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RDC Risk Management Review Service

Is your financial institution struggling to define sound risk management practices for your Remote Deposit Capture (RDC) program? Do you lack a benchmark or peer group with which to compare your current program? Do you need guidance or independent advice in tightening your operational controls?

The Federal Financial Institutions Examination Council (FFIEC) developed guidance for RDC risk assessment and management in January 2009 that requires financial institutions that have implemented RDC programs -- especially those that utilize customer capture -- to “have sound risk management and mitigation systems in place.” WesPay offers a RDC Risk Management Review service to assist its members in the development and implementation of their RDC risk assessment and management program.

Your financial institution has made the strategic commitment to deploy RDC at your branches or ATMs, with business customers, or even with consumers via scanners or mobile phones. These fast growing business practices add processing efficiencies, a new product revenue stream and an important customer retention strategy. However, the benefits of every payment system program bring a variety of risks inherent in offering these services. The FFIEC Guidance lists the following areas related to managing RDC risk:

  • Determine the risks to the security and confidentiality of non-public personal information
  • Identify and assess exposure to legal and compliance risks, including BSA/AML and OFAC compliance
  • Understand the operational risks (poor image quality, unintended alteration, duplicate items, etc.) and evaluate the controls in place to mitigate the risks, both internally and at the customer site
  • Understand the potential for fraud; ineffective controls could lead to alteration of deposited items, duplicate presentments or misuse of personal information
  • Evaluate information security risks and technology-related operational risks associated with network applications at the customer site
  • Implement a risk mitigation program to include customer due diligence and suitability, vendor due diligence, RDC customer training, business continuity, contracts and agreements, risk measurement and monitoring

Is your financial institution confident that these areas are appropriately addressed?

Benefits of using WesPay's RDC Risk Review Service:

  • An experienced and knowledgeable payment expert will work with you and your staff to review your program’s risk profile
  • Professional guidance in understanding industry trends and associated regulations
  • Your organization will obtain an understanding of sound practices associated with the RDC business
  • A comprehensive review of your organization’s RDC program.

 

 

 

Download informational brochure

 

 

 

Review Process

The review will examine your financial institution’s remote deposit capture program policies, procedures, forms and agreements and compare these to sound practices of peer organizations. WesPay staff will work with your staff to understand the risk factors and make recommendations to minimize the risks of your financial institution’s RDC program. All work is completed at your business location and will engage key stakeholders across your financial institution. Onsite work is typically completed within two business days and includes an exhaustive review of your current practices.

THIS SERVICE INCLUDES:

  • A preparation document to assist your staff in understanding the scope of the review.
  • An onsite review of policies, procedures, forms, agreements, reports, documentation and business practices.
  • A written report of findings to include an opinion on current practices and advice for possible changes that can strengthen your risk mitigation practices.
  • Assistance in developing a “dynamic matrix” that can become a living document of your financial institution’s evolving risks and mitigating factors related to the RDC program.

 

Contact WesPay staff today to arrange a consultation:
(415) 373-1200

 

Essential Areas of Risk Review

The WesPay RDC Risk Management Review considers the wide variety of risks associated with offering this service within the context of the organization’s overall enterprise risk. In particular, it explores personnel, practices and technologies employed to control:

  • Operational Risk
  • Credit Risk
  • Regulatory/Legal/Compliance Risk
  • Strategic Risk
  • Fraud Risk
  • Reputational Risk

 

Download informational brochure

 

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