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

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

Who Will Benefit:

• BSA / AML Officers
• Internal Auditors
• Staff with Roles and Responsibilities in BSA/AML Management and Oversight
• Money Service Business BSA/AML Officers
• Corporate Auditors
• Risk Managers
• Legal Department Personnel
• Regulators
• Compliance Officers