A BSA/AML Risk Assessment is a crucial component of your overall BSA/AML Program. Your Risk Assessment helps you identify your bank’s specific areas of BSA/AML risk so that you can determine the best ways to mitigate those risks. We often refer to your BSA/AML Risk Assessment as both your “sword” and your “shield.”
Kevin explains more in the video.
Video Highlights:
- Your risk assessment helps management to identify areas of risk.
- When an area of risk is identified, management can analyze the risks, communicate it to appropriate personnel, and develop new policies and procedures to reduce the level of risk.
- Risk assessments can be used as a sword (to attack problems) or a shield (to defend against potential audit findings).
Published
2023/05/25
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
