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Best practices for your credit union’s BSA/AML risk assessments: Part 3

By: Jennifer Morrison, VP, Senior Risk Manager

This is the third article of a three-part series on the importance of the BSA/AML risk assessment with topical information, best practices, and suggestions for completing it. If you missed parts one and two, you can still view them:

Part One
Part Two

Last month’s article focused on how risks are defined as inherent risks and residual risks, as well as controls and the perils of assigning risks to the categories of low, medium or moderate, and high. This third article is going to define the relatively new and popular risk governance terms: the first, second, and third lines of defense.

  • Examining the first line of defense
  • Examining the second line of defense
  • Examining the third line of defense
  • Applying the lines of defense to your BSA/AML program