CU*Answers, a Grand Rapids, Michigan base core processor, announced that on December 15th, it held a second web conference for their clients about the changes to the Federal Financial Institutions Examination Council (FFIEC) Supplement on managing high risk account activity through electronic channels.
The first session, held in November, revolved around completing the credit union risk assessment and developing a methodology to share their work. Another agenda item was to give details on how to manage the state of the art online banking platform; It’s Me 247, to be configured to meet all the multi layered security requirements.
“This second session really revolved around the sharing of ideas as it relates to account opening and the monitoring of suspicious activity, said Jim Vilker, VP of Professional Services. “We provide these conferences to give our clients a forum to develop best practices and common procedures to meet guidelines such as this”. Credit unions have until January 1st to complete the risk assessment and develop procedures to detect suspicious or anomalous activity as it relates to the payment of third parties through electronic channels. CU*Answers has been on top of this guidance since its publication and published both white papers and best practice documentation to guide their clients through the process.
The final web conference will be held in the middle of January and will be devoted to the review of examiner checklists related to the guidance (if published by then) and also assist in the development of member and staff education.