BSA/AML Risk Assessments
Automating BSA/AML risk assessments
The Federal Financial Institutions Examination Council (FFIEC) requires a risk-based approach for conducting a BSA/AML assessment.
“AML360 provides the banking industry with digital solutions for the BSA AML risk assessment, and the BSA/AML compliance program review.”
BSA/AML Risk Assessments
Examination and testing procedures
AML360 has been configured, by AML compliance professionals, to the legislative requirements of the BSA/AML risk assessment. Provide your BSA examiner with a proven and tested methodology that saves your business months of manual risk analysis.
Condensed explanatory reports
AML360’s risk reports provide everything that an AML compliance risk manager, Board director or BSA examiner requires. This includes an explained risk methodology, key risk indicators as required by the BSA Manual, risk matrices and explanatory notes to each risk. Should deeper analysis be required, each risk assessment includes a detailed guidance manual.
Visualisation
AML compliance officers can use the data filters from their online risk register. The filters allow reviews with results viewed in both heat maps and summary data reports.
Ease of Use
An organisation simply logs into their AML360 account, selects data responses from screen options, then clicks ‘calculate’. The report is displayed on screen with a copy sent to the nominated email and a further record filed in the online register from where ongoing updates are undertaken.
Risk Levels
The report provides consolidated risk and ratings of key risk indicators. The heat maps allow businesses to easily pinpoint higher risk areas requiring stronger controls for risk mitigation.
Saves Time
Human resourcing is a high expense to compliance teams. Regulatory technology allows businesses to allocate their human resourcing more efficiently.
BSA/AML Enterprise-Wide
The AML360 BSA/AML risk assessment can quickly return results for a group/enterprise-wide, risk assessment.
Case Management
The register includes a case management feature for making administrative endorsements to the assessment.
Task Register
A task register allows workflow deployments. Tasks can be entered and assigned to employees, deadlines set, tracked and monitored. Updated reports are centralised which helps with record retention and preparation of site visits.
Tracking and Reporting
Heat maps can be used to display priority tasks and the current status of that task.
