Webinars

5 High Risk Areas of Banking Cannabis

5 High Risk Areas of Banking Cannabis

by | May 23, 2020 |

This is a previously recorded webinar, which is available on demand.

In today’s evolving regulatory landscape, the rules on providing financial services to commercial cannabis businesses (CCB) are complex. The commercial cannabis industry is highly regulated and has complex risks to manage: anti money laundering, organized crime, compliance, supply chain, and operational risk areas. The financial institutions that services these customers must understand these 5 high-risk areas to manage their risk appetite.

The number of institutions banking marijuana-related businesses (MRBs) is in the hundreds—up from zero in 2014. Join this panel of professionals for practical guidance on preparing financial institutions for commercial cannabis banking and ongoing controls for one of compliance’s most complex and rapidly evolving customer types.

Hear from Phil Martin, a former Colorado Marijuana Enforcement Division manager; Chris Gunias, the Chief Compliance Officer of HDCS; and Cathy Scharf, SVP of Compliance for a mid size bank who services ancillary cannabis businesses. Find out what opportunities banking commercial cannabis businesses provides a financial institution and key considerations to keep in mind if you enter this customer segment.

This webinar provides two hours of ACCCE continuing education credits, which other associations may also accept. We recommend documenting this training for your regulators as two hours of professional training on cannabis banking.

This is a previously recorded webinar, which is available on demand.

ACAMS North Texas Chapter Event: Applying the Cannabis Risk Management Framework to Financial Institution Due Diligence

ACAMS North Texas Chapter Event: Applying the Cannabis Risk Management Framework to Financial Institution Due Diligence

by | Jun 28, 2021 |

Create your competitive advantage in cannabis banking by removing onboarding and ongoing due diligence friction through the application of the Cannabis Risk Management Framework (CRMF).

Commercial cannabis businesses are considered higher-risk customers. This requires the financial institution to document proof that they can manage the risk of this customer segment. The CRMF provides a risk-based strategy that allows the financial institution to determine if the customer has implemented an effective well-designed risk-based compliance program, which includes demonstrating their appropriate P&P, qualified staff to manage risk, risk assessment, controls tailored to the business’s risk, training, and assurance.

Demonstrating these points allows the financial institution to determine if a higher-risk customer is within their risk appetite by showing the customer’s ability to manage their reputational, compliance, and operational risk without the financial institution having to act as the customer’s proxy cannabis regulator.

ACCCE CCCE Exam Prep

ACCCE CCCE Exam Prep

by | Nov 11, 2021 | ,

This session is intended as exam prep for the CCCE exam. This session focuses on:

Workshop scenarios to apply and evaluate the Cannabis Risk Management Framework (CRMF)

Workshop scenarios to apply and evaluate the Risk Assessment

ACCCE CCCP Exam Prep

ACCCE CCCP Exam Prep

by | Nov 2, 2021 | ,

This session is intended as exam prep for the CCCP exam or part 1 of 2 for the CCCE exam prep. This session focuses on identifying the vernacular used in cannabis risk management, understanding how to apply risk management specifically to the commercial cannabis industry, and the risk assessment.
This session will cover :

  1. About ACCCE
  2. Breakdown of the Commercial Cannabis Industry
  3. Cannabis Risk Management Framework (CRMF)
  4. Risk Assessment
ACCCE On Demand – ACAMS Colorado Chapter – An Update to Cannabis Banking – The Evolution of Lending

ACCCE On Demand – ACAMS Colorado Chapter – An Update to Cannabis Banking – The Evolution of Lending

by | Mar 18, 2022 |

Financial Institutions (“FIs”) have been offering depository services to the cannabis industry since 1996 and according to FinCEN there are 706 FIs currently filing SARs on customers/members as of June 2022.  However, the cannabis industry has had to seek financing from non-traditional avenues of capital for their financing needs since 1996: personal investment, family, friends, hard money lenders, equity investments, and/or capital improvements via net profits.  The presentation will have an overview of banking cannabis and explore the requirements for FIs to compliantly lend to the cannabis industry.

ACCCE Webinar – Creating Standard Operating Procedures

ACCCE Webinar – Creating Standard Operating Procedures

by | Mar 30, 2022 |

Level: Beginner / Intermediate

Creating effective standard operating procedures will have a positive impact on your business’s operational compliance….. Commercial cannabis businesses should maintain up to date Standard Operating Procedures (SOP’s) and understand how to create and modify these all-important documents. In this webinar, we will discuss the purpose of the SOP, relevant definitions and terms, two styles of SOP’s that you will consider, how to gather information in preparation for writing an SOP, and the steps to write an SOP. Attendees will follow along as we write an SOP during the event. The attendee will have handouts that include the SOP template used.

This is an ACCCE Webinar; it is now On Demand.

Continuing Education: 1 hour

 

 

Learning Objectives

  • Understand definitions and the purpose of creating an SOP
  • Identify the info needed to create your SOP
  • Create an SOP in the session
  • Enhance your compliance status
Cannabis Banking Due Diligence – Deep Dive (US)

Cannabis Banking Due Diligence – Deep Dive (US)

by | Aug 12, 2020 |

In today’s evolving regulatory landscape, the requirements to offer banking services to commercial cannabis businesses (CCB) are complex at best. Whether internally managed or outsourced to a service provider, financial institutions are still ultimately responsible for the proper risk and Anti-Money Laundering management of these clients. Updating the financial institution’s due diligence requirements is one of the first areas that requires attention. Proper due diligence on a commercial cannabis business allows a financial institution to reasonably predict expected transactions, identify unusual activity, and understand the ownership and control of the commercial cannabis business.

