New Customer or Con-Artist ? Online Account Opening and Risk Mitigation - NASBA CPE 1.5
- Speaker:Rayleen Pirnie
- Product Code:GRC-90457
- NASBA CPE: 1.5
Live Session - How it works
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Recorded Session - How it works
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Training CD - How it works
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This webinar is designed to help banks and credit unions get smart about opening online accounts (Covers both new consumer and business accounts) . It will evaluate practical risk management strategies institutions can use to build a program appropriate for their risk appetite, validation and verification strategies, due diligence. How to support online account development with the appropriate products, social marketing campaigns, and effective risk strategies.
For a digital account solution to be successful, FIs need to understand how to start new or grow existing online relationships. While online account opening presents growth potential for institutions, it also presents significant risk, particularly when these accounts are funded using ACH. These risks can be controlled with proper due diligence for the online environment, account validation, and enhanced risk controls.
We will discuss the ways in which online account opening presents both growth opportunities and significant risks for FIs. We will delve into the specific risks associated with digital accounts that are ACH-funded. You will discover how these risks can be controlled with proper due diligence for the online environment, account validation, and enhanced risk controls. We will evaluate practical risk management strategies that your Institution can use to build and implement a program that is appropriate for your risk appetite. This session will cover both new consumer accounts and business accounts.
- Benefits of Online Accounts for Expanding Your Institution's Footprint & Profit
- Risks Related to Digital Accounts, Specifically ACH-Funded Online Accounts, e.g., Risk-Rating New Customers or Members
- How Common Data Breaches Impact Your Ability to Screen and Validate New Digital Accounts
- Methods of Validation for New Online Accounts & Why Common Validation Techniques Fail in This Arena
- Balancing Automated and Manual Verification
- Proper Due Diligence and Best Practices for/Critical Components of an Online Account Solution
- Evaluation of Risk Management Strategies Based on Risk Appetite
- Limiting Risk, Exposure, and Losses
- Digital Account Issues Related to Both New Consumer Accounts and New Business Accounts
- Customer Service Personnel
- Operations Officers / Supervisors and Personnel
- Compliance Officers
- Risk Management Personnel
- Treasury Management
- Product / Service Development
- Loan Officers
- Front line / Customer Service personnel
- Internal Auditors
- Risk Officers
- Compliance Professionals
- CFO / Finance Professionals
- Operational Risk Managers
- Branch managers
NASBA CPE - 1.5 - Group Internet Based | 1.5 NASBA Credits (1 CPE for 50 minutes) | Intermediate | Prerequisites - None | No advance preparation
Business Management & Organization – 30 Minutes – 0.6 CPE | Management Advisory Services – 30 Minutes - 0.6 CPE | Specialized Knowledge and Applications – 30 Minutes – 0.6 CPE | TOTAL – 1.8 NASBA CPE Credits
Rayleen is the founder and owner of RP Payments Risk Consulting Services, LLC. based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Rayleen’s specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She is an Accredited ACH Professional (AAP) who has worked with all payment systems for nearly 20 years, and a Certified Enterprise Risk Professional (CERP). Rayleen also holds a Bachelor of Science in Criminal Justice Administration.
GRCTS is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org