Seminar on BSA AML, OFAC Risk Assessments | Policies and Procedures
One and Half Day workshop on
BSA/AML/OFAC Risk Assessments - Are you Doing them Correctly
Coming soon.. Please contact customer care for new schedule at +1-510-857-5896
Course Description
Although financial institutions have been managing BSA operations as per the regulatory requirements, the change in focus to appropriate BSA/AML/OFAC risk assessment has become increasingly important. Regulators look to the organization for insurance and evidence that BSA operations are appropriately performing risk assessments. Appropriate risk assessments are essential in an organization's strategic planning and development, as well as ensuring compliance with laws and regulations.

This Bank Secrecy Act risk assessment seminar will highlight BSA best practices that are being acknowledged and recognized by regulators and examiners and will discuss each risk assessment area. Attendees will learn how to conduct a comprehensive review of their current organization's BSA/AML/OFAC risk assessment.

Learning Objectives
Key goals of this BSA risk assessment course are:
  • To review and evaluate policies and procedures for risk assessments
  • To help identify your organization's risks
  • To determine your organization's risk threshold based on the organization's strategic plans and business models
  • To discuss how to conduct a comprehensive review of your organization's BSA/AML/OFAC risk assessment, including
    • Determining completeness of the risk assessments
    • Determining the thoroughness of risk assessments
    • Determining if current risk assessment matrixes are appropriate for your organization
  • To discuss how to establish risk assessments for your organization, specifically:
    • BSA risk assessments
    • AML risk assessments
    • OFAC risk assessments
  • To illustrate how to perform the risk assessments
  • To highlight the need for periodically reviewing risk assessments to determine if they are still relevant, appropriate and adequate
  • To discuss implementing a BSA/AML/OFAC risk assessment program at your organization
Who will Benefit
  • BSA / AML Officers
  • Internal Auditors
  • Staff with Roles and Responsibilities in BSA/AML Management and Oversight
  • Money Service Business BSA/AML Officers
  • Corporate Auditors
  • Risk Managers
  • Legal Department Personnel
  • Regulators
  • Compliance Officers

Day One (8:30 AM - 4:30 PM)

Day 1: (8:30 a.m. - 9:00 a.m.: Registration Process)

Session Start: 9:00 AM

Welcome and Introductions (30 Minutes)

Understanding the Basics (1 Hour)
  • Risk Assessment 101
    • What is a risk?
    • Risk and your business objectives
    • Types of risks
    • Consequences of failing to recognize risks
    • Lack of risk monitoring implications
Establishing the Importance of Proper Risk Assessing (1 Hour)
  • Board of Directors and Senior Management Involvement
    • Implementing a risk assessment which best reflects the organization's
    • goals and objectives
    • Examples of involvement
    • Roles and responsibilities
  • Reviewing and Determining Risks
    • Who is responsible for determining risks?
    • How do you know that your risk rating is appropriate?
  • Establish Appropriate Risk Ratings
    • Types of risk ratings
    • Who reviews and approves risk ratings?
    • Example: risk rating determination spreadsheet
  • When Risk Ratings Don't Make Sense
    • Changing risk ratings
    • Ensuring reasons are documented to support risk ratings
Establishing Risk Matrixes (5 Hours)
  • BSA Risk Assessments
    • Definition
    • Examples
  • AML Risk Assessments
    • Definition
    • Examples
  • OFAC Risk Assessments
    • Definition
    • Examples
Day Two (8:30 AM - 1:30 PM)

Welcome (15 Minutes)

Compliance Consideration (2 Hours)
  • The Office of Foreign Assets Controls (OFAC)
  • Massive Fines for Non-compliance
  • Examples of How Incorrect Risk Ratings Affect an Organization
Continuous Monitoring (2 Hours)
  • What is Considered Continuous Risk Assessment Monitoring
  • The Pros and Cons
  • Making Changes
  • Establishing a Review Schedule
The Risk Assessment Toolkit (45 Minutes)
  • Example Policies
  • Example Risk Assessment Matrixes
  • References and Links

Dr. Gina J. Lowdermilk - President and CEO, Platinum Endeavors LLC

Dr. Gina J. Lowdermilk, PhD (ABD), CAMS, CRMS is a qualified BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been on working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work with small community banks to large international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

Ms. Lowdermilk has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with FiServ, BAM, CRA Wiz, TeamMate, COGNOS, and Metavante banking software. Gina has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as per clients’ requests.