Objectives of the Presentation
Why Should you Attend
- Examination components
- Specific payment types: Bankcards, EFT/POS processing, ACH processing, Web and Telephone
- Safeguarding PINs and Card Issuance
- Transaction Processing and Operational Controls
- Check 21, Remote Deposit Capture
- Overarching issues
- Business Continuity and Contingency plans
- Resources for you and your team
This webinar provides validation steps to verify the effectiveness of a financial institution's internal control processes over ACH, EFT/POS networks, check items, electronic banking related retail payments, and bankcard processing, clearance and settlement. These procedures assist in achieving examination objectives and examiners may use them in their entirety or selectively, depending upon the scope of the examination and the need for additional verification.
The procedures provided in this session should not be construed as requirements for control implementation. The selection of controls and control implementation should be guided by the risk profile of the institution.
Bank staff being examined should coordinate with other departments involved in assessing the institution's information systems, operations, information security and vendor management effectiveness to ensure there is an adequate understanding of the control environment as it pertains to retail payment business lines and to avoid duplication of effort.
Who will Benefit
- Assessing EFT/POS and bankcard agreements
- Establishing standards for PINs and overall information security
- Assessing card issuance activities
- Quality of Business Continuity Planning
- EFT/POS operational controls
- ACH ODFI and RDFI responsibilities
- ACH funding and credit
- Web and telephone ACH transactions
- Remote Deposit Capture risk management
- Emerging technologies
- Corporate treasury professionals
- Payments network providers
- Payments processors
- Small to medium sized companies
- Any industry
Retail payment services expose financial institutions to numerous risks, including legal, compliance, strategic, operational, credit and liquidity. Depending on the complexity of retail payment system activity, the scope of the examination may require an integrated team approach that includes the knowledge, skills and expertise of, IT, credit and compliance specialists.