BSA Risk Assessments and Annual Audits, Fully Compliant, “In a Box.”

RegSmart-BSA Risk & Review is the best automated, FFIEC-compliant BSA Risk Assessment and Governance SaaS in the financial services industry.

Risk & Review starts with a comprehensive BSA Risk Assessment that meets the standards of the FFIEC BSA/AML Manual and the OCC Money Laundering Risk Assessment by evaluating every location, product, service, customer profile, and material operational area that affects BSA risk. It offers hundreds of mitigating controls customized to high risk products, services, and customers. It calculates categorical and institutional risk using its proprietary risk algorithm and provides plain language reporting of every major aspect of BSA risk.

Risk & Review includes a comprehensive 280 question BSA exam preparation/audit application (with a complete OFAC audit), that covers the 16 critical areas of BSA compliance including BSA Program Administration, CIP, eBanking, OFAC, Monetary Instruments, and Private Banking.

RegSmart’s governance systems identify and quantify risk and and help institutional leadership direct resources where they’re needed the most for True “Risk Based” BSA compliance.

Here are RegSmart’s Six Steps to beginning great BSA Risk Management and Governance.

Governance

(gov’-er-nans)

The process of matching people, process, and technology to the business mission.

Risk Management

(risk man-ij-ment’)

Identifying potential loss and making informed decisions about whether to accept, transfer, mitigate, or avoid these losses.

Six Steps to Managing BSA Risk:
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Step 1 – Systematic Data Collection

RegSmart collects data in an intuitive wizard-based system that walks you through the BSA Risk Rating and stores that data so it’s ready for update any time you need it.

Step 2 – Inherent Risk Analysis

RegSmart’s subject matter experts have scoured regulations, regulatory guidance, and authoritative sources to arrive at Inherent Risk Rating for virtually every location, product, service, and customer profile so you are ready to answer regulator and executive inquiries about the inherent risk of your business.

Step 3 – Mitigating Controls

Customized to each product, service, and customer profile, RegSmart makes recommendations about how you might control BSA risks. It records your controls, the policies and procedures in which these controls are documented, and allows you to enter custom controls.

Step 4 – Residual Risk

You take your controls into account and re-rate your risk. RegSmart records the residual risk you assign to locations, products, services, and customers. With RegSmart, at a moment’s notice, you can “show your work” to a regulator, executive, or the board while strictly meeting the requirements of the FFIEC’s BSA Manual.

Step 5 – RegSmart Applies its Proprietary Risk Algorithm

In real time, RegSmart’s Proprietary Risk Algorithm calculates categorical and institutional risk ratings based on your current operations.

Step 6 – RegSmart Generates Real Time Risk Analysis in Clear Reports

The best data and analysis is useless unless the people in the organization can understand it and act on it before it’s stale. RegSmart suite of reports are customized to operational, management, executive, and board-level personnel in each case delivering the data and analysis these constituencies need to make informed decisions.