Dublin, March 25, 2019 (GLOBE NEWSWIRE) -- The "BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly" training has been added to ResearchAndMarkets.com's offering.
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
Key Topics Covered:
Day 1
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 2
Compliance Consideration
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
What is Considered Continuous Risk Assessment Monitoring
The Pros and Cons
Making Changes
Establishing a Review Schedule
The Risk Assessment Toolkit
Example Policies
Example Risk Assessment Matrixes
References and Links
For more information about this training visit https://www.researchandmarkets.com/research/72gqkk/two_day?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.