ACAMS North Texas Chapter Event: Applying the Cannabis Risk Management Framework to Financial Institution Due Diligence
This is an ACCCE On Demand video, available for immediate viewing!
- Learn about the commercial cannabis risk environment
- Demonstrate a mature due diligence structure
- Identify the core components of the Cannabis Risk Management Framework (CRMF)
- Illustrate how a risk-based approach creates a competitive advantage
Who Should Attend
- Risk Managers
- Compliance Officers
- Commercial cannabis businesses
- Ancillary cannabis businesses
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.