COMPLIANCE

Compliance Service Inquiry & Scheduling Request

ACH Annual Audit

NACHA requires that all participating Depository Financial Institutions, third-party senders and third-party service providers that provide ACH services conduct an Annual ACH Audit to be performed by December 31 of each year (ACH Rules, Appendix Eight, Section 8.1). Who better to conduct your annual ACH audit than your resource for electronic payments information and training? A SFE Accredited ACH Professional (AAP) can conduct your annual ACH audit and examine each facet of your ACH operation.

NACHA Rules Compliance Audit Service Includes:

  • Pre-audit checklist
  • Performance of audit requirements as required by Appendix Eight of the ACH Rules/ NACHA Operating Rules
  • Review of Sound Business Practices and internal controls
  • Review of balancing and reconciliation functions
  • Written ACH Audit Management Report with findings and recommendations for improvement
  • Audit Certification form
  • Access to auditor for questions after on-site appointment

 ACH Risk Assessment

Each financial institution is required to 1) perform a risk assessment of their ACH activities, and 2) implement risk management programs in accordance with “the requirements of their regulators". Additionally, ODFI's are further impacted by the requirement to conduct additional risk management practices prior to originating ACH entries and by the requirement to cover specific topics in all new or renewed Originator and Third Party Sender Agreements after June 18, 2010. A financial Institution must understand and identify the complexity and nature of their ACH services to effectively perform the risk assessment. A SFE accredited ACH Professional can evaluate your complexity of services and perform a thorough review of compliance with the required risk management practices and assess your ACH risk.

ACH Risk Assessment Service Includes:

  • Thorough assessment of ACH activities & risk management program
  • Formal Written Report including Risk Rating Matrix
  • Onsite review period (minimum of 1 full day)
  • ACH Volume report for 12 months following the assessment
  • Pre-Assessment Worksheet & Checklist
  • Review of originator agreements to ensure compliance with new requirements
  • Exit interview
  • Access to auditor for questions after on-site visit 

RDC Audit

The FFIEC released guidance on Remote Deposit Capture in 2009. Although the guidance and subsequent IT booklets do not require an annual audit, as with ACH, most financial institutions choose to have an expert assessment of risk and compliance prior to regulatory examinations. What must your organization do to implement the recommendations? Your expert consultant will cover the guidance and help providers understand what they must do to ensure they are in compliance. As RDC acceptance and use continues to grow, solution providers must be aware of both the risks and the benefits of this payment mechanism. It only makes sense to hire an industry expert to evaluate RDC operations.

RDC Audit Service Includes:

  • Pre-audit checklist
  • Performance of audit requirements utilizing the FFIEC Retail Payment Systems IT Booklet
  • Review of Sound Business Practices and internal controls
  • Review of balancing and reconciliation functions
  • Written RDC Audit Report with findings and recommendations for improvement
  • Audit Certification form
  • Access to auditor for questions after on-site appointment 

 

RDC RISK ASSESSMENT

The FFIEC released guidance on Remote Deposit Capture in 2009. As more financial institutions embrace Remote Deposit Capture technology, risks surrounding the service continue to evolve. How does your organization consider and evaluate these risks? Your expert consultant will evaluate RDC operations, determine residual risk and provide recommendations to mitigate risks. The RDC risk environment continues to change as RDC becomes more widely accepted. Having an industry expert perform your risk assessment will give you additional insight into the current RDC risk environment.

RDC Risk Assessment Service Includes:

  • Pre-audit checklist
  • Performance of audit requirements utilizing the FFIEC Retail Payment Systems IT Booklet
  • Review of Sound Business Practices and internal controls
  • Review of balancing and reconciliation functions
  • Written RDC Audit Report with findings and recommendations for improvement
  • Audit Certification form
  • Access to auditor for questions after on-site appointment 

wire transfer audit

The FFIEC indicates an internal audit of the wire transfer function should be conducted periodically. Wire transfers are utilized for large dollar, irrevocable funds transfers. These two areas combine to make wire transfers a significant risk. How well does your organization mitigate these risks? Let Southern Financial Exchange’s expert consultant evaluate your wire transfer operations to ensure appropriate risk mitigation strategies are utilized. The average dollar amount of wire transfers continues to increase, causing risk to rise proportionately. Hiring an industry expert to evaluate internal controls and compliance with applicable regulations provides an importance mitigation strategy to the increasing risks associate with wire transfers.

Wire Transfer Audit Service Includes:

  • Pre-audit checklist
  • Performance of audit requirements utilizing the FFIEC Wholesale Payment Systems IT Booklet
  • Review of Sound Business Practices and internal controls
  • Review of balancing and reconciliation functions
  • Written Wire Transfer Audit Report with findings and recommendations for improvement
  • Audit Certification form
  • Access to auditor for questions after on-site appointment