This document discusses effective anti-money laundering (AML) controls and practices for financial institutions. It explains that AML officers have many responsibilities, including legal, operational, investigative, and acting as a liaison with auditors and regulators. Maintaining fully effective controls is challenging given these diverse duties. The webinar aims to identify issues that have led to failures at other institutions, develop a roadmap to prevent such issues, and provide a practical approach to AML program architecture. It will cover topics like risk assessments, audit reviews, board reporting, staff training, and case studies to help institutions strengthen their AML divisions and oversight. The webinar content would benefit compliance officers, risk officers, auditors, and
The velocity and volume of regulatory changes suggests that the environment is continuously becoming more complex. As new laws are enacted, organizations must adapt the way they conduct business. In this presentation, learn how a software tool can help reduce their compliance exposure by tracking regulatory changes, managing internal and external risks, and identifying process gaps.
Presentation by: Amanda Cohen, Application Manager, Resolver Inc.
Six sigma significance in Aviation IndustryMomina Riaz
Implementation of Six Sigma is important is that it helps in reducing defects. Using Six Sigma techniques, employees are able to identify problem areas as well as recurring issues that affect the overall quality expectation of a service or product from a customer's viewpoint.
I presented this at ACFE Middle East conference in Dubai on 15th Feb 2016. I would also attach another document which has some other relevant details and was provided to participants.
The velocity and volume of regulatory changes suggests that the environment is continuously becoming more complex. As new laws are enacted, organizations must adapt the way they conduct business. In this presentation, learn how a software tool can help reduce their compliance exposure by tracking regulatory changes, managing internal and external risks, and identifying process gaps.
Presentation by: Amanda Cohen, Application Manager, Resolver Inc.
Six sigma significance in Aviation IndustryMomina Riaz
Implementation of Six Sigma is important is that it helps in reducing defects. Using Six Sigma techniques, employees are able to identify problem areas as well as recurring issues that affect the overall quality expectation of a service or product from a customer's viewpoint.
I presented this at ACFE Middle East conference in Dubai on 15th Feb 2016. I would also attach another document which has some other relevant details and was provided to participants.
The role of audit committees continues to expand to keep pace with the modern business operating environment. In addition to responsibility for a company’s financial reporting and management, audit committees increasingly take an active role in an organization’s risk management strategy.
Audit committees can be instrumental in helping their organizations implement procedures to address the challenges they face. They can also assist with addressing internal and external audit findings or with exploring best practices for addressing areas of operations that may be vulnerable to disruption or extraordinary risks.
Regardless of size or type of operation, all companies can benefit from having an audit committee to help with corporate governance strategies and, ultimately, provide the best chance to ensure the organization’s success. In the case of public companies, the Sarbanes-Oxley Act of 2002 (SOX), makes it a requirement to have an audit committee that follows several key mandates for reporting annual financial statements. Private sector companies can benefit from audit committee oversight, as well.
Enterprise risk management is an underutilized management practice that allows community-based financial institutions to become more efficient, smarter, and better able to compete in an increasingly complex environment.
WolfPAC Solutions Group Director Michael Cohn creates a strong case on why community-based financial institutions should implement an enterprise risk management program to reduce costs and successfully achieve business goals in an increasingly competitive and regulated environment.
Narayana Rao Mahankali Week 11 - DiscussionCOLLAPSETop of Fo.docxvannagoforth
Narayana Rao Mahankali
Week 11 - Discussion
COLLAPSE
Top of Form
Week 11 – Discussion:
ERM Measures & Mini case studies:
The organization's ERM goal ought to be to quantify and express the normal result from accomplishing them. The result ought to be based, to the degree conceivable, on the normal helpful effect on the execution estimates that are utilized to run the organization. This kind of rule suggests, obviously, that the organization as of now has set up unmistakably verbalized and surely knew execution proportions of this sort. The types of risks that ERM to cover and the ERM measures that the organization should implement to monitor risks include in the following broad categories: Financial, Operational, Hazard, Strategic plans.
