BSA Risk Assessment

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