Enterprise Risk Management
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Challenge Summary - Patriot Act Many banks are experiencing serious challenges trying to manage their ongoing enterprise risk efforts. Tight deadlines combined with a lack of clear guidelines as to how financial institutions need to respond to the PATRIOT Act, have led many organizations to either choose the wrong solution, or to incorrectly implement the one they selected. No single solution supports the needs of banks to satisfy compliance requirements. As a result, multiple point solutions were developed and installed to monitor various high risk activities:
- Know Your Customer
- Risk Scoring
- Watch List Management
- Daily AML monitoring
- CTR and SAR reporting
The costs and complexities of managing a patchwork environment of compliance applications has pushed many banks to seek a better path forward... (Learn More)
Challenge Summary - Operational Risk The operational environment for many banks has evolved dramatically in recent years. Growth in e-banking and automation along with new and highly complex products in even larger organizations from the continuing consolidation of the banking industry have led to higher risk profiles for many financial institutions... (Learn More)
Challenge Summary - Compliance Reporting Institutions must establish a solid reporting process that is efficient, accurate, flexible, and dynamic and provides balanced reports that can be reconciled to the financial institution’s general ledger to meet regulatory demand... (Learn More) What Can ADS Do For You? A successful AML Program is not reliant on a single strength, but the combination of several factors which build one upon the other. ADS will work with you to: - Provide insight into your current compliance to FFIEC guidelines
- Assess your current program and target areas to reduce your operational and reputation risk
- Design an enhanced operational model that meets today’s challenges as well as prepares you for future challenges
- Identify the vendors and services that best meet your needs and stay until the new solution is implemented and is fully functional
Want to learn more? Click here to view the Enterprise Risk Management Practice Summary
Helpful Resources Listed here are important links & resources United States Immigration and Customs Enforcement (ICE) www.ice.com Money Service Businesses www.msb.gov Financial Crimes Enforcement Network (FinCEN) www.fincen.gov Federal Deposit Insurance Corporation www.fdic.gov Office of the Comptroller of the Currency www.occ.gov
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