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#1465880 - 11/09/10 04:27 PM Risk Assessments
t0dd Offline
100 Club
Joined: Sep 2004
Posts: 229
Do risk assessments need to be approved and reviewed by the board of directors?

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BSA/AML/CIP/OFAC Forum
#1465895 - 11/09/10 04:35 PM Re: Risk Assessments t0dd
J2C Offline
Diamond Poster
Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
no. but not a bad idea to inform them of what you identify, since they are responsible.

personally, ours go to the board for review and acceptance and it is noted in the board minutes.
_________________________
My opinion is mine only- not my employer's!


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#1465985 - 11/09/10 06:46 PM Re: Risk Assessments J2C
NewTooBSA Offline
Platinum Poster
Joined: Nov 2005
Posts: 568
Texas
Same here. We do an annual update prior to examiners coming and have the board review any changes.

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#1466121 - 11/09/10 08:35 PM Re: Risk Assessments NewTooBSA
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
Also make sure that your presentation of the risk assessment is in the Board minutes

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#1466158 - 11/09/10 09:09 PM Re: Risk Assessments devsfan
nemsi Offline
Gold Star
Joined: Nov 2005
Posts: 383
I present the risk assessments to the Audit Committee but not to the full board.

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#1466221 - 11/09/10 09:49 PM Re: Risk Assessments nemsi
Lilly C Offline
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Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
I submit the risk assessment to the board. I usually submit it with any BSA policy changes also.

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#1466232 - 11/09/10 10:05 PM Re: Risk Assessments Lilly C
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
Submit or present? To me submit implies asking for approval and the risk assessment should not be approved by the Board.

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#1466249 - 11/09/10 10:23 PM Re: Risk Assessments devsfan
OldTeller Offline
100 Club
Joined: Sep 2010
Posts: 159
Ours is also approved by our Audit committee, and presented to the board. We present that the board along with our AML/BSA program guide, that includes other things about our AML program.

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