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.

Event Type:
Feb. 27-28, 2020
Dallas , TX , USA

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

  • 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

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.

  • Specialized Knowledge and Applications 720 Min

Program Delivery Method: Group-Live
Program Level: Basic and Intermediate
Advance Preparation/Program Prerequisites: None

Day 01(8:30 AM - 4:30 PM)
  • 8:30 AM – 9:00 R AM – Registration Process
  • 9:00 AM: Session Start Time
  • 9:00 AM – 9:30 AM Welcome and Introductions
  • 9:30 AM – 10:30 AM – Understanding the Basics
    • 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
  • 10:30 AM – 10:45 AM – Break
  • 10:45 AM – 11:45 AM – Establishing the Importance of Proper Risk Assessing
    • 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
  • 11:45 AM – 12:45 PM Lunch
  • 12:45 PM – 4:30 PM – Establishing Risk Matrixes
    • BSA Risk Assessments
    • Definition
    • Examples
    • AML Risk Assessments
    • Definition
    • Examples
    • OFAC Risk Assessments
    • Definition
    • Examples
  • Day one wrap up and summary
Day 02(8:00 AM - 12:30 PM
  • 8:30 AM – 8:45 AM –Welcome and Q & A from Day 1
  • 8:45 AM – 10:45 AM: – 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
  • 10:45 AM – 11:00 AM Break
  • 11:00 AM - 12:00 Noon – Continuous Monitoring
    • What is considered continuous risk assessment monitoring
    • The Pros and Cons
    • Making changes
    • Establishing a review schedule
  • 12:00 Noon – 12:30 PM – The Risk Assessment Toolkit
    • Example Policies
    • Example Risk Assessment Matrixes
    • References and Links
  • Wrap up. Questions and Answers.

Doug Keipper, is a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and a former Bank Secrecy Act officer and compliance officer for an $800 Million commercial bank in Atlanta before it sold twice in one year. Doug sold BSA software for eight years and has taught anti-money laundering classes since 2008 throughout the southeast and online. He has talked with over 500 BSA officers throughout the USA and Caribbean. He has spent over 20 years in retail banking, wholesale mortgages and financial services.

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