Risk Reviews
Maintaining robust compliance procedures can reduce your regulatory risk and strengthen your core business
Payments risk mitigation has never been more important than it is today. Challenging operational issues, complex regulatory changes, and more sophisticated fraud scenarios impact all of us. Understanding payments risk and ways to mitigate those potential risks are essential strategies for successful financial organizations.
Wespay Advisors offers three Risk Review Services, in addition to our Enhanced ACH Audit with an included ACH Risk Assessment:
E-BANKING RISK REVIEW
REMOTE DEPOSITCAPTURE (RDC)
RISK REVIEW
WIRE TRANSFER RISK REVIEW
ACH REPORTCARD SERVICE
E-BANKING RISK REVIEW
Wespay Advisors’ E-Banking Risk Review Service is designed to evaluate the financial organization’s compliance with the Federal Financial Institutions Examination Council (FFIEC) guidance to “adapt and expand the institution’s risk management practices as necessary to address the risk posed by E-Banking activities.” Our team of highly credentialed payments professionals lead the evaluation of your organization’s risk practices, including policies, procedures, controls, and the like.
Benefits of our E-Banking Risk Review Service:
- Assistance with developing a “dynamic matrix” inventory of the controls and residual risk of your organization’s E-Banking program
- A comprehensive final report designed to provide a detailed evaluation of your organization’s E-Banking controls, sound practices to strengthen risk mitigation, and understanding industry trends and regulations
REMOTE DEPOSITCAPTURE (RDC)
RISK REVIEW
According to the Association for Financial Professionals’ annual Payments Fraud and Control Survey, checks are the number one payments channel experiencing fraud year-over-year. And, the trend is not expected to shift in the near-term. Examining your mobile and desktop RDC programs to ensure compliance with the Federal Financial Institutions Examination Council (FFIEC) requirement to “have found risk management and mitigation systems in place” is critical for an organization offering these solutions.
Wespay Advisors’ team of Accredited ACH Professionals (AAPs) and National Check Professionals (NCPs) perform a comprehensive evaluation of your organization’s RDC policies, procedures, forms, agreements, reports, documentation, risk controls, and business practices. Plus, our team performs a comparison of your program against our inventory of sound practices of peer organizations.
Benefits of our RDC Risk Review Service:
- Comprehensive evaluation of risks exploring personnel, practices, and technologies employed to control operational risk, credit risk, reputational risk, regulatory risk, fraud risk, and more!
- Professional guidance in understanding industry trends and regulations, including developing a “dynamic matrix” inventory of the controls and residual risk for your organization’s program
- Customized final report outlining the findings on current practices and advice for possible improvements that can strengthen your risk mitigation practices
WIRE TRANSFER RISK REVIEW
Whether your client base requests domestic and/or international wire transfers online or through other means, there is inherent risk to a financial institution in disbursing these payments. Wespay Advisors’ team of tenured payments professionals understands the risk to your organization and industry sound practices for mitigating such risks.
Our service includes reviewing your organization’s current Wire Transfer policies, procedures, forms, agreements, reports, and the like to compare your approach against industry sound practices employed by peers, as well as insight into overall industry trends and regulations.
Benefits of our Wire Transfer Risk Review Service:
- Assistance in developing a “dynamic matrix” inventory of the controls and residual risk of your organization’s Wire Transfer program
- A comprehensive final report designed to provide an evaluation of your organization’s Wire Transfer protocols and potential opportunities for strengthening risk practices, policies, and procedures
ACH REPORTCARD SERVICE
Wespay’s ACH Report Card Service is designed to provide a health check of your organization and customer’s ACH activity. By
analyzing the actual entries processed by your organization over a period of time, we can provide you with insights into your ACH
activity that is not always easy to detect, including:
- Potential rule violations committed by your customers and internal teams who transmit ACH entries including ignored Notifications of Change, invalid reversals, redeposits and prenotes
- Potential rule violations committed by your back-office including an analysis of the types of returns initiated by your organization with a focus on untimely initiated returns and dishonored return volume
- Analysis of your organization’s top originators by volume and format (SEC Code) usage, helping you to keep tabs on the activities of your most important customers
- Calculation of your customer’s ACH return rates, broken out by the administrative, unauthorized, and overall return rate categories to help ensure your customers are complying with the thresholds permitted by the ACH rules
The ACH Report Card Service requires your organization to have the ability to provide us with at least 30 consecutive days of your
origination and return files sent to/from your ACH Operator. This service includes a complementary 30-day trial of Laru Technologies’
ACH Scout software, allowing you the option to continue to independently create the reports and perform the analysis included with
this service.