It’s not a matter of whether your BSA/AML program will have a failure, but when. And when something bad happens, it’s vital that you deal with it immediately.
Jack Welch wrote an article titled “Five Assumptions You Have to Make When Managing a Crisis” (October 17, 2016 – https://www.linkedin.com/pulse/five-assumptions-you-have-make-when-managing-crisis-jack-welch/ accessed March 8, 2018). In summary, the five assumptions are:
1. Assume the problem is worse than it appears - skip the denial phase and assume the issue is real and significant
2. Assume there are no secrets and the news will get out
3. Assume your organization will be portrayed in the worst possible light
4. Assume you will have to make changes to people and processes (and announce those changes loudly and publicly)
5. Assume you will survive and get stronger
Those assumptions are particularly true when it comes to BSA/AML crises. Whether it’s a critical audit that is not going well, the identification of undetected or unreported suspicious activity, the receipt of a 15-day letter, or any other BSA/AML crisis, contact RegTech Consulting LLC to help you identify the real issues, formulate a strategy, and work with you and your counsel to avoid or mitigate the regulatory and legal impacts.
Click HERE to Contact us about our Crisis Management Services