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Services
RMC can leverage its expertise in the areas of anti-money laundering, fraud prevention and credit review. Our professional staff will provide risk solutions and help your company implement effective internal and external reviews.
We are ready to help you with the following:
Anti Money Laundering (AML)
AML issues are a serious concern to the banking industry. Recent consent decrees highlight the seriousness of the regulator’s concerns.
Lack of compliance can endanger your bank’s reputation and result in a substantial loss to your institution in customers, reputation and fines. Recently, several situations have highlighted the potential costs to institutions. Riggs Bank incurred $50 million in fines for noncompliance, which led to substantial reputational risk due to the negative publicity and, ultimately resulting in the sale of the bank.
Do you know if you are in compliance? Are you and your staff up to date on all the current developments? RMC can help you.
Our principal is considered an AML subject matter expert by two of New England’s largest banks. She has extensive AML expertise and managed a number of related AML projects. These included establishing an AML plan for a $4 billion high risk business line, designing and implementing a self testing program to ensure compliance with AML policies and procedures, AML high risk customer reviews and investigations. Highlights of these related services are:
Best Practices Review – A series of program reviews which align your institution with the regulators’ AML best practices. The services we offer include:
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Risk Assessment: The cornerstone of your AML program, a risk assessment of your institution’s unique customers, products and services
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High Risk Review: Identify your institution’s high risk customers and set up an ongoing enhanced due diligence process for reviewing their customer relationships.
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OFAC Review: Review your institution’s OFAC (Office of Foreign Asset Control) Program. Does it fit your risk profile?
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Self-testing program: A key process to ensure regulatory compliance - Set up simple internal processes to test your AML program for compliance before the regulator’s arrive.
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Briefing on AML issues and trends: Keep your institution apprised of current AML issues and trends.
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CIP process review: Review CIP (Customer Identification Processes) for best practices and regulatory compliance.
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Money Service Business(MSB) Review: Review your portfolio to identify MSBs. Develop policies and procedures for identifying and where appropriate establishing relationships with MSBs.
Fraud Prevention
It is a given fact that the financial services industry’s costs rise each year. A percentage of the increased cost is due to loan and deposit fraud. Identifying, understanding and preventing these losses can increase your bottom line.
RMC will help your institution to develop and implement fraud prevention techniques. We will coordinate a fraud survey and help your institution manage fraud investigations. Additionally, we can conduct an operating loss analysis for deposit accounts to identify trends and drivers of any escalating losses.
Fraud Survey – review your institution’s internal processes to identify any gaps and enhancements needed to prevent fraud
Operating loss analysis –review your institution’s charge-offs and operating losses to identify underlying causes and trends
Let us put our expertise to work for you.
Credit Risk
Credit risk remains the cornerstone of all risk management. Each institution has a different mix of assets. RMC can provide you with customized credit risk solutions. The services we offer include:
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Commercial Lending credit review – review commercial loans and mortgages for structure and risk rating accuracy
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Documentation Review including SBA loans – review individual loan files to ensure that loans are properly documented and that the documents are legally enforceable
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Facility Rating implementation – assist with the new facility rating implementation for OAEM and substandard loans
