BSA/AML/OFAC Consulting Services
Complying with BSA/AML/OFAC regulations requires resources and planning. We know it’s more than just costly, it’s a severe headache for many banks. Staffing issues, maintaining functioning systems, new regulatory requirements, updating procedures, training, reporting and examinations – the list goes on and on. Whether you need to establish a new program or upgrade your organization’s existing policy and procedures, update your BSA/AML/OFAC Risk Assessment, or fill a BSA Officer role temporarily, Peak’s CAMS Certified team works with you to meet all these needs. We provide any assistance you can possibly think of to improve your BSA/AML/OFAC program!
FCRM AML Manager & Fraud Manager Consulting Services
Our Peak FCRM experts will help you increase efficiency while maximizing the investment you have already made with your FCRM software. The Peak team is backed with over two decades of experience working in community banks and at Fiserv and holds the Certified Anti-Money Laundering Specialist (CAMS) industry accreditation. We offer a multitude of FCRM engagements, ranging from an FCRM Optimization Engagement, FCRM Model Validations, FCRM Expected Behavior Implementation, FCRM Risk Rating Automation Implementation (Dynamic Risk Scoring), to FCRM Business Analytics Training. We provide insight from years of working with all different kinds of banks on the Premier and Precision cores and know that what works for one bank might not work for your bank. See below for more details and know we are open to discussing any service you may need!
BSA/AML/OFAC Program Consulting
We evaluate your policies and procedures for how well they address your institution’s risks, their compliance strength, and how well they enhance the organization’s culture, operating environment, and personnel. We will evaluate staff and department compliance, review manual processes, system usage, and any factor pertinent to your program. Then we will help you update and enhance your policies and procedures, implement remediation, and provide training (to name a few!). We can also step in as a temporary BSA Officer. Let us help you review and update your program today to respond to or avoid regulatory and audit criticisms.
BSA/AML/OFAC Risk Assessment Consulting
An appropriate risk assessment identifies your Bank’s overall BSA/AML/OFAC risk throughout the entire Bank. Peak consultants use an extensive Business Analytics Report, staff questionnaires and their industry knowledge to help you create or update your risk assessment. When complete, it will document and demonstrate your Bank’s understanding of its BSA/AML/OFAC risks. In addition, we help you identify and shore up the weaknesses and gaps in your program, with a level of control commensurate with your identified level of risk, as well as factors unique to your Bank’s history, culture, and budget.
FCRM Optimization
We find that most clients are spending a lot of time reviewing unnecessary or redundant alerts each day, using older manual processes, and do not understand how FCRM really works. Peak Consulting will work with you to review FCRM to explore process improvements and efficiency gains. We provide insight from years of working in and with financial institutions. Let Peak Consultants unlock those enhancements you have been dreaming of and evaluate your system configuration for maximum productivity. We can also provide a detailed summary of findings with a roadmap of where we think you should focus your energy.
FCRM Expected Behavior Alert Implementation & Risk Rating Automation
Do you collect anticipated activity at account opening but must manually review to see if customers are conducting the indicated activity? Did you know FCRM can generate expected behavior alerts and eliminate manual reviews? Is your current risk rating process for customers and accounts causing you headaches from manual work and a compilation of Business Analytics Reports? Did you know FCRM can automate risk ratings with minimal manual intervention on your part? Peak Consulting will work with you to utilize the data collection in Premier core and import it into FCRM to automatically generate alerts and to utilize FCRM as your inherent risk rating system and maximize productivity. Using your bank’s risk assessment, transactional data, customer data and CDD/EDD data collected at account opening (or we can help you identify data to begin collecting), Peak consultants will guide you through a complete set-up and testing of expected behavior alerts and customer/account risk ratings to maximize productivity and system utilization.
FCRM Optimization Engagement
We find that most clients are spending a lot of time reviewing unnecessary or redundant alerts each day, using older manual processes and need an understanding of how FCRM really works. Peak Consulting will work with you to review FCRM to explore process improvements and efficiency gains.
