Overview
A fine-tuned set of patterns sets the stage for AuditLink to conduct ongoing daily monitoring to identify and report suspicious transactions without the need for third-party software. Since the data belongs to you and resides within CBX, no costly data validation should be necessary.
What it does: Starting with a consultation, AuditLink will work with the credit union to determine the areas of focus the credit union is most risk adverse to. We will then configure patterns to address these areas of focus and monitor transaction activity.
What it doesn’t do: This is not real time fraud monitoring, meaning transactions won’t be stopped automatically. All transactions are reviewed the next day which gives your teams the ability to quickly act if activity is listed by AuditLink. Abnormal Activity Monitoring is our best attempt at preventing fraud and bringing suspicious transactions to your attention as soon as possible. AuditLink makes no guarantees that all fraudulent transactions will be prevented or uncovered.
Goals
Reduce False Positives: As a part of this service AuditLink will consult with the credit union on their specific areas of risk. Helping to develop strategies and patterns that will help identify suspicious activity in these areas all the while mitigating false positives.
Regulatory Pressure: The checklist examiners use in the field includes a line item for determining whether your credit union is adhering to FFIEC guidelines as it relates to identification and monitoring of high-risk or suspicious activity. During exams, credit unions must evidence that they are performing this monitoring. This service is designed to assist credit unions with passing their exams. As part of newly implemented NACHA rules a risk-based approach to fraud monitoring must be in place for RDFI’s regarding incoming ACH items. Abnormal Activity Patterns can help credit unions meet these requirements.
Time Resource Burden: It takes time to configure the patterns properly but many of our credit union partners simply don’t have the bandwidth or capacity to perform this work on their own. Once the patterns are configured it can take additional time to ensure the reports are ran daily and monitored accordingly. AuditLink reduces the regulatory and resource burden placed on credit unions by configuring the patterns based on credit union risk profile, as well as monitoring these alerts daily and reporting to the credit union abnormal or suspicious transactions.
Schedule of Tasks
Step One: Credit Union Submits Store Order
Once a store order is submitted an AuditLink representative will reach out! You will not be charged any fee until patterns are configured.
Step 2: Consultation Meeting
AuditLink and credit union complete 1 hour consultation meeting (discussing areas of risk and types of transactions they’d like to monitor.)
Step 3: Signing of Proposal
A proposal will be sent for review by the credit union. Outlining the statement of work as well as pricing/terms. This will be signed and returned to CU*Answers/AuditLink for countersignature.
Step 4: Building Patterns
We get to work! AuditLink begins building your patterns and testing them. This process typically takes one month to complete.
Step 5: Rules of Engagement
The credit union will receive an email outlining the rules of engagement. This document outlines that agreed upon patterns that will be created and monitored daily. The credit union will be responsible for filling out a section which indicates the email addresses of the recipients to receive run sheets daily. This will need to be completed prior to beginning the service.
Step 6: Training
An AuditLink Associate will schedule a 30-minute training session with the credit union. Discussing best practices for leaving trackers and conducting due diligence on listed accounts.
Step 7: Begin Monitoring
AuditLink will begin monitoring transactions on the first of the month following the completion of the previous steps. During the first month AuditLink may make adjustments to your patterns based on review. After the first month of review AuditLink will provide a governance document outlining what patterns were created, for what purpose, and how we came to the determination. This can be filed away for examiners and auditors.
Pricing:
Weekly pricing is based on total number of members as well as number of patterns configured.
| Number of Members | <5,000 | 5,000-10,000 | 10,001-20,000 | 20,001-40,000 | >40,001 |
| 0-5 Patterns | $80 | $120 | $160 | $185 | BID |
| 6-10 Patterns | $140 | $200 | $270 | $310 | BID |
| 11-15 Patterns | $180 | $260 | $350 | $410 | BID |
DLM Bundle Pricing: Use AuditLink for DLM? Please see the below pricing for savings!
| Number of Members | <5,000 | 5,000-10,000 | 10,001-20,000 | 20,001-40,000 | >40,001 |
| 0-5 Patterns | $80 $67 | $120 $100 | $160 $135 | $185 $155 | BID |
| 6-10 Patterns | $140 $118 | $200 $170 | $270 $230 | $310 $260 | BID |
| 11-15 Patterns | $180 $151 | $260 $220 | $350 $300 | $410 $350 | BID |
One time implementation fee to build patterns is based on number of patterns configured.
| Number of Patterns: | 0-5 | 6-10 | 11-15 |
| One Time Cost: | $1,000 | $2,000 | $2,500 |
