With ever increasing focus from the regulators on how banks and credit unions are managing their various systems in place for detecting suspicious activity whether it’s within an anti-money laundering context, a sanctions screening context, or even anti-fraud context, there’s ever increasing expectations that you are going to properly manage your model risk. While this consists of a wide variety of steps that are well documented in various guidance issuances by the federal banking regulators, when look at these from a practical perspective as to what that all really means on a day-to-day basis, sometimes that guidance can seem off the mark from how things actually operate and function.

In this “Compliance Quick Bite”, our Director of BSA/AML Services, Matthew Hovis, CAMS, CFE, CPP, provides a brief, practical overview of some key controls you can have in place so that you can make sure you are managing your model risk properly, on a high level.


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