ffiec risk assessment template

ffiec risk assessment template is a ffiec risk assessment sample that gives infomration on ffiec risk assessment design and format. when designing ffiec risk assessment example, it is important to consider ffiec risk assessment template style, design, color and theme. the objective of cdd is to enable the bank to understand the nature and purpose of customer relationships, which may include understanding the types of transactions in which a customer is likely to engage. the bank should identify the specific risks of the customer or category of customers, and then conduct an analysis of all pertinent information in order to develop the customer’s risk profile.

ffiec risk assessment overview

for example, the bank is expected to use the customer information and customer risk profile in its suspicious activity monitoring process to understand the types of transactions a particular customer would normally be expected to engage in as a baseline against which suspicious transactions are identified and to satisfy other regulatory requirements.5see 31 cfr 1020.210(b)(5)(ii) the bank may choose to implement cdd policies, procedures, and processes on an enterprise-wide basis. based on the customer risk profile, the bank may consider obtaining, at account opening (and throughout the relationship), more customer information in order to understand the nature and purpose of the customer relationship, such as: performing an appropriate level of ongoing due diligence that is commensurate with the customer’s risk profile is especially critical in understanding the customer’s transactions in order to assist the bank in determining when transactions are potentially suspicious. however, the bank may establish policies, procedures, and processes for determining whether and when, on the basis of risk, periodic reviews to update customer information should be conducted to ensure that customer information is current and accurate.

not all of the examination and testing procedures included in the risks associated with money laundering and terrorist financing sections will apply to every bank, or be used during every examination. customer relationships present varying levels of ml/tf and other illicit financial activity risks, and the potential risk to a bank depends on the presence or absence of numerous factors. the potential risk to a bank depends on the facts and circumstances specific to the customer relationship.

ffiec risk assessment format

a ffiec risk assessment sample is a type of document that creates a copy of itself when you open it. The doc or excel template has all of the design and format of the ffiec risk assessment sample, such as logos and tables, but you can modify content without altering the original style. When designing ffiec risk assessment form, you may add related information such as ffiec risk assessment template,ffiec risk assessment example,ffiec risk assessment matrix,ffiec risk assessment sample,ffiec risk assessment pdf

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ffiec risk assessment guide

customer due diligence (cdd),3 31 cfr 1010.210 and 1020.210(a)(2)(v). banks must have appropriate risk-based procedures for conducting ongoing cdd to understand the nature and purpose of customer relationships, and to develop customer risk profiles.7 31 cfr 1020.210(a)(2)(v). the scoping and planning process will help examiners to focus their reviews of risk management practices and compliance with bsa/aml regulatory requirements on areas with the greatest ml/tf and other illicit financial activity risk, which may include some customer types or groups. the specific examination procedures performed will depend on factors such as the bank’s risk profile, size, or complexity, expansionary activities, adoption of new innovations or technologies, changes to the bank’s bsa/aml compliance officer or department, the quality of the bank’s independent testing, and other relevant factors.

the first section of the ffiec manual is the bsa/aml risk assessment. keep in mind that risk assessments are not a one-size-fits-all solution because the manual stresses that the scope and depth of a risk assessment should be customized to your bank. ofac risk assessment – this is your assessment of the likelihood or risk of processing a transaction for a prohibited entity. the basic assessment methodology should start with identification of applicable risk attributes, documenting an understanding of inherent risk for each and analyzing the sufficiency of controls to mitigate risk.

be aware that examiners want to see your analysis; if you cannot quantify your assessment with data points, we suggest a narrative which explains your methodology and reasons for your assignment of a risk rating or conclusion. this is a great way to utilize tables or charts in your risk assessment. risk assessments serve as a snapshot of how you see your risk and a roadmap for enhancements; there should be some form of an overall risk exposure conclusion. if your bsa/aml risk assessment does not tell the story of your institution’s bsa risk profile, tca hopes this article provided some ideas to help the assessment continue to evolve. tca bsa consultants work with clients to prepare bsa/aml risk assessments or consult to prepare them for financial institutions.