Risk Assessment
Bank Secrecy Act, Member ID Program, & OFAC Complance
Risk Assessment No.:RA-24-2024
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Status:Validation
Due Date:11-16-2016 Edit
Accountable Managers:Johnny Bench, George Foster Edit
Status:Validation
Due Date:11-16-2016 Edit
Accountable Managers:Johnny Bench, George Foster Edit
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Risk Assessment
Please consider the risk categories and definitions, and rate the risk in your department/process "High", "Medium", or "Low". If a risk category is not applicable, please respond "N/A". Consider the reisk if no internal controls or mitigating factors were in place.| Risk | Definition | Risk Rating |
|---|---|---|
| Credit Risk | Risk of default on expected repayment of loans or investments. | |
| Interest Rate Risk | Risk that changes in market rates will negatively impact the income statement and balance sheet. | |
| Liquidity Risk | Risk of an inability to fund obligations as they come due. | |
| Transaction Risk | Risk of fraud or operational problems in transaction processing that results in an inability to deliver products, remain competitive, and manage information. | |
| Compliance Risk | Risk of violations and non-compliance with applicable laws and regulations resulting in fines, penalties, payment, or damages. | |
| Strategic Risk | Risk of adverse business decisions through management’s actions or inactions. | |
| Reputation Risk | Risk of negative public opinion or perceptin leading to a loss of confidence and/or severance of relationships. |
Additional Risk Assessment Questions
In your opinion, what are the highest risk departments, functions, or processes at the credit union at this time? Why?
Please list any significant changes you anticipate in the next year. For example, new systems, staffing, products, etc.
Please use the space below to make any further comments, notes, or statements that may be useful to Internal Audit.