Call Us
Ask The Experts – What is a Risk Assessment and Do I Need One?

Ask The Experts – What is a Risk Assessment and Do I Need One?

Posted on: July 13th, 2021 by Julie

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?

Ask an Expert


RECOMMENDED READING

Breaking Down the BSA/AML Risk Assessment

BSA/AML Risk Assessment

 


 

Tags: , , , , , , ,

About the Author

Kyle Oden
Kyle Oden, CAMS
Director of Business Development

Over 13 years of experience consulting medium to large clients on their individual compliance needs. Proficient in working with Financial Service Centers, Money Transmitters, Cryptocurrency-related businesses, Casinos, Tribal Entities, Banks and Lenders. In my free time I enjoy drawing, being active and spending time with my family.

Quick & Easy Business Compliance Quotes

Start here for quick and easy business compliance quotes!

INFiN ACAMS MSBA FSCNY CAMS CFSP IMTC
Back to Top