2-Day Virtual Seminar BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly


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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

Who Will Benefit:

  • 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

Topic Background:

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.

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 that 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.
Seminar (Price/Register)
Seminar Fee Includes:
Lunch
AM-PM Tea/Coffee
Seminar Material
Attendance Certificate
$100 Gift Cert for next seminar

Other Registration Option
  1. Download the Order Form
  2. Fill this form with attendee details & payment details
  3. Fax your PO to 1-888-883-7697 or,
  4. Email it to cs@compliance.world

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Pay your check issued from the payee to "Redstone Learning Inc." (Our Parent Company) and mail the check to –
Compliance.world (Redstone Learning Inc.)
1180 Avenue of the Americas,
8th Floor, New York,
NY 10036

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Speaker: Craig Taggart,

Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in the Environmental, Health and Safety Profession. Mr. Taggart has expertise in Ergonomic assessments, training and corrective actions, Analysis of Work related injury/illness data identification, causation, frequency of injury types, corrective actions etc. for a multinational corporation, all aspects of safety/health program development and implementation, OSHA Process Safety Management and EPA Risk Management Programs. Mr. Taggart has been a certified fraud examiner since 2011 and has previously worked at Deloitte with their quality risk management team. He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelors degree majoring in organizational psychology.


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