The Service

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

An effective model validation of BSA/AML software will verify if an institution’s processes and activities are performing as expected and are in line with their designed objectives and the organization’s needs. A 10-D Security BSA/AML Model Validation will assess the development, implementation, and use of the institution’s BSA/AML risk monitoring model according to the Supervisory Guidance on Model Risk Management OCC.

10-D Security utilizes this guidance in the scope of our assessment which includes the following four (4) areas of model validation:

  • Business and Regulatory Environment
  • Project Management
  • Enablement of Technology (System, Data, Process)
  • Support Documentation.

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

BSA AML Model Validation 10D Security

10-D has developed a reporting process that delivers “Risk Based” facts in a universally readable language and format.

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The 10-D Compliance Difference

  • Assessment performed by former compliance/BSA officers, auditors, and examiners with vast experience of the inner workings of financial institutions AND in-depth compliance knowledge.
  • Nationwide auditing experience with ALL types and sizes of institutions.
  • Examiner-approved work paper solution.
  • Professional, concise, and easy to read reports—delivered promptly.
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Who Benefits from a BSA/AML Model Validation?

This service applies to organizations:

  • Require quick turnaround of reports and deliverables.
  • Whose budget constraints do not allow for “Big Accounting Firm” prices.
  • Whose management values their time and does not want to waste any of it on audits.

The Scope of Work

  • The scope of our compliance audits follow regulatory requirements and best practices.
  • Each engagement will be tailored to meet each client’s unique needs.
  • On-site and remote audits available.

Keep your institution off the evening news. Contact us today!

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