Positive Pay is an excellent example of software that has changed dramatically in its race against the criminal element.
Tom Houston, T. Houston Technology Group, has released the 2010 Remote Deposit Capture Toolkit© for banks and credit unions. According to Houston, “This is the most comprehensive Remote Deposit Capture Toolkit available and includes all of the documents needed for Legal & Compliance and Sales & Training. A total package!”
Financial institutions should be careful about purchasing cheap agreements and not considering all of the documents required to comply with FFIEC Guidelines for Risk Management of Remote Deposit Capture. Houston added, ”The FFIEC guidelines are clear about the responsibilities of financial institutions providing Remote Deposit Capture and future federal and state audits will require proper documentation.”
Legal & Compliance and Sales & Training Documents Include:
- Business Agreement
- Consumer Agreement
- Checklists
- Pre-implementation
- Monthly
- Annual
- Risk Assessment
- Self Risk Assessment
- Risk Analysis Worksheet
- Application
- Underwriting Policy
- Customer Setup Form
- Project Timeline
- Audit Work Program
- Board Policy
- Customer Policy (per FFIEC)
- Vendor Oversight Policy
- Sales & Pricing Strategies
- Sales Made Easy Program
- Marketing Examples
- Employee Training Program
- Customer Presentation
Remote Deposit Capture Toolkit Also Includes Sales CD and FFIEC Risk Management Video
Remote Deposit Capture Sales - CD
The CD was developed to help contact officers answer the daunting sales questions:
* How do I get started?
* Who are the best prospects?
* What if they say my price is too high?
* How and when should I ask for the sale?
Houston said, “One of the major benefits of using a CD was to allow the sales representative to mentally prepare for a sales call during the drive. Reinforcing a critical concept close to a meeting time keeps the ideas fresh, makes the call smoother and improves the chance of closing a sale.”
Remote Deposit Capture Sales - CD
Tracks include:
1. Aim High – How to Set Goals
2. Marketing & Sales Committee
3. Seven Banks – Best Prospect for Selling
4. Golden Chain – Eliminating Cold Calls
5. Visualize the Sale – See It – Sell It!
6. Price is Too High – Overcome Price Objections
7. Pipeline – Important Step in Sales and How to Manage it
8. Self Service – Understand this Concept and be Successful
9. Pistol Pete’s Socks – How Ordinary People Become Legends
10. Once Engaged-Stay Engaged – Protecting Your Investment in Sales
11. Crown Yourself – When You are Great at Something – Make Sure the Worlds Knows
“Understanding the FFIEC Guidelines Risk Management for Remote Deposit Capture" - Video
This is an important training resource for Operations Managers, Compliance Officers, Cash Management Contact Officers and ACH employees that need to understand the new rules for Risk Management of Remote Deposit Capture.
According to Houston, “As we go through this Guidance, you will get a strong sense of the concerns the FFIEC had about Remote Capture and the requirement for ensuring that customers are properly trained and implement a risk management program.”
It is important to note that this Guidance is applicable, by reference, to Mobile Banking and ACH. This is critical because it signals the areas and types of risks the agencies are focused on when technology is operated away from a financial institution.
ACH has a long and successful history of operations and controls, but Mobile Banking and now Remote Capture, are relatively new and will require more stringent oversight. These concerns may manifest in requiring evidence of controls used during future audits, policies, risk assessments, customer underwriting procedures, etc.
Houston stated the concerns are valid and explained, “The Agencies fully understand the potential illegal use of these technologies for money laundering and support of terrorist networks.”
The VIDEO was developed to help employees at all levels understand the new requirements that will guide future audits by the interagencies. The VIDEO is divided into segments that allow employees to participate in training on their schedule. For ease of reference, the VIDEO covers all of the FFIEC Guidelines in the same order as the Risk Management document:
- Background and Purpose
- Risk Management: Risk Assessment
- Legal and Compliance Risks
- Operational Risk
- Risk Management: Mitigation and Controls
- Customer Due Diligence and Suitability
- Vendor Due Diligence and Suitability
- Training for Customers
- Contracts and Agreements
- Business Continuity
- Other Mitigation and Control Considerations
- Risk Management: Measuring and Monitoring
Houston added, “One of the major benefits of using a VIDEO is that it is inexpensive and provides consistent training for all employees.”