Before policy updates, audits, or training, your BSA/AML risk assessment must be current. How do you ensure yours accurately reflects the illicit financial activity risks unique to your institution so you can establish appropriate internal controls? Before you can write policies, before you can schedule that next audit, and before you can assign your next training course, you must review and update your institution’s BSA/AML risk assessment. What new inherent risks are out there? How are you measuring your risks? In this session, we will discuss how to update your risk assessment to ensure it addresses your areas of highest risk. We will identify the BSA/AML risks to your institution and provide best practices to measure those risks and implement controls to mitigate them. In addition, we will work through how to address FinCEN’s AML/CFT priorities within your risk assessment and BSA program. A BSA/AML/CFT risk assessment template will be provided, and we will discuss key risk factors, so you can walk away with what you need to update this valuable tool. Join this BSA/AML compliance webinar to learn how to update your risk assessment to target your highest vulnerabilities.
KEY WEBINAR TAKEAWAYS
- Identifying and measuring the BSA/AML risks of your institution’s geographic location, products, services, and processes
- Risk levels and scoring methodology
- Appropriate internal controls to mitigate your initial risks
- FinCEN’s AML/CFT priorities
- Reporting risk assessment results to senior management and the board
- Utilizing your risk assessment to guide audit scope
BONUS MATERIALS
- Risk assessment action plan
- Risk rating guidelines
- BSA risk assessment sample
WHO SHOULD ATTEND?: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other agencies or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.
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