BSA / AML Model Validation

The Service

In administering a BSA program, you may choose to utilize AML monitoring software. The use of such software is becoming more common in the financial services industry and may help you properly allocate resources to your BSA program.

An effective model validation of BSA/AML software will verify if your processes and activities are performing as expected and are in line with your objectives and needs. Our BSA/AML Model Validation will assess the development, implementation, and use of your BSA/AML risk monitoring model according to the Supervisory Guidance on Model Risk Management OCC.

We utilize this guidance in the scope of our assessment which includes the following areas of model validation:

  • Governance
  • Documentation
  • Data Reconciliation
  • Security and Change Control
  • Developmental Evidence
  • Data Validation
  • Outcomes Analysis and Benchmarking

The resulting assessment report will give you an overall rating of model effectiveness and identify any compliance issues.

We have developed a reporting process that delivers “risk-based” facts in a universally readable language and format.

The Scope of Work
  • Our BSA/AML Model Validation follows regulatory guidance and best practices.
  • Each engagement will be tailored to meet your unique needs.
  • On-site and remote audits are available.

Man jumping canyon
Sailor at helm

The 10-D Compliance Difference
  • Our assessments are performed by former compliance/BSA officers, auditors, and examiners with vast experience of the inner workings of financial institutions AND in-depth compliance knowledge.
  • We have nationwide auditing experience with ALL types and sizes of institutions.
  • We provide concise, professional, and easy to read reports delivered promptly.
You would benefit from a 10-D
BSA/AML Model Validation if
  • You require quick turnaround of reports and deliverables.
  • Your budget constraints do not allow for “Big Accounting Firm” prices.
  • Your management values their time and lacks resources to conduct their own reviews.

Keep your institution off the evening news.

Contact Us