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

Day 01(7:00 AM - 01:00 PM PDT)

• 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
• 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
• 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(7:00 AM - 12:00 PM PDT)

• 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
• Wrap up. Questions and Answers.