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Have you just finished your annual regulatory examination, and the examiners found a problem with your Risk Assessment?

Does your AML Risk Assessment take into account all risks that your institution faces? Your lines of business, the geographical locations of your customers, the number of high risk customers, PEPs, new acquisitions or mergers? Does you Risk Assessment process provide you with clear heat maps on which to fashion your policies and procedures?

ARC’s AML-ology surveys indicate that one of the leading criticisms appearing in regulatory reports of examination is the inadequacy of an institution’s BSA/AML/OFAC Risk Assessment. The criticism often focuses on what was not included, lack of supporting statistics, failure to identify migrating factors, underestimating inherent risk, etc. The ARC Risk and Compliance team can assist in developing a more complete risk assessment by providing an independent perspective.

ARC Risk and Compliance can help you identify those risks so that you can plan accordingly.

An effective risk assessment will provide the framework against which your institution can evaluate the BSA/AML/OFAC risks for new products, defining the inherent risk, mitigating factors and residual risk. Our risk assessment process will examine your institution through compliance, legal and regulatory eyes to form a balanced evaluation reflecting what is taking place.

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