Taking the first step into automating your BSA program can be daunting. Helping hundreds of institutions through this process has helped our team put together a few questions to help you navigate this journey.
Can you check the box on your BSA software?
1. Am I doing too much manually?
With the increasing expectations of BSA, a highly manual process can fall short. Even some software requires a lot of manual work, which seems to defeat the purpose. Striking a balance between efficiency and effectiveness is key.
2. Is my institution growing?
Growth is often an indicator of success, but it can result in significant new risks or an increased workload. An institution needs a system that will adapt and withstand the changes associated with growth. Take Woodforest National Bank, for example.
3. What were our latest exam results?
Consider your regulator’s feedback. Did he or she say it’s time to automate and/or move toward a more robust system? Regulators often know when it’s “time” and they may expect to see improvements by your next exam.