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.
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Tags: AML, Anti Money Laundering, BSA, BSA/AML Programs, BSA/AML Risk Assessment Review, Custom Anti-Money Laundering Programs, OFAC, Risk Assessment