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The "How-to's" with step-by-step examples
Risk assessment…Can you go a week, or even a day, without hearing that phrase? As the compliance officer, you are required to have a risk assessment for AML, Remote Deposit Capture, ACH processing, OFAC, Identity Theft Red Flags, CIP … the list goes on ad nauseam. Now, add to the list attempting to navigate the new CFPB regulations. Which ones apply to your financial institution and which ones can you safely ignore? With all of this, perhaps you should do a risk assessment before deciding whether or not to go to work today!
A healthy compliance management program is based on establishing a comprehensive program of risk controls and reviews. To attain this lofty goal, you must start with a foundation based on identified risks. An effective compliance management program is one which recognizes, controls, and monitors compliance, reputation, and transaction risks.
This session is designed to assist you in development of a customized risk assessment for use in your financial institution's compliance program. We will cover the following steps:
- IDENTIFY - Where to locate those areas you should be measuring.
- CONTROL - How to reduce the identified and associated risks.
- MEASURE - How much is "high"? What can be categorized as "low"?
- PRIORITIZE - Which and what level of resources (time, personnel, assets, training, etc.) should be devoted to which risks.
- MONITOR - Keeping an eye out for changes and/or problems
Who should attend? This session is designed for:
- New compliance officers who need a jump start;
- Experienced compliance officers who want to ensure their compliance programs are sound and effective;
- Compliance auditors who need to develop risk-based compliance audits
Compliance Management Risk Assessment: Same Tune, Different Lyrics
Sample Risk Matrices
Questions and Answers