An effective and successful healthcare security program requires many different layers of support. Aside from program design, management, and daily staffing, there is also a strategic risk management layer to ensure your program’s direction addresses the most important security risks facing your organization.
With limited resources already stretched, many hospitals and healthcare institutions find value in having an external perspective, particularly when it comes to the functions demanding high levels of expertise and specialization. A fresh outlook can uncover hidden flaws in your program that otherwise may only be discovered in hindsight after a costly loss. Inviting a third party to help with a risk assessment, an audit, and/or various program implementations can create savings and allow you to focus in key areas so the entire program can remain healthy. … Continue reading
The end of the year is a great time to reflect and with that, we like to share our most-read articles of the year. This year’s top articles highlight a strong focus on workplace violence risk management, including active assailant concerns. More than ever, prediction, preparation, and prevention measures are needed to keep each workplace safe. Take some time to read through our top risk management articles from 2016 and plan for a safer and more productive 2017.
1. [Infographic] How to Address the Threat of an Active Assailant Incident in Your Organization
Each and every employee and community member deserves to feel safe. OSHA requires it, labeling it as an organization’s responsibility to provide a safe workplace. Tragically, with a growing number of active assailant incidents happening all around the country, this threat is more relevant than ever before. Over a two-year span, 26 states experienced 40 active assailant incidents, resulting in more than 230 casualties.
2. Building a Culture of Compliance around BSA/AML – Guidance from FinCEN
In simpler times, the Bank Secrecy Act (BSA) regulated the Anti-Money Laundering (AML) activities of banks, as the name implies. In our globalized and networked world, it has expanded to cover financial institutions ranging from the biggest banks to mom and pop check cashing, or money transfer operations running out of storefronts in a mall. The Financial Crimes Enforcement Network (FinCEN) has launched actions against businesses across this spectrum for violations of BSA/AML requirements.
In simpler times, the Bank Secrecy Act (BSA) regulated the Anti-Money Laundering (AML) activities of banks, as the name implies. In our globalized and networked world, it has expanded to cover financial institutions ranging from the biggest banks to mom and pop check cashing, or money transfer operations running out of storefronts in a mall. The Financial Crimes Enforcement Network (FinCEN) has launched actions against businesses across this spectrum for violations of BSA/AML requirements.
One thing all these businesses have in common is a culture of compliance with BSA/AML regulations—or not. Enforcement actions have identified a weak culture of compliance as one of the causes of violations, which can result from the actions of employees at virtually any level of an organization.
As 2015 comes to a close, we are pleased to share our most popular articles from the Risk Management Blog in 2015.
1. 4 Red Flags of Money Laundering or Terrorist Financing
One of the most important aspects of BSA/AML compliance is the responsibility it places on regulated financial entities to report suspicious transactions. This responsibility requires an organization to be able to monitor and identify transactions, evaluate them in real time, and flag the ones that are suspicious. In many cases, a Suspicious Activity Report (SAR) should be filed with the Financial Crimes Enforcement Network (FinCEN).
2. 5 Key Components of a BSA/AML Compliance Program
You are most likely familiar with the Financial Crimes Enforcement Network (FinCEN) which is a bureau of the Treasury Department. FinCEN’s mission is “to safeguard the financial system from illicit use and combat money laundering and promote national security” through the use of financial services information.
3. The Important Role of Internal Controls for AML Compliance
It is well understood that money launderers use deceit or theft to capture the processes of financial entities for illicit purposes. As a result, your AML compliance program must implement internal control designs that increase the chances of preventing or detecting such activities.
Firms must comply with the Bank Secrecy Act and its implementing regulations (“AML rules”). – Financial Industry Regulatory Authority
The Bank Secrecy Act (BSA) and all the related laws that have been passed since the BSA began in 1970, aim to harden targets within the financial system against money laundering schemes. AML rules accomplish this by requiring covered institutions to implement an Anti-Money Laundering Plan (AMLP)—essentially putting surveillance into the hands of the financial institutions in the fight against money laundering.
Your AMLP must comply with the guidelines in the rules, providing authority and controls, generating a set of mandatory reports, exercising customer due diligence, and maintaining an information trail. Even though each financial institution is permitted to develop the plan consistent with its own risk-adjusted profile, The AMLP is a serious undertaking.
Our Infographic on Anti-Money Laundering provides a checklist of the background and components of an AMLP. Although the final plan will be greatly more detailed, the infographic organizes what has to be done in context so why it has to be done is easily understood.
