RDC Risk Management Review Service

WesPay Advisors offers an RDC Risk Management Review service to assist its members in the development and implementation of their RDC risk assessment and management program. The service was designed to help financial institutions meet the Federal Financial Institutions Examination Council (FFIEC) requirement to "have sound risk management and mitigation systems in place."

This service considers the wide variety of risks associated with RDC and explores personnel, practices and technologies employed to control Operational Risk, Credit Risk, Regulatory/Legal/Compliance Risk, Strategic Risk, Fraud Risk and Reputational Risk.

Benefits of Using This Service

  • An AAP- and NCP-certified payment expert will work with you and your staff to review your program’s risk profile
  • Professional guidance will be provided in understanding industry trends and associated regulations
  • Sound practices associated with the RDC business will be presented to strengthen your risk mitigation practices
  • A personalized, comprehensive review of your organization’s RDC program will be delivered to consider all the risks associated with offering RDC services

This Service Includes:

  • A preparation document to assist your staff in understanding the scope of the review
  • A two-day onsite review of mobile and desktop RDC program policies, procedures, forms, agreements, reports, documentation and business practices
  • Comparison against our inventory of sound practices of peer organizations and regulatory guidance
  • 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 RDC program and its evolving risks

Pricing

The cost of this service depends on your financial institution’s deposit assets. Contact us for a price quote and to schedule a consultation. Contact us for a price quote and to schedule a consultation.​ 


 

Review Process

The review will examine your financial institution’s mobile and desktop RDC program policies, procedures, forms and agreements and compare these to sound practices of peer organizations and regulatory guidance. 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.

Essential Areas of Risk Review

The 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