The key measures I will recommend that Akawini uses in the monitoring of both progress and performance is to follow in characterizing the risk types a given organization should cover in its ERM program and that organization supervisors need to take care of and oversee in an incorporated manner is that the risks matter most to the organization's strategic goals. Managers need an unmistakable, normal comprehension of what the organization implies by those risks and why they are vital to the company’s performance.
In setting the extent of their ERM program, organization leaders need to verify that the extent of risks and extent of processes are aligned and that they are probably going to enable the organization to achieve the ERM objectives they have officially set. Also, in deciding the administration procedures to be influenced, they should be sensible about the level of impact the ERM work can apply on the officeholder owners of these influenced procedures authoritative turf is ordinarily referred to as a main leading obstacle to compelling ERM. The pragmatic result is that the underlying scope is frequently less broad than the long-term desired scope.
References:
· Fraser, J., Simkins, B. & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. Wiley & Sons.
· https://www.logicmanager.com/erm-software/2018/09/05/how-to-measure-your-enterprise-risk-management-effectiveness/
Bottom of Form
Srilekha Dasari
week 11
COLLAPSE
Top of Form
The Akawini copper company is a mining company with an international concern for the minerals. The company uses Enterprise Risk Management to ensure the effectiveness of its operations. The risk management system for the Akawini Company when shipping the concentrate to the port by the use of the trucks. The ERM is also important for the managing of the 1500 employees working in the suite and the port. The implemented framework for the management of the risks in the company is not effective because it is not likely to yield more profits ("Implementing Enterprise Risk Management: Case Studies and Best Practices", 2019).
The risk assessment should be done monthly or quarterly and not on an annual basis. It is important to track the progres ...
Given the current regulatory environment and the resulting changes going on in the industry today, the chief risk officer has become the most important person in the financial institution.
WolfPAC Solutions Group Director Michael Cohn interviewed chief risk officers at financial institutions across the country to find out how they became a CRO, what skills and experience they bring to the role, and what is expected of them now.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
We show you the methodology for conducting the Compliance Risk Assessment and how to provide meaningful action plans.
Centralized operations – Risk, Control, and CompliancePECB
The webinar covers:
• Centralized operation models (shared services)
• The benefits case
• Options for managing risk, control and compliance in centralized operations
Presenter:
This session was presented by Steve Tremblay, Senior ITSM Consultant and Trainer at ExcelsaTech, and a PECB Certified Trainer.
Link of the recorded session published on YouTube: https://youtu.be/LaLWI_ULjjU
Do you ever feel confused, worried or overwhelmed about where to begin when looking at improving your compliance program? Do you wish that you had a resource to help you organize and create better processes to address your most pressing needs? If so, you need this guide. Compliance issues can surface any minute and change the company’s course in a matter of seconds, don’t wait to get started.
This should be read in conjunction with the Presentation uploaded by me for Fraud Risk Assessments. This was presented along with presentation at the ACFE Middle East 2016 conference at Dubai by me
The role of audit committees continues to expand to keep pace with the modern business operating environment. In addition to responsibility for a company’s financial reporting and management, audit committees increasingly take an active role in an organization’s risk management strategy.
Audit committees can be instrumental in helping their organizations implement procedures to address the challenges they face. They can also assist with addressing internal and external audit findings or with exploring best practices for addressing areas of operations that may be vulnerable to disruption or extraordinary risks.
Regardless of size or type of operation, all companies can benefit from having an audit committee to help with corporate governance strategies and, ultimately, provide the best chance to ensure the organization’s success. In the case of public companies, the Sarbanes-Oxley Act of 2002 (SOX), makes it a requirement to have an audit committee that follows several key mandates for reporting annual financial statements. Private sector companies can benefit from audit committee oversight, as well.
Enterprise risk management is an underutilized management practice that allows community-based financial institutions to become more efficient, smarter, and better able to compete in an increasingly complex environment.
WolfPAC Solutions Group Director Michael Cohn creates a strong case on why community-based financial institutions should implement an enterprise risk management program to reduce costs and successfully achieve business goals in an increasingly competitive and regulated environment.
