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When Considering BSA/AML Software, Ask Yourself…

August 24, 2016
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10 Questions to ask ab BSA Software Website banner

Not all BSA/AML software systems are created equal. Whether you’re looking for a replacement system or thinking about automating for the first time, there are a few questions to ask yourself throughout the process.

10 Questions to Ask When Considering BSA/AML 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.
  4. Is our current program risk-based? Some BSA/AML software vendors assume that a “one-size-fits-all” solution is adequate. We know this is not the case. The ability to set parameters and define subsets of customers allows you to take a risk-based approach to suspicious activity monitoring – something which examiners encourage.

  5. Will I know the “why” behind each alert? Software is intended to enhance your job, not replace it. BSA/AML requires a human element, so you will always want to know why an alert was created. Plus, examiners will ask!

  6. Is the system easy to use? It seems obvious, right? But if you’re going to be using this system every day, you’ll want to make sure its interface is well-organized, user-friendly and easy to use. You will often find this out by scheduling a demo before making a decision to buy.

  7. How will it simplify reporting? When preparing reports for the board/senior management, you’ll benefit from choosing a system that provides thorough, easily digestible reports. Plus, the ability to prepare regulatory reporting (SARs, CTRs) in the system is a tremendous time saver.

  8. What will setup involve? Implementing a new software doesn’t have to be a burden. By working with your IT and qualified, knowledgeable support staff on the vendor’s side, you’ll feel more confident in the entire process.

  9. Was it built by bankers? As former bankers and regulators, we may be a little biased here. In building BAM+, we built the tool we wish we had when we were bankers! Our team of experts is dedicated to both understanding and addressing your biggest BSA/AML challenges.

  10. Do we need a rules-based or a behavior-based system? Why not both? Combine the best of both worlds to maximize effectiveness and target known patterns of suspicious activities from several angles.

These questions are just a starting point, but they cover some important areas of choosing the right BSA/AML system. Still have questions? Banker’s Toolbox is here to help! To find out why a system should address these 10 things, visit our website or email [email protected].

About Abrigo

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