TOPIC: Risk Assessment

Demonstration | Beyond Due Diligence: Best Practices for High-Risk Customer Management - Join us July 22

July 22 at 12:30 PM - 01:30 PM EST
Beyond Due Diligence: Best Practices for High-Risk Customer Management
Special Presentation: Rebroadcast of Virtual Tour Session

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CDD/EDD processes are the cornerstone of compliance, and a growing challenge to maintain amid evolving regulations and the COVID-19 crisis. Stay current with Beyond Due Diligence: Best Practices for High-Risk Customer Management — a special rebroadcast of our engaging Virtual Tour event attended by over 2000 financial and compliance professionals this May.

“Great presentation! I really enjoyed the insights provided by your team of experts as well as the case content, specific examples and cadence it was presented.” — Attendee, 2020 Verafin Virtual Tour

Join industry and product experts as they discuss the latest innovations and issues in high-risk customer management, including COVID-19-related CDD/EDD challenges, the benefits of intelligent segmentation and stratification, and more.

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Please note that this rebroadcast of the Virtual Tour Session is not CAMS-accredited.

    Effective Loan Pricing & Decisioning: The Impact of COVID-19 on Your CRE Strategies

    Having a hard time discerning whether your lending team is originating both high quality and profitable loans?

    In a webinar next Thursday, June 25, 2:00 PM ET you will learn how to avoid some common pitfalls in loan pricing decisions and assessing overall customer profitability. We will discuss risk-based pricing methods, blended funding concepts, and profitability calculations. Trepp will also be sharing insights into the current state of the commercial real estate (CRE) sector and what they are hearing, including the changes they think CRE will see due to this pandemic.

    Register now: https://www.abrigo.com/webinars/effective-loan-pricing-growing-your-cre-in-a-changing-rate-environment/

      2020 Verafin Virtual Tour | Fraud Detection & BSA/AML Online Event - Join us Jun 17

      2020 Verafin Virtual Tour
      Fraud Detection & BSA/AML Online Event

      June 17, 2020 from 12:00pm - 5:00pm EST

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      Join hundreds of attendees from coast to coast for our next Verafin Virtual Tour on Wednesday, June 17, 2020 from 12:00pm – 5:00pm EST. Complimentary and online, this leading industry event is available wherever you are — and experiencing our exceptional presentations on the hottest topics, including COVID-19-related financial crime, has never been easier.

      We are thrilled to have Jim Richards, former Director of Financial Crimes Risk Management at Wells Fargo, join the Virtual Tour as our featured speaker to provide invaluable insight and perspective as an industry expert.

      Our agenda will feature discussion on the ongoing COVID-19 pandemic and the ways this has impacted financial institutions. We will examine new challenges for AML compliance, the types of COVID-19-related fraud scams that have emerged and how we can help you protect your customers.

      Participate in live Q&A sessions with industry experts that will take place after each presentation. A full team of experts will be available to respond to your questions live – ask questions directly to our team during sessions on fraud, AML and high-risk customer management. Any questions that are not addressed during the event will be followed up on shortly afterwards by our team.

      Attendees will also have the unique opportunity to participate in interactive polls on crisis-related trends, the future of AML, best practices for high-risk customer management, and fraud trends and technology.  Provide your feedback on current trends and challenges to see how it compares with over a thousand of your peers.

      Attendees will receive 5 CAMS, 6 CAFP, 6 CRCM credits, or up to 5 Continuing Professional Education (CPE) credits towards industry accreditation programs, such as CFE and CFCS.

      Visit the Tour website for up-to-date event details, to download the agenda and register for free.

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        Show Me How your Audit Plan is Risk-based

        Recently, we have fielded a few questions from financial clients on an examiner request: “Show your IT audit risk assessment with details of scope and frequency.”  What the examiner is really asking is “Show me how your audit plan is risk-based.”  The good news is that you are probably doing everything you need to be doing, you may just not know how to answer to the question.  

        In a risk-based audit plan, risk assessments are used to determine audit scope and frequency.  Does your audit plan contain the following elements?

        • A risk assessment process to describe and analyze inherent risk to IT and information security assets.  The risk assessment process should utilize a scoring system that considers relevant risk factors, and to the extent possible, avoids subjectivity.  The risk assessment should be updated at least annually, or more frequently to reflect changes such as new processes, new infrastructure, new public facing services, security incident or breach, mergers & acquisitions, etc.  
        • An audit cycle where the risk assessment is the driving factor for determining the frequency of audits.  In your audit plan, define audit frequency based on risk scoring – for example, areas with an inherent high-risk score are typically audited annually, and moderate-risk issues might be every other year.  Areas with an inherent critical-risk score, such as social engineering awareness, might be audited or tested at least annually, or even more frequently.  As noted above, major changes or other events could trigger out-of-schedule audits or testing, and your plan should note this.
        Wireless network access is a good example of a function or service where the risk assessment process can be used to determine audit scope and frequency.  If