Narayana Rao Mahankali Week 11 - DiscussionCOLLAPSETop of Fo.docxvannagoforth
Narayana Rao Mahankali
Week 11 - Discussion
COLLAPSE
Top of Form
Week 11 – Discussion:
ERM Measures & Mini case studies:
The organization's ERM goal ought to be to quantify and express the normal result from accomplishing them. The result ought to be based, to the degree conceivable, on the normal helpful effect on the execution estimates that are utilized to run the organization. This kind of rule suggests, obviously, that the organization as of now has set up unmistakably verbalized and surely knew execution proportions of this sort. The types of risks that ERM to cover and the ERM measures that the organization should implement to monitor risks include in the following broad categories: Financial, Operational, Hazard, Strategic plans.
The key measures I will recommend that Akawini uses in the monitoring of both progress and performance is to follow in characterizing the risk types a given organization should cover in its ERM program and that organization supervisors need to take care of and oversee in an incorporated manner is that the risks matter most to the organization's strategic goals. Managers need an unmistakable, normal comprehension of what the organization implies by those risks and why they are vital to the company’s performance.
In setting the extent of their ERM program, organization leaders need to verify that the extent of risks and extent of processes are aligned and that they are probably going to enable the organization to achieve the ERM objectives they have officially set. Also, in deciding the administration procedures to be influenced, they should be sensible about the level of impact the ERM work can apply on the officeholder owners of these influenced procedures authoritative turf is ordinarily referred to as a main leading obstacle to compelling ERM. The pragmatic result is that the underlying scope is frequently less broad than the long-term desired scope.
References:
· Fraser, J., Simkins, B. & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. Wiley & Sons.
· https://www.logicmanager.com/erm-software/2018/09/05/how-to-measure-your-enterprise-risk-management-effectiveness/
Bottom of Form
Srilekha Dasari
week 11
COLLAPSE
Top of Form
The Akawini copper company is a mining company with an international concern for the minerals. The company uses Enterprise Risk Management to ensure the effectiveness of its operations. The risk management system for the Akawini Company when shipping the concentrate to the port by the use of the trucks. The ERM is also important for the managing of the 1500 employees working in the suite and the port. The implemented framework for the management of the risks in the company is not effective because it is not likely to yield more profits ("Implementing Enterprise Risk Management: Case Studies and Best Practices", 2019).
The risk assessment should be done monthly or quarterly and not on an annual basis. It is important to track the progres ...
Given the current regulatory environment and the resulting changes going on in the industry today, the chief risk officer has become the most important person in the financial institution.
WolfPAC Solutions Group Director Michael Cohn interviewed chief risk officers at financial institutions across the country to find out how they became a CRO, what skills and experience they bring to the role, and what is expected of them now.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
We show you the methodology for conducting the Compliance Risk Assessment and how to provide meaningful action plans.
Centralized operations – Risk, Control, and CompliancePECB
The webinar covers:
• Centralized operation models (shared services)
• The benefits case
• Options for managing risk, control and compliance in centralized operations
Presenter:
This session was presented by Steve Tremblay, Senior ITSM Consultant and Trainer at ExcelsaTech, and a PECB Certified Trainer.
Link of the recorded session published on YouTube: https://youtu.be/LaLWI_ULjjU
Do you ever feel confused, worried or overwhelmed about where to begin when looking at improving your compliance program? Do you wish that you had a resource to help you organize and create better processes to address your most pressing needs? If so, you need this guide. Compliance issues can surface any minute and change the company’s course in a matter of seconds, don’t wait to get started.
This should be read in conjunction with the Presentation uploaded by me for Fraud Risk Assessments. This was presented along with presentation at the ACFE Middle East 2016 conference at Dubai by me
Similar to Effective and practical controls for solid aml division (20)
This HIPAA Privacy and Security Audits and Enforcement training will cover HIPAA Privacy, Security, and Breach Notification regulations (and the recent changes to them) and how they will be audited. Documentation requirements, enforcement actions and how to prepare and respond to an audit will also be explored.
Excel spreadsheets how to ensure 21 cfr part 11 compliancecomplianceonline123
Learn to create a GxP compliant Excel spreadsheet application. Understand how to validate Excel spreadsheets with minimal documentation. Learn to configure Excel for audit trails, security features, and data entry verification.
