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Let’s talk about a better way for small financial institutions to do the BSA/OFAC Risk Assessment.

Back in the day, most of us in small financial institutions were taught some variation of the “Appendix J” risk assessment. That was OK until recently. Now, it’s not really good enough and we think FIs are going to have to do better.

We think there are major limitations to the old way:

    1. It did not result in a good picture of bank-wide risk,
    2. It did not evaluate the way an account is used relative to the account holder’s business or geographical location
    3. It did not have a satisfactory way to “score” risk between account features, ownership entities and pertaining geographical factors and
    4. Most importantly, it did not help improve training or bank business line development.

We think we can show you a better way to do the Risk Assessment.

Yes, there is a moderate learning curve. Yes there will be some struggles. But, no, it won’t be expensive. And, no, it won’t be major trauma like a data conversion.

And, finally, no, it’s not entirely automatic; like other BSA apps you have seen, you’ll have some data to input and some periodic “file maintenance” to perform. But, you will have a better Risk Assessment and your institution will have a robust and useful tool to train employees and help the institution navigate BSA risk.

It’s easier to show than to say, so soon we’ll be posting a video to give you the headlines of how you and your financial institution can benefit.  If you want to talk about this, don’t hesitate to give us a call.  No charge for brain-picking.