This webinar will review risk-based considerations a financial institution should consider. Our expert panel includes North Bay Credit Union’s Chief Compliance Officer Carole McCormick, NatureTrak’s CEO Jontae James, and Clarion Compliance’s CEO Kirk Barry. Our panel will review the major documents, data, and red flag indicators in commercial cannabis business due diligence analysis. This webinar will focus on the unique risk issues associated with conducting due diligence on a commercial cannabis business.

Our panel will provide an in-depth analysis of documents, data, and red flags that are needed for due diligence. The panel will specifically review the certificate of analysis (COA), license reviews, and commercial cannabis entity types. They will also provide insight into the unique components of a commercial cannabis business site visit and track and trace data used for due diligence analysis of commercial cannabis businesses.

This is an ACCCE On Demand video, available immediately.

Continuing Education: 2 credits

Cannabis Banking in the Boardroom: Risk Management

Cannabis Banking in the Boardroom: Risk Management

by | Aug 7, 2020 |

This webinar provides financial institution directors, executives, and officers in-depth training to move forward with considering cannabis banking or expanding their cannabis banking program. We will cover key data to benchmark your cannabis banking program with best practices for cannabis banking board oversight. Walk away with handouts that provide practical guidance and resources to bring back to your own boardroom.

Our expert panel includes Joe Bonner, an experienced Community Bank CEO, Andy Montgomery an experienced Bank CEO, and Carole McCormick the Chief Compliance Officer at North Bay Credit Union. The panel will provide information about the fundamentals of effective communication to the financial institution’s board of directors on cannabis banking. We will introduce key regulatory expectations, identify questions that management should answer for the board of directors, and provide red flags where the board should consider further actions.

This is an ACCCE On Demand video available immediately.

Continuing Education: 2 hours

Compliance Management Best Practices: Putting the Risk Assessment to Work for You

Compliance Management Best Practices: Putting the Risk Assessment to Work for You

by | Nov 19, 2020 |

Cannabis Risk Officers, save time and money by utilizing your risk assessment to identify the most critical risks that need to be addressed.

Every commercial cannabis business is unique. The amount of resources applied to compliance management should vary based on your compliance risk. A compliance risk assessment will assist you in demonstrating to your stakeholders the appropriate compliance resourcing by showing your business’s understanding of the most critical regulatory risks. Understanding the likely impacts, frequency of occurrence, and current quality of controls provides a roadmap to best allocate resources to manage the highest residual risk issues first. This allows you to manage your compliance costs based on your business’s unique complexity and maturity. In this webinar, learn how to create a robust risk assessment based on the risk drivers of compliance to focus on higher-risk issues.

Maintaining compliance in the commercial cannabis industry can be daunting, considering how highly regulated the industry is and how quickly rules change. Having a formal methodology to identify high risk issues by compliance risk driver will help you quickly identify your compliance needs; however, identifying high-risk issues is not enough. You must correct compliance issues outside of your risk appetite. To demonstrate effective compliance management, learn how to communicate across the business with issue management and follow up on the implementation with appropriate assurance to determine if the new controls meet your cannabis risk management framework expectations. These actions create proof of proactive compliance, which is considered favorably by stakeholders even if noncompliance is found.

Continuing Education: 2 hours

De-Risking the Supply Chain

De-Risking the Supply Chain

by | Jun 18, 2021 |

Cannabis risk officers, save your business time and money by understanding the highest risk issues that the cannabis product supply chain exposes you to, and obtaining answers from our expert panelist Elise Serbaroli on how to manage those risks efficiently and effectively.

The licensed cannabis product supply chain is built to ensure handoff of the cannabis product through multiple license types before it is sold to the consumer to better manage risks to public health, public safety, and taxation. While this methodology has benefits, it also increases the complexity of managing your supply chain risks. Managing complex supply chains requires an understanding of the risks you are exposed to, identifying those risks in your supply chain, implementing controls to manage risks once identified, and being able to work with your supply chain to manage risk together.

Elise will discuss common high-risk issues, best practices in managing your risk, and how to explain these practices to vendors above and below you in the supply chain. She will link the challenges faced by the cannabis industry in managing supply chain risk, and how other highly regulated industries have solved for similar risks. Elise will also discuss how the right technology solution can help manage the high-risk issues identified in the cannabis product supply chain. Disruptions with single buyers or sellers, complex cross jurisdictional compliance requirements, and exposure to recalling cannabis product are just a few common high-risk issues that a cannabis risk officer must manage. Effective controls to manage your supply chain include, but are not limited to, analysis, forecasting, and oversight of resource planning, inventory tracking, testing, and contract management. Establishing your controls by identifying common high-risk issues will keep the overhead cost reasonable and reduce the impact and frequency of supply chain problems, but the most cost-effective way to manage supply chain risk is to work with your supply chain vendors both above and below you.

This is an ACCCE On Demand Webinar, available for immediate viewing.

Continuing Education: .5

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