FCRM Model Validation
Peak will review the FCRM system for alignment with your institution’s current risk profile and staff resources, model accuracy, efficiency, and the production of meaningful results. We will identify areas for improvement and provide an Executive Summary and a Project Plan. Following the Model Validation, Peak’s FCRM experts can work with you to ensure that all recommended changes are implemented.
FCRM Alert Definition Optimization
When was the last time you reviewed your alert definitions and adjusted parameters or added new alerts? Possibly never! We will take a deep dive into the BSA/AML alerts available within FCRM (whether active or not) and help you determine the existing alerts to modify, new alerts to add and then how to best set parameters within your institution’s risk tolerance and productivity goals.
FCRM Expected Behavior Alert Implementation
Are you collecting anticipated activity at account opening and manually review to see out of pattern transactions? Or are you manually entering the anticipated activity in FCRM? Peak Consulting will guide you through a process to collect the anticipated activity data from your core and generate alerts in FCRM with no manual intervention!
FCRM Risk Rating Automation
Did you know FCRM can automate risk ratings with minimal manual intervention on your part? Peak Consulting will work with you to utilize the system as your inherent risk rating system and maximize your productivity. Peak consultants will guide you through a complete set-up and testing of customer and account risk ratings.
FCRM Business Analytics (BA) Training & Custom Reports
Let’s face it, understanding all the ins and outs of the FCRM BA dashboard can be overwhelming! Are you struggling to work with the stock reports and not getting the information you need in a format that works for you? Do you still have to manually change existing reports before sending them out? We bring a unique perspective to BA training and can adjust for different audiences. We will review existing reports, implement improvements, and create custom reports for you based on specific reporting needs for your institution. We place a priority on helping you understand your system!
FCRM Custom Engagements
We offer a variety of custom engagements for specific needs outside of a full Optimization, including FCRM End User Training, Specification/Mapping/Process Review, & Watch List Optimization. Contact us today with your unique needs and we will create a project tailored just for your bank!
BSA/AML/OFAC Program Consulting
We evaluate your policies and procedures for how well they address your institution’s risks, their compliance strength, and how well they enhance the organization’s culture, operating environment, and personnel. Let us help you review and update your program today to respond to or avoid regulatory and audit criticisms.
BSA/AML/OFAC Risk Assessment Review
Tired of running multiple reports or tracking down data from other departments to complete your BSA/AML/OFAC Risk Assessment? Received audit or regulatory criticism on your Risk Assessment lacking detail? Let Peak help you create a new, robust Risk Assessment that accurately defines your Bank’s BSA/AML/OFAC risk levels!
BSA/AML/OFAC Custom Engagements
We offer a variety of custom engagements for your specific needs surrounding BSA/AML/OFAC compliance, such as a temporary BSA Officer, model conversion assistance, alert back-log clearing, and many more. Contact us with whatever your needs might be and we can help!
Watch List Methodology Creation
This is a new hot button in the BSA/AML/OFAC regulatory industry, and we find many clients are at a loss on where to start or have no time to complete this task. Peak consultants will work with you to identify all systems and parameters where watch lists are involved and will write a custom methodology document for your institution.
Watch List Below-the-Line Testing
Have your auditors or examiners asked you to provide testing to prove out your watch list parameters? No idea where or how to start or no time to get this done? Let Peak consultants assist you! We will strategize the best way to complete these – whether we do the work for you and leave you with a process in place or strategize with you on best practices for completion.
Effective Suspicious Activity Report (SAR) Narrative Writing
Understanding how to write an easy-to-read but impactful SAR is a critical component of BSA/AML regulations. A well-written narrative helps law enforcement and agencies determine how to act, but poorly written SARs have resulted in enforcement actions. Peak consultants will train your staff on best practices for SAR narratives.