Overview
A fine-tuned set of patterns sets the stage for your credit union 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 CU*BASE, no costly data validation should be necessary.
Goals
High Number of False Positives
Without the proper fine-tuning, the number of accounts that get flagged by the configured patterns will likely be significantly high. Most of these accounts will contain normal activity.
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 have to evidence that they are performing this monitoring. This service is designed to assist credit unions with passing their exams.
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.
AuditLink reduces the aforementioned regulatory and resource burden placed on credit unions by configuring and fine-tuning all 30 patterns to identify anomalous activity while also minimizing false positives. Not only is there time savings by having AuditLink do the setup, but it should also translate into less time wasted reviewing accounts with normal activity.
Schedule of Tasks
One-time configuration to adjust the 30 default patterns for identifying potential high-risk/suspicious activity in self-service origins.
Memo Configuration
Creation of a memo type to enable credit unions to generate abnormal activity monitoring specific tracker reports.
Due Diligence Codes
Creation of due diligence codes for the purpose of flagging high-risk accounts in CU*BASE.
Web-conference
We will hold a web-conference with the credit union to explain the services to be rendered, answer questions and provide clarification. We will also train your team on how to use the tool and review accounts.
Change Management
Use of the pattern change management workbook to document the configuration methodology, i.e., the process followed for determining the initial configuration settings, account review and false positive rate calculations.
Pricing
One time implementation costs based on membership size
5,000 and under – $$1,246
5,001 – 10,000 – $1,803
10,001 – 20,000 – $2,680
20,001 and > – BID
