A risk assessment is a document or matrix that will identify your risk exposure.
Risk exposure should include factors such as:
- Customer Base
- Products Offered
- Regulatory Requirements
- Operational Risk
- Geographic Location – including High Intensity Financial Crime Areas (HIFCA) and High Drug Trafficking Areas (HIDTA)
A BSA/AML/OFAC compliance program must be commensurate with risk and in order to do so, financial institutions need a risk assessment.
GOT A QUESTION OF YOUR OWN?
RECOMMENDED READING
Breaking Down the BSA/AML Risk Assessment
Tags: AML, Anti Money Laundering, BSA, BSA/AML Programs, BSA/AML Risk Assessment Review, Custom Anti-Money Laundering Programs, OFAC, Risk Assessment
