AML OFAC risk assessment cornerstone of an effective compliance shop


Craig Taggart is Keynote speaker at Compliance Key, Inc. He 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 experienc....

Overview

Risk assessments are the backbone of any well-built Anti-Money Laundering and Office of Foreign Assets Control compliance program. An efficient and effective program cannot be developed without knowing where one's risks reside. Today, many businesses--both financial and non-financial institutions--are conducting these assessments to uncover risks, design strong compliance programs, and mitigate their exposure. There are many decisions that need to be made when you decide to conduct an AML/OFAC risk assessment.

Why should you attend this webinar?

Education is power! There are not many other industries, that this concept could not be truer. The banking industry is the most regulated, compliance, governance driven industry in the country. This is actually for good reason, this is also one of the most lucrative fields a person can pursue regarding their overall career path. Here in lies the key reasons, with more rules and regulations, comes more need for us all to be aware of specifically when it comes to Anti Money Laundering and the Office of Foreign Assets control. These two areas are by far the largest overall risk exposure the banking industry has across the world. With so much overall activity and banking transactions occurring the need for constant risk assessment and compliance has never been higher than the present. The same risk management principles that the bank uses in traditional operational areas should be applied to assessing and managing BSA/AML risk. A well-developed risk assessment will assist in identifying the bank's BSA/AML risk profile. Understanding the risk profile enables the bank to apply appropriate risk management processes to the BSA/AML compliance program to mitigate risk. This risk assessment process enables management to better identify and mitigate gaps in the bank's controls. The risk assessment should provide a comprehensive analysis of the BSA/AML risks in a concise and organized presentation, and should be shared and communicated with all business lines across the bank, board of directors, management, and appropriate staff; as such, it is a sound practice that the risk assessment be reduced to writing.


There are many effective methods and formats used in completing a BSA/AML risk assessment; therefore, examiners should not advocate a particular method or format. Bank management should decide the appropriate method or format, based on the bank's particular risk profile. Whatever format management chooses to use for its risk assessment, it should be easily understood by all appropriate parties.

Areas Covered in the Session:

  • Know what is on the OFAC List
  • Identify each departments OFAC risk factors
  • Evaluate and rate each risk
  • Document & Summarize
  • 10 Risk-based OFAC Monitoring and Screening Practices
  • Higher risk geographic locations in relation to BSA/AML
  • 5 specific risk categories of AML

Who can Benefit:

  • Bank and financial institution auditors
  • Controllers and corporate managers
  • Forensic and management accountants, accounts payable and financial analysts
  • Governance, risk management and compliance officers
  • Internal and external auditors, CPAs and CAs
  • Certified Fraud Examiners and other anti-fraud professionals



Webinar Id: CIFCMT007

Training Options:

Duration: 90 mins

 Recorded: [Six month unlimited access]

 $217(Single Attendee) $599 (Unlimited Attendee)

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