Is Your Organization’s Compliance Risk Program Strong? Developing Effective Compliance Risk Assessments

Why Should You Attend:

• What is the risk profile of your institution? Can you answer this with any level of certainty?
• If you can, have you substantiated this position?
• When was the last time you validated this conclusion?

Your risk profile is determinative of how you conduct business and how your regulator looks at, examines and identifies your institution in regard to the overall financial services arena. Your risk profile is made up of underlying factors that are the foundation of your business model and the purpose of your institution. If you are unable to identify the factors that make up your business, i.e. the products and services, the geographic arenas in which you function, the types of customers you deal with and the things that make you different, then can you truly defend your risk profile in an audit?

If you’ve failed in developing, monitoring and maintaining an appropriate risk profile, then you open your institution to further examination, intrusion, business interruption and possible regulatory action. One of the worst things that can happen during an audit is to have your regulator tell you that the risk assessment on which you’ve built your risk mitigation policies and procedures is inadequate for your company. Not only do you put yourself in a position in which you will find yourself scrambling to justify each decision made regarding your existing policies and procedures but you place yourself at a grave disadvantage which could lead to the expenditure of additional funds and resources that would be better spent expanding and enhancing your business.

This webinar will provide you sufficient understanding on:

• How to identify, evaluate and assess the underlying factors that make up your institution’s risk profile
• How to substantiate your conclusions and in-turn your risk mitigation processes and procedures covered under your AML/BSA risk management program

Areas Covered in the Webinar:

• Areas of General Concern
• Application of FFIEC Risk Assessment Requirements
• Identification of Risk Mitigation Factors
• Electronic systems
• Customers
• Products and services
• Geographic impact
• Evaluation of Underlying Factors
• Determination of applicable weights and impacts
• Determining Risk Profile of the Institution
• Drafting the Report
• Applying Risk Profile to Enhance Existing Risk Management Systems
• Taking a Futuristic Approach to Avoiding Future AML Concerns

Who Will Benefit:

• Compliance Officers and Analysts
• Company Management
• Audit Professionals
• AML/BSA Officers
• Consultants in the AML/BSA Industry
• Developers of AML/BSA Software
• Regulatory Compliance Associates and Managers
• Risk and Compliance Management

Instructor Profile:

Warren R. Markowitz is an attorney and veteran compliance officer. He has been involved in the US financial sector in one form or another since 1994. Mr. Markowitz has provided hands on, direct advisory services to domestic and international financial service providers in their dealings with federal and state oversight authorities and self-regulatory organizations, as both a lawyer and an advisor through several consulting and technology advisory firms. His experience with regulatory bodies has enabled him to represent his clients and provide real world references and perspective when resolving pre-existing issues and avoiding new ones.

Topic Background:

What is institutional risk assessment? In short it’s an impersonal look at your AML/BSA risk management program’s flaws, scars, holes and ungainly disfigurements. It’s an opportunity to review how you conduct your business from the inside out and to fill in the blanks, plug your holes and strengthen internal controls and systems in order to expand and further your risk management procedures and processes to protect your business and its reputation. Let’s not forget that your regulator is looking at it too.

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