Introductions (30 Minutes)

Understanding the Basics (1 Hour)

Risk Assessment 101
What is a risk?
Risk and your business objectives
Types of risks
Consequences of failing to recognize risks
Lack of risk monitoring implications
Establishing the Importance of Proper Risk Assessing (1 Hour)

Board of Directors and Senior Management Involvement
Implementing a risk assessment which best reflects the organization’s goals and objectives
Examples of involvement
Roles and responsibilities
Reviewing and Determining Risks
Who is responsible for determining risks?
How do you know that your risk rating is appropriate?
Establish Appropriate Risk Ratings
Types of risk ratings
Who reviews and approves risk ratings?
Example: risk rating determination spreadsheet
When Risk Ratings Don’t Make Sense
Changing risk ratings
Ensuring reasons are documented to support risk ratings
Establishing Risk Matrixes (5 Hours)

BSA Risk Assessments
Definition
Examples
AML Risk Assessments
Definition
Examples
OFAC Risk Assessments
Definition
Examples


Day Two (8:00 AM – 12:00 PM)

BSA/AML
The Office of Foreign Assets Controls (OFAC)
Massive Fines for Non-compliance
Examples of How Incorrect Risk Ratings Affect an Organization
Continuous Monitoring (2 Hours)

What is Considered Continuous Risk Assessment Monitoring
The Pros and Cons
Making Changes
Establishing a Review Schedule
The Risk Assessment Toolkit (45 Minutes)

Example Policies
Example Risk Assessment Matrixes
References and Links
 

Seminar Summary:

This Bank Secrecy Act risk assessment seminar will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners and will discuss each risk assessment area. (see full course description)

print this agenda print agenda for the BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly training seminar

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