Reaching Clean Power Plan Goals at No Cost: Securing the Smart Grid’s Potentialcomplianceonline123
The webinar training on clean power plans and the smart grid’s role in compliance will discuss final 111(d) rule components under which smart grid capabilities will qualify.
What is a Free Trade Zone?
A free trade zone (FTZ)is a designated area that eliminates traditional trade barriers, such as tariffs, some kind of taxes and fees and minimizes bureaucratic
regulations.
The goal of a free trade zone is to enhance global market presence of the Country or location by attracting new business and foreign investments.
Tax-free trade zones generate foreign exchange through exports, and create economic value added.
Free, foreign, and export processing zones all fall under the umbrella of being free trade zones. Because these terms are confusingly similar, they are often used
interchangeably.
What is SEC?
The U.S. Securities and Exchange Commission (SEC) oversees the key participants in the securities world.
Concerned with promoting disclosure of important market information, maintaining fair dealing, and protecting against fraud.
Responsibilities include:
Interpret and enforce federal securities laws
Issue new rules and amend existing rules
Oversee inspection of securities firms, brokers, investment advisers and ratings agencies
Oversee private regulatory organizations in securities, accounting, auditing fields
Coordinate U.S. securities regulation with federal, state, and foreign authorities
SEC Organization:
Division of Corporate Finance:Reviews documents required to be filed with the Commission
Division of Trading: Assists in maintaining fair, orderly and efficient markets.
Division of Investment Management: Maintains oversight of America’s $26T investment management industry
Division of Enforcement: Recommends commencement of investigations of SEC law violations
Division of Economic and Risk Analysis: Integrates robust economic analysis and data analytics
Laws Governing SEC:
Securities Act of 1933
Securities Exchange Act of 1934
Trust Indenture Act of 1939
Investment Company Act of 1940
Investment Advisers Act of 1940
Sarbanes-Oxley Act of 2002
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Jumpstart Our Business Startups Act of 2012
SEC Reports:
8k - A report of unscheduled material events or corporate changes at a company that could be of importance to the shareholders or SEC
10k - Comprehensive summary report of a company's performance. Submitted annually to the SEC
10Q - A comprehensive report of a company's performance that must be submitted quarterly by all public companies to SEC. In10-Q, firms are required to disclose relevant information regarding their financial position.
18K - Use to update the SEC and investors regarding the status of a domestically traded foreign security and its issuer.
20F - A form issued by the SEC that must be submitted by all "foreign private issuers" that have listed equity shares on exchanges in the U.S.
SEC Investigations:
Can be triggered in many ways
Investigation is not the same as prosecution
Investigations involve fact finding and are usually not public
During an investigation, neither the staff nor the Commission makes any determination of wrongdoing
Following investigation, SEC staff present findings to the Commission
Commission can authorize the staff to file a case in federal court or bring an administrative action.
What Constitutes a GRC Program?
Governance, risk and compliance or GRC programs are complex – an organization has to use its GRC program to address the regulatory requirements expected of, among
others, the following:
Enterprise Risk Management
COSO Internal Controls
Environmental Compliance (EPA rules)
Anti Trust
Anti Money Laundering
Anti Bribery/Corruption
Quality Management and Standards such as ISO 9000, 9001
Process Management such as Six Sigma
Anti Harassment
Human Capital
Whistle-blowing
HR Processes
The areas listed above are just few of those that come under the purview of a robust GRC program.
Why Audit a GRC Program?
Given the complex nature of regulations around the world today and the increasing risks of doing business, it is important that the GRC program in an organization is
audited frequently. Most of the lapses in corporate governance occur due to outdated GRC programs that have not been audited and updated to reflect the current
regulatory environment.
Internal audits of GRC programs allow management and the board to identify risks and areas that need strengthening and root out any non-compliance.
An audit can help evaluate the adequacy of the program’s design and effectiveness as well as new practices and technologies to be implemented.
Audits of the GRC program have to be carried out periodically – these should supplement an ongoing, daily evaluation of the effectiveness of the program, including
monitoring of controls and responses.
