BSA Officer Part 2: BSA Reporting to the Board

Ultimate responsibility for your BSA program rests with the board, but directors depend on the information shared by the BSA Officer to make effective risk-based decisions. This session will provide detailed guidance on BSA reporting to the board, including training content, reporting frequency, and critical information directors need to evaluate program effectiveness. Learn how to enhance communication, target high-risk areas, and align reporting with regulatory expectations.

Ultimate responsibility for your BSA program rests with the board. However, since directors aren’t there to oversee 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 keep your institution in 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.

Communication with the board starts with effective initial and ongoing training and continues with periodic reporting to keep directors informed of not only your BSA program, but the ever-changing regulatory environment. In this session we will discuss appropriate training content as well as the frequency and type of reporting most needed by the board. We will highlight details directors need most to support their decision-making and enhance their understanding of your institution’s BSA/AML risks. We will also address the current BSA hot buttons they need to be aware of to ensure your institution has implemented appropriate controls and dedicated resources to the areas of highest risk.

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.