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Documenting Your Bank's BSA/AML/OFAC Risk Assessment
(Presented By: Ken Golliher)
Are you looking for an efficient, focused approach to conducting and documenting a risk assessment at your financial institution? Here it is!  | WEBINAR TIME:
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET |
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WHAT?
Banks are expected to conduct an assessment regarding the "quantity" of risk their institution incurs as a prelude to establishing a BSA/AML compliance program. An OFAC compliance risk assessment is also expected. In both cases, the assessment must be documented; i.e. in writing. The assessments must be updated periodically and examiners and independent auditors will request a copy of the current version at the inception of on-site BSA reviews. This webinar shows participants how to gather the necessary information and develop an appropriate document.
WHY?
Indicating comprehension of the old adage, "If you don't know where you are going, any road will take you there," regulatory agencies expect financial institutions to fully identify their BSA/AML/OFAC destination before they implement a compliance program. In short, they start with the principle that it's impossible to design an appropriate compliance effort unless the financial institution has objectively evaluated its situation.
An effective risk assessment is both a sword and a shield for the financial institution. It helps them to focus limited resources on the areas where they are likely to do the most good. It also allows financial institutions to explain why they have chosen not to implement compliance mechanisms that outside evaluators have seen elsewhere.
PROGRAM CONTENT
The presentation focuses on identifying and analyzing the necessary information and developing a document that supports the financial institution's decisions. It addresses product, service, customer and geographic risk. Content includes:
the impact of prior BSA examinations,
does size matter,
how does the bank's location factor in,
identification and evaluation of the products and services offered,
evaluating the customer base, and
operational considerations.
This is a repeat presentation of a very well attended, well received webinar which was presented in August, 2005. It is a "given" that the bank must assess both the aggregate risk to which the banks is exposed and the risk inherent in individual customer relationships. This webinar focuses only on the aggregate risk incurred by the bank. BOL offered a webinar on assessing customer risk on March 9, 2006.
SAMPLE ASSESSMENT
The program materials include a sample risk assessment. It is not a "one size fits all" document that financial institutions can adopt as their own. On the contrary, it's a teaching tool that is intended to illustrate that, while some elements are common to all risk assessments, each financial institution has to invest its own time and effort into developing an accurate assessment. Nevertheless, attendees at prior seminars who modeled their efforts after the approach outlined above have consistently reported that their regulatory agencies and independent examiners were well satisfied with the approach. (Attendees at Ken's webinars are always very complimentary of the sample documents and language he includes in his materials.)
WHAT DO YOU WANT TO HEAR ABOUT DURING THE SEMINAR?
There will be Q & A's during the program, but if you want to submit questions in advance or make certain your topic is addressed, send them to seminars@bankersonline.com Put "Risk Assessment" in the message line.
WHO?
The program is designed as an update for experienced BSA officers and auditors employed by banks, thrifts and credit unions. It is not designed as a general review or to meet the needs of other types of financial institutions.
The Speaker:
Ken Golliher is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced banker with a unique ability to reduce complex legal concepts to plain English. He has explained the "why" and "how" of regulations to thousands of financial institution personnel and examiners. Ken's banking career began in 1972 and includes serving as a teller, commercial operations manager and as trust department legal counsel in a state and a national bank. For ten years he headed the education division of a regional consulting firm for financial institutions. He has served on the faculty of the LSU Graduate School of Banking, the OTS' Level I Compliance School and the FDIC's Advanced Consumer Protection School for examiners. He has presented seminars in more than 25 states and has served as an instructor at compliance schools sponsored by the Illinois, Indiana, Georgia, Kansas, Kentucky, Nebraska, Pennsylvania and Texas bankers associations. He is one of the moderators for the Bank Secrecy Act forum at http://www.bankersonline.com/
More information...
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888-229-8872