An enterprise risk assessment is the foundation of a bank's compliance program for anti-money laundering and Office of Foreign Assets Control regulations.

A risk assessment should be seen as an organic component of a healthy and well-functioning financial institution.

Often viewed as an onerous regulatory requirement, a risk assessment is in fact a valuable tool that provides leadership with data to support strategic growth.

A well-executed risk assessment allows an institution to maximize acceptable risk within a controlled environment, maximizing potential profit and shareholder value.

Meet the Expert

Priscilla Rabb Ayres

Consultant Priscilla Rabb Ayres
Principal, L. Franklin Associates
Virginia Beach, VA
  • English
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About Priscilla

  • Financial services risk and compliance expert with a 360-degree stakeholder perspective based on deep experience in and with financial institutions, government bodies, vendors and industry associations
  • As Chief Regulatory Officer for IBM Global Financial Services Sector, initiated and managed collaborative relationships between IBM and regulatory bodies and launched IBM's global Extensible Reporting Language program
  • Appointed the first Director of the Trade and Development Agency and worked in close coordination with Ex-Im Bank, the Overseas Private Investment Corporation, World Bank, IFC, and regional MDBs such as the Asian Development Bank and the EBRD

Experience

Principal • L. Franklin Associates
2009 — Present
  • Bank Secrecy Act/Anti-Money Laundering (BSA/AML), Office of Financial Asset Control (OFAC) compliance, and Operational Risk
  • Designs and implements assessments, gap analyses, remediation roadmaps, and BSA/AML and OFAC programs
Associate Partner • IBM
1996 — 2009
  • Associate Partner, Risk and Compliance, Global Business Services (2006-2009)
  • Financial Services Sector regulatory SME for the IBM solution set, with focus on governance and business process transformation. Develop and implement R&C solutions for the banking and securities industries that involve compliance programs for BSA/AML, OFAC, Fraud and Operational Risk. Deep knowledge of the Patriot Act, BSA, Gramm-Leach-Bliley, Basel II, FACTA, and SOX. Accomplishments and activities include: theDeveloped major infrastructure projects in emerging markets, and secured funding support for those projects from US government trade agencies and multilateral development banks design, implementation, and write-up of the BSA/AML and OFAC Risk Assessments for a top 10 banking organization; implementation of transaction monitoring systems; and development of ERM strategies and frameworks.
  • Chief Regulatory Officer, Global Regulatory/Compliance Solutions (2004-2006)
  • Chief Regulatory Officer for the IBM Global Financial Services Sector. Served as regulatory SME globally for development of Basel II, Operational Risk, SOX, BSA/AML, Fraud, and Data Governance,solutions. Accomplishments include: liason with FSS regulators; lead for IBM participation in the BITS Financial Institution Shared Assessment Program; originated the IBM XBRL cross-industry initiative; and served as FSS Chief Standards Solutions Officer for the IBM Corporate Standards Initiative
  • Project Executive, Federal Civilian Agencies, IBM Gobal Business Services (2001-2004)
  • Project Executive for major projects at GSA, the White House, National Archives, and Capitol Hill
  • Executive Consultant, Economic Development, IBM Global Services (2000-2001)
  • Originated and developed the IBM e-business economic development consulting practice for state and local governments
  • International Business Development Executive, IBM Global Services (1996-2000)
  • Developed major infrastructure projects in emerging markets, and secured funding support for those projects from US government trade agencies and multilateral development banks
Director, Global Finance Development • Motorola
1993 — 1996
  • Responsible for securing official funding support from U.S. Government trade agencies and multilateral development banks for telecommunications projects and equipment sales in emerging markets
Senior Deputy Director • U.S. Department of State
1991 — 1993
  • Assistance to Emerging Democracies, Office of the Secretary
  • Responsible for the design and implementation of private sector-led assistance to Central and Eastern Europe and the Former Soviet Union
  • Instrumental in the organization, structuring, and launch of the Polish-American and Hungarian Enterprise Funds, innovative vehicles designed to initiate indigenous commercial capital markets in the emerging democracies
Director • U.S. Trade and Development Agency
1988 — 1991
  • First Director of TDA as an independent agency, an undersecretary level position that requires senate confirmation
  • TDA is a critical component of the Executive Branch commercial foreign assistance apparatus and works with the Export-Import Bank, OPIC, USAID, State Department, US Embassies, multilateral development banks, and foreign governments 
Director, Office of Trade Finance, International Trade Administration • U.S. Department of Commerce
1986 — 1988
  • Led the DOC ITA office responsible for trade finance policy and programs intended to boost US exports
  • Coordination of US commercial banks, the Export-Import Bank, OPIC, Treasury and US companies
  • USG delegate to the OECD Tied Aid Accord negotiations
Special Assistant to Deputy Assistant Secretary for Monetary Policy and International Finance • U.S. Department fo the Treasury
1984 — 1986
  • Special assistant to the Deputy Assistant Secretary for Monetary Policy and International Finance
  • Prepared the USG contribution to the OECD Study on International Trade of Bank-related Financial Services
  • Author of the Banking Section of the Interagency Committee on Services "First Biennial Report to Congress on the Competitiveness of US Industries"
  • Author of domestic financial issues including Treasury debt structure and deregulation of financial institutions

Education

Harvard Business School
MBA, Finance
Smith College
BA, History

Boards

Keynote Speeches

  • The 10th XBRL International Conference: "Regulation in the 21st Century: From Prescription to Collaborative Supervision"
  • Risk and Compliance/Business Process Management Conference: "Regulatory and Policy Outlook" August 2004
  • New York RACF Users Group Meeting: "Security for the New Era: Urgent Regulatory Imperatives" April 2005

Publications

  • Prepared the USG contribution to the OECD Study on International Trade of Bank-related Financial Services
  • Author of the Banking Section of the Interagency Committee on Services "First Biennial Report to Congress on the Competitiveness of US Industries"
  • Author of domestic financial issues including Treasury debt structure and deregulation of financial institutions
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