AuditLink has teamed up with the best BSA auditors in the country, Lillie and Company, to ensure you will always be ready for an external audit or exam. Our partnership combines our expertise of CU*BASE (reports and best practices) with their track record of providing credit unions with auditing and consulting services exclusively designed for credit unions across the country.
We share the passion that a BSA exam/audit should be as much an educational experience as forming an opinion on the credit union’s BSA program. This booklet ensures you are ready, educated, and confident when the auditor or examiner sends their checklist.
Inside you will find all of the instructions and insight you will need to create and perform a well-developed BSA/OFAC Risk Assessment that will serve as the cornerstone of an effective BSA program and identifies the credit union’s institutional risk profile.
Learn to perform a risk assessment that enables your management to better manage and mitigate gaps in operational controls. One that drives policies, procedures, and internal controls. Learn why your risk assessment should be shared across all business lines within the credit union and all business line leaders should be actively involved in the process.
It is used by auditors and examiners to scope out the review of your BSA program. A poorly done risk assessment can lead to a more exhaustive third-party review and will not provide the BSA officer with winning arguments relative to the credit union’s program.
Who Should Read this Paper?
A self-help guide for a well-developed BSA/OFAC Risk Assessment. Includes industry expertise, questions for consideration during your audit/exam comprehensive user manuals for CU*BASE Toolsets and Reference Materials making your audit/exam a success. Designed for Credit Union Executives, Managers and Supervisory Committee