Understanding Risk Levels Through a Gap Analysis
Understanding Risk Levels Through a Gap Analysis
May 8, 2018

An important component of understanding your risk levels is identifying gaps, vulnerabilities and potential problems prior to a regulatory audit.  

While there are many components to a Gap Analysis, the key benefits are:

KEY BENEFITS OF A GAP ANALYSIS

  • In-Depth Analysis Into the 4 pillars
  • Eliminate Inefficiencies
  • Streamline Compliance Processes
  • Simplify Communication to Team

Let’s explore the key benefits a little closer…

THE 4 PILLARS

The four pillars of a BSA/AML/OFAC Compliance Program are the foundation for which a gap analysis is based off of.

  1. Designation of a Compliance Officer
  2. Development of internal policies, procedures and controls
  3. Ongoing, relevant training of employees
  4. Independent testing and review

 

Somewhere between your BSA/AML/OFAC risk strategy and execution, lies the gaps. Analyzing the known risk factors will determine if the risk is adequately mitigated or controlled.

ELIMINATE INEFFICIENCIES

Considering the myriad of rules and regulations that safeguard BSA practices, it can be cumbersome to make sure that your compliance systems are running as efficiently as possible.

STREAMLINE COMPLIANCE PROCESSES

When the gaps in your compliance systems are identified, you can streamline your policies and procedures and produce better results.  

SIMPLIFY COMMUNICATION

Understanding your gaps allows better communication to your compliance team. Unifying your messaging establishes what is expected of your employees and empowers them to resolve any issues in a timely manner.

THE SOLUTION

Our CAMS consultants are experts at uncovering vulnerabilities within your BSA/AML/OFAC internal controls. Their systematic approach is ideal for combing through compliance programs and uncovering gaps.

If you would like help mitigating the gaps in your BSA/AML/OFAC Compliance Program, contact us.

(855) 922-4325

info@CapitalComplianceExperts.com

About the Author

Julie Sepulveda
Marketing Coordinator

I have a love for design, organization and family.

Posted in: Compliance News, Service Highlight
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