BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly: One and Half Day In-person Seminar
Gina J. Lowdermilk, BSA/Compliance Auditor and Consultant
San Francisco CA
| Thursday, January 19, 2017 | Friday, January 20, 2017
||This Seminar is Certified for CAMS and CPE Credits
The Association of Certified Anti-Money Laundering Specialist ® (ACAMS) has certified our seminar on “BSA/AML/OFAC Risk Assessments - Are You Doing Them Correctly” for a total of ten (10) CAMS credits, and has the National Association of State Boards of Accountancy (NASBA) for 14.4 CPE credits.
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.
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
Seminar Fee Includes:
USB with seminar presentation
Hard copy of presentation
$100 Gift Cert for next seminar
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
- Compliance Officers
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.
We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail firstname.lastname@example.org.
Members of the Association of Certified Anti-Money Laundering Specialists have the opportunity to earn a total of 12 CAMS credits. For more information please visit www.ACAMS.org or contact email@example.com..
Field of Study:
- Specialized Knowledge and Applications 720 Min
Program Delivery Method: Group-Live
Program Level: Basic and Intermediate
Advance Preparation/Program Prerequisites: None
|Day One (8:30 AM – 4:30 PM)
||Day Two (8:00 AM – 12:00 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM
Welcome and Introductions (30 Minutes)
Understanding the Basics (1 Hour)
- 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 (1 Hour)
- 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 (5 Hours)
- BSA Risk Assessments
- AML Risk Assessments
- OFAC Risk Assessments
- The Office of Foreign Assets Controls (OFAC)
- Massive Fines for Non-compliance
- Examples of How Incorrect Risk Ratings Affect an Organization
- 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
Meet Your Instructor
||Gina J. Lowdermilk
BSA/Compliance Auditor and Consultant
Dr Gina J. Lowdermilk, PhD (ABD), CAMS, CRMS is a highly experienced and educated BSA/AML and financial regulatory compliance professional with extensive experience in policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting . Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.
Ms. Lowdermilk has worked with almost all financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with FiServ, BAM, CRA Wiz, TeamMate, COGNOS, and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and compliance articles, training materials, and manuals for numerous clients.
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San Francisco, CA (Venue to be announced shortly)
January 19-20, 2017
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