Comply with BSA/AML regulations
Scout’s BSA risk assessment module helps institutions make sure they are in compliance with the Bank Secrecy Act and related Anti-Money Laundering laws. By conducting a high level overview of your financial institution’s products and services, Scout compliance software helps you determine what risks and corresponding controls will affect each product or service in your institution.
Scout’s built-in reports and corresponding BSA controls audit program helps banks and credit unions have a better understanding of their risk environment and when controls should be audited.
Use the BSA risk assessment module to:
- Help identify money laundering vulnerabilities
- Spot trends in the risk areas
- Determine if your AML controls are effective
- Save time completing the BSA risk assessment
- Meet required BSA regulations
Identify Money Laundering Vulnerabilities
Scout comes pre-populated with ## financial product lines that could be vulnerable to money laundering. Simply delete any product lines that don’t apply. Custom fields let you add products unique to your institution. We make it easy to make sure your BSA/AML risk assessment is complete!
For each identified product line, Scout includes a list of the most common, recommended controls. Again, you can easily add or delete fields to customize this tool for your bank or credit union.
Once your list of risks and controls is ready, you rate each one according to potential impact. (How big is the risk? How effective is the control?) Once that’s done, Scout automatically calculates your residual risk in an easy-to-understand color coded format.
Comes Complete with FFIEC Audit Procedures
The FFIEC BSA guidance includes 239 audit procedures, all of which are built directly into Scout. Once your risk and controls are complete, you’ll know exactly how examiners want you to keep your audit updated.
Automatic Alerts Keep Your BSA Audit Current
Based on your risk ratings, Scout automatically calculates how often your control needs to be reviewed. Set up email alerts to remind you when BSA audit activity is due. User tracking automatically logs which staff member signed into Scout and reported audit activity complete. Staff can also use the attached notes field to track compliance activity.
Reporting Tools & Easy to Read Graphics
Scout’s built-in reporting tools allow your staff to generate useful BSA reports with just one click. All graphics are clickable and interactive, so you can drill-down for more information.
Risk levels are displayed in both numerical and color-coded format. So it’s easy to see your big picture BSA risk assessment at a glance. Green means you’re good to go. Red means more attention needed here!
BSA Compliance Made Easy
With Scout, you’ll have a quick, clear view of your BSA compliance status. Designed specifically for banks and credit unions, this turnkey compliance software comes pre-populated with products and controls and can be quickly customized for your financial institution. Plus, the color coded reporting tools provide an easy way to assess and analyze your risk. Our customers love it and auditors do too!