Being part of a BSA team is like being a detective on the hunt for financial clues—every detail counts when you’re fighting financial crime. But just like any good detective knows, distractions and obstacles can throw you off the trail.
In this blog, we’ll uncover three common barriers that might be slowing down your BSA team—and share some tips on how to remove them, so your team can get back to being the crime fighting superheroes they are!
Lack of Organizational Visibility
Not being aligned with organizational goals is like trying to solve a mystery with only half the clues. When your BSA team isn’t fully aware of significant changes within the organization—whether it’s new product launches, shifts in customer demographics, or mergers and acquisitions—it becomes nearly impossible to stay ahead of potential issues.
Without a clear view of what’s happening across the credit union or bank, your team is left reacting to problems rather than proactively preventing them, which can lead to missed red flags and increased exposure to financial crime.
Solution: Sharing is caring!
To overcome this barrier, it’s essential to foster better communication and transparency across departments. Regular updates, cross-functional meetings, and integrated systems that share real-time data can help ensure your BSA team has the visibility they need to do their job effectively.
Encouraging open communication between leadership and the BSA team ensures compliance is considered during strategic planning, preventing surprises and providing the BSA team with the resources needed to succeed.
2. Sticking with the Status Quo
Sticking with the status quo might feel safe (if it ain’t broke, don’t fix it… right?), but in today’s rapidly evolving financial landscape, it can be a risky gamble. While the methods and solutions that met regulatory standards in the past may have been effective at the time, both technology and bad actors have progressed significantly.
Financial criminals are constantly finding new ways to exploit outdated systems, and what once kept your institution secure might not make the cut today. Relying on yesterday’s tools and procedures could leave your organization vulnerable to emerging threats and increased scrutiny from regulators.
Solution: It’s Time to Reassess
To stay ahead, banks need to reassess their resources, policies, and procedures regularly. This means taking a fresh look at your current technology and ensuring its features align with both financial crime trends and your institution’s unique risk profile. By staying proactive and embracing innovation, you can better protect your institution, meet regulatory expectations, and continue to effectively combat financial crime in a landscape that’s anything but static.
3. Measuring KPIs Can Be Time Consuming
Tracking KPIs using manual processes, spreadsheets, and outdated software can bog down BSA teams, consuming valuable time and making it difficult to present data clearly to key stakeholders. When systems are cumbersome and disjointed, it’s a challenge for BSA teams to effectively monitor their program’s performance and pinpoint areas that need improvement.
This lack of streamlined reporting can lead to communication gaps, leaving BSA leaders, FI leadership, and the board without the insights they need to support a robust and efficient BSA program.
Solution: Automate & Innovate
Upgrading to automated solutions and modern technology can transform how your team tracks and reports BSA data. With updated systems, BSA teams can easily generate and share comprehensive reports, ensuring that everyone involved—from compliance officers to senior leadership—has access to the information they need. This approach enhances communication and allows your BSA program to operate more efficiently, helping your institution stay ahead in the fight against financial crime.
Moving Forward
By removing these barriers, your BSA team can focus on what truly matters — protecting your customers and members from financial crime. With clear organizational visibility, a forward-thinking approach, and efficient KPI tracking, your team will be more agile, proactive, and effective in identifying and mitigating risks.
A well-supported BSA team not only strengthens your bank’s compliance efforts but also enhances the overall success of your back office. When these challenges are addressed, your institution can operate more smoothly, ensuring long-term stability, growth, and the ability to deliver safer, more reliable financial services to your community.
If you have any questions or want to learn more about implementing these solutions, feel free to reach out. We're here to help you navigate the complexities of BSA compliance and ensure your organization is set up for success!