Internal Audit Process – The General Steps:
Define evaluation scope, objectives, and the type of evaluation.
Define the level and type of assurance
Identify the evaluation team and skills required.
Develop evaluation plan.
Perform design adequacy evaluation.
Perform operational effectiveness evaluation.
Communicate evaluation results and ensure follow-up to address issues.
This quick reference guide discusses the anti-money laundering requirements for non-bank financial institutions including for Money Services Business (MSB).
What is Workplace Harassment?
Harassment is any unwelcome verbal or physical conduct based on protected bases (race, color, religion, sex, national origin, age, disability, retaliation, and sexual orientation) when:
The conduct culminates in a tangible employment action, or
The conduct was sufficiently severe or pervasive to create a hostile work environment.
How to Determine Harassment Exists?
To determine whether the harassment exists:
Evaluate frequency and severity of misconduct
Apply reasonable person standard
Would a reasonable person find the behavior hostile, intimidating or abusive?
Tangible effect on job not necessary
Psychological harm not necessary
What is Sexual Harassment?
EEOC defines sexual harassment as:
Unwelcome sexual advances
Requests for sexual favors
Other verbal or physical conduct of a sexual nature
Two most common forms of sexual harassment are:
Quid pro quo harassment
Hostile work environment harassment
Who Can Be Involved in Harassment?
Those who commit, employees at all levels:
Manager
Co-worker
Customers
Vendors
Members of opposite sex, members of same sex, etc.
Those who are targeted:
Victims
Bystanders
Witnesses who are affected by the harassment
How to Prevent and Respond to Harassment?
Review and understand company harassment policy
Comply with Title VII of the Civil Rights Act, which prohibits harassment and discrimination
Know how and when to respond to harassment issues
Report harassment immediately
Effective and practical controls for solid aml division
1. Effective and Practical Controls For Solid AML Division
This training on anti-money laundering compliance will explain the concept of an AML unit. It
will examine some of the banking industry’s more notable compliance failures and the reasons
for these failures and how to prevent such events in the future.
In the current regulatory environment, there are so many functions and responsibilities that an
AML Officer has to undertake along with the rest of the compliance department staff and
resources. AML Officers generally have to wear different hats: technology, legal, operational,
investigator, business manager and agent between audit and/or government examiners. It is
very plausible that not all of us can wear all these hats at one time and thus not all of our
controls in place are 100% impenetrable. Furthermore, since we are so involved with all of
these tasks on a daily basis, it is very easy to overlook concepts and controls that are not 100%
effective. How do we take a step back and analyze this with a fresh set of eyes? How do we set
controls in place that do not restrict the growth of business while preventing criminal activity?
The goal of this webinar is to break down the functions of an AML unit into practical terms and
understand the underlying concepts. It will review and identify issues seen in previous failing
institutions and develop a roadmap that can help prevent such issues cropping up in other
institutions. This webinar will take an in-depth look at how to juggle all of the responsibilities
along with making your division a solid and proactive unit. All too often it is seen that the
overwhelming responsibilities of an AML unit are the cause for cracks and holes in processes.
This course will examine those points and provide a practical and clear approach to AML
Architecture. Sharpen your skills as an AML Officer and ensure that you are covering and
protecting your institution as much as possible. Learn to use your resources to the fullest and
fine-tune systems and reports.
Areas Covered in the Webinar:
What is the concept of an AML Unit?
How to approach Risk Based Prevention
Systems vs. Manual controls
Pros and Cons
Costs and risk assessment
Defining how bank sold products alter your AML program
Effective risk assessments, audit reviews and the interpretation of each
Board involvement and reporting processes
Unit development;
Further education for employees and unit members
AML Architecture and design
2. Effective Flow Charts
Size vs. effectiveness
Unit functions and methods for being proactive
Banking case studies
Who Will Benefit:
Compliance Officers
Risk Officers
Internal Auditors
Operational Risk Managers
Board of Director Members
Third party consultants
For more details visit us at:
http://www.complianceonline.com/ecommerce/control/trainingFocu
s/~product_id=703122?channel=Doc_organic