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5 High Risk Areas of Banking Cannabis

5 High Risk Areas of Banking Cannabis

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.

ACCCE Community Discussion – Cannabis Risk Management Framework: Introduction to Risk Culture

ACCCE Community Discussion – Cannabis Risk Management Framework: Introduction to Risk Culture

Building an effective cannabis risk management framework is critical to meet your business objectives. One of the starting elements of effective risk management is an effective risk culture. Risk culture is established when top management creates strong risk values and beliefs that are shared by all members within the business. Starting this process may seem daunting, but breaking it down into specific actions will help.

Join ACCCE for the next community discussion where guest speaker Jonathan Fornaci, the Chief Strategy Officer from Clarion Compliance, will talk about the internal control environment component of the CRMF, the importance of tone from the top in creating a culture of risk, how a Commercial Cannabis Business’s risk appetite and risk strategy impact business objectives, and how to formalize a risk culture through a risk program. Jonathan will also answer any questions the audience may have.

This is a live event.

Date: Tuesday, February 23rd, 2021

Time: 12-12:30 pm (MST)

Continuing Education: half hour

Cannabis Banking Due Diligence – Deep Dive (US) – Complimentary Webinar

Cannabis Banking Due Diligence – Deep Dive (US) – Complimentary Webinar

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 Due Diligence Concerns

Cannabis Banking Due Diligence Concerns

Ancillary cannabis business compliance and risk personnel can use this resource to assist them when conducting due diligence on commercial cannabis business customers. This resource will help you understand general risks to consider, as well as specific risks associated with brand companies and different commercial cannabis industry sectors.

This infographic is intended for:

  • Compliance Managers
  • Compliance Analysts
  • BSA/AML Officers
  • AML Analysts
  • Risk Managers
  • Risk Analysts

Produced by Jontae James for the “Cannabis Banking Due Diligence – Deep Dive” Webinar.

Cannabis Banking in the Boardroom: Risk Management – Complimentary Webinar

Cannabis Banking in the Boardroom: Risk Management – Complimentary Webinar

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

Cannabis Banking Lead Director Checklist

Cannabis Banking Lead Director Checklist

Financial institution boards of directors and executives can use this checklist to guide the conversation on selecting a lead cannabis banking director, their major activities, and reports the board may want to review.

This checklist is intended for:

  • Financial institution board members
  • Financial institution executives
  • Financial institution compliance and risk functions

Produced by Joe Bonner for the “Cannabis Banking in the Boardroom: Risk Management” Webinar.

Commercial Cannabis Business Board Report for Financial Institutions

Commercial Cannabis Business Board Report for Financial Institutions

Financial institution compliance executives can use this resource to assist them with implementing a robust, formally documented commercial cannabis business board report. Use ACCCE’s editable board report template document to provide your board with information specific to your cannabis banking program, including the effect of this client segment on the overall risk profile and suspicious activity reporting, the outcome of any recent audits, and an identification of Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs).

This job aid package includes:

  • Commercial Cannabis Business Board Report for Financial Institutions Background document
  • Commercial Cannabis Business Board Report for Financial Institutions Template document
  • High-level board overview PowerPoint slide to include with your board report

This job aid package is intended for:

  • Financial institution executives
  • Financial institution compliance and risk functions
Community Discussion – Breakdown of Commercial Cannabis Industry: Ask a CRB Operator

Community Discussion – Breakdown of Commercial Cannabis Industry: Ask a CRB Operator

With over 15 years’ cannabis experience as an owner, manager, operator and broker, and over 100+ million dollars in cannabis product sold, Ron Brandon is an expert cannabis operator. In 2015 he founded Kingston Royal, a cannabis management, consulting, and flower brand that specializes in indoor cannabis cultivation.

Join ACCCE for this Community Discussion where guest speaker Ron Brandon, the Chief Cannabis Officer from NatureTrak, will talk about cultivation and answer any questions the audience may have. Ron will discuss the major risks that he has identified in site inspections, vendor management, and social equity in the cannabis industry.

For those studying for ACCCE certification, we will identify risk scenarios to talk through and opportunities to ask questions about the different types of grow facilities and their associated risks.

Continuing Education: .5

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

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

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.

This is an ACCCE Webinar; the live Q&A will be March 11th, 2021 from noon to 2 MST.

Continuing Education: 2 hours

Compliance Policy Checklist

Compliance Policy Checklist

Commercial cannabis risk managers and compliance officers can use this checklist to draft a formal compliance policy that will address their company’s adherence to applicable laws and regulations and internal standards. This checklist walks through the major components of a robust compliance policy.

This checklist is intended for:

  • Commercial cannabis business owners
  • Commercial cannabis business risk managers
  • Commercial cannabis business compliance managers

Produced by Vijay S. Choksi, Esq. for the “Introduction to Compliance Management – Establishing the Culture of Compliance” Webinar.