While online account opening presents tremendous growth potential for financial services organizations, it also presents significant risk, particularly when funded using ACH. These risks can be controlled with proper due diligence for the online environment, account validation and enhanced online-specific risk controls. This course will evaluate practical risk management strategies providers can use to build a program appropriate for their risk appetite. The course covers both new consumer and business accounts, including deposit accounts, loans, credit and more.
Isolate related regulatory guidance and expectations
Document due diligence and verification methods
Record sound business practices to mitigate risk
Why should you Attend
While there is tremendous appeal in reaching a broader audience by offering online account services, especially online account opening, the risks are significant in today’s environment. Anything from insufficient risk assessments to poor BIA and related controls can turn an advantage into a financial (and reputational) disaster. If your financial services organization or financial institution is considering (or offering) online account opening to gain new customers/members, this course is a must to ensure you are properly managing today’s risks.
How common data breaches impacts your ability to screen and validate new accounts