BSA Officer Part 2: BSA Reporting to the Board

Ultimate responsibility for your BSA program rests with the board. Since directors aren’t there to oversee the day-to-day operations, they must rely on the information provided by the BSA officer and management to make the strategic, risk-based decisions needed to maintain compliance and avoid costly incidents of fraud. What’s more, recent BSA enforcement actions have cited lack of board and management oversight as a significant violation.

BSA officer communication with the board starts with effective initial and ongoing training and continues with periodic reporting to keep directors informed on your BSA program and the ever-changing regulatory environment. This session will address appropriate training content, as well as the frequency and type of reporting most needed by the board. It will highlight the details that directors need most to support their decision-making and enhance their understanding of your institution’s BSA/AML risks. Learn current BSA hot buttons your board needs to understand to ensure your institution has implemented appropriate controls and dedicated resources to the areas of highest risk.