Overview
Taking a proactive approach to abnormal activity is expected of financial institutions today and is even part of the checklists examiners use in the field to determine if your credit union is adhering to the FFIEC guidelines related to the monitoring of high risk accounts. Let our team help you configure this important tool and get your team trained on effectively managing those high-risk accounts before they become a monster.
Goals
The Abnormal Activity Monitoring feature has three significant goals including:
- Uncover fraud and identity high risk accounts needing a greater degree of review.
- Guarantee compliance with the FFIEC guidance on transaction activity through electronic channels.
- Identify elderly abuse and potential bankruptcy fraud through the use of minor accounts.
Schedule of Tasks
- We will modify configurations in the CU*BASE platform including each group to be monitored and verify that the lags created through the system provide as few false positives as possible.
- We will provide training for management on how to monitor and manage the dashboards associated with the feature and incorporate appropriate escalation.
- We will recommend all necessary changes to security settings and, if necessary, discuss appropriate segregation of duties for those doing the work.
- Your staff goes live and incorporates the new tool into their daily activity.
Barb Klein –
After walking through the configuration process with the AuditLink team I am very excited to get started utilizing this analytical tool. As we ran through the set-up, accounts immediately boiled to the surface that required further investigation
Barb Klein, Vice President – Compliance | Building Trades Credit Union