Assist to develop BSA/AML risk assessment by identifying the specific risk categories unique to the bank and conducting a more detailed analysis of the data identified to better assess the risk within these categories
Communicate with the lines of business regarding the customer risk, product risk, geographic risk of each business department; collaborate with each business department to create and keep updating inherent risk weighting by carrying out the steps below:
Control customer risk for each line of business by assisting each business unit with their customer risk scoring method associated with AML risk rating composite, business growth
Based on products and dollar volume of transaction, help each business unit set up product risk criteria
Ensure the bank's geographic risk is evolved from third party's risk assessment tool and is applied to each business unit appropriately
Communicate with relevant departments regarding regulatory exam findings, internal audit findings and any reviews of the BSA/AML program conducted by third parties
Identify any potential issues in current control assessment framework and escalate to VP of risk assessment
Ensure risk assessment is implemented within the framework
Based on the control assessment framework, help to conduct control assessment scoring which includes BSA/AML control assessment score, OFAC sanctions control assessment score, and control assessment score adjustments
Based on inherent risk and control assessment, help to determine the residual risk scores relating to BSA/AML and OFAC sanctions
Communicate with each line of business to make sure they are aligned with overall residual risk rating
Other tasks and projects
3-5 years of work experience. CAMs preferred
Business acumen; communication skill, creative problem solving; leadership and management; analytical skill; writing skill; technical skill; project management; relationship management; team work; planning and organizing; coaching.
Knowledge of U.S. Banking regulations and compliance practice, compliance risk management, and BOC Risk Governance Framework.
Knowledge of U.S. Banking regulations and compliance practice with strong emphasis on all aspects of BSA, AML and OFAC. Comprehensive knowledge of BSA/AML and OFAC related regulations and ability to implement the banks policies and procedures. Ability to conduct legal research, contract review and other related skillsets.