Annual BSA Program Quiz

The bank’s general risk management principles used enterprise-wide should be applied when assessing and managing BSA/AML risk. This risk assessment process enables management to better identify and mitigate gaps in the bank’s controls. There are many effective methods and formats used in completing a BSA/AML risk assessment, but in general the process should include a planning and conducting risk assessment phase. The planning phase will be key to ensure the bank’s overall risk management practices align with the BSA/AML strategy. A risk centric planning process combines the fundamental elements of strategic planning and enterprise risk management programs to truly sync the bank’s objectives and strategic plans. This will allow the bank to leverage its already established risk principles, side-step any potential problems and allow the bank to continue on its successfully course. During the conducting the risk assessment phase, the bank will assess those risk established during the planning phase. Typically, a bank will assess the following: • Impact • Likelihood • Mitigation It’s important to implement a consistent rating system, such as a low, moderate, high scale or possibly assigning a numeric value (i.e.- 1-3) to each. Whichever assessment rating system the bank utilizes ensure it aligns with the bank’s overall risk rating strategy, if possible.

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Annual BSA Program Quiz

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