An effective BSA/AML/OFAC risk assessment is one that assists a financial institution in identifying inherent risks, the control environment and residual risk in order to identify the institution’s risk profile. As stated in the FFIEC Examination: “Understanding the risk profile enables the bank to apply appropriate risk management processes to the AML/compliance program to mitigate risk. There are many different types of risk assessments that are suitable. Financial institution management should identify the method or format best suited to identify their specific risk profile. In this session, we will provide 10 valuable recommendations to an effective BSA/AML/OFAC Risk Assessment.
DISCLAIMER: An invitation will be sent by Corporate One Federal Credit Union on behalf of the Central Ohio ACAMS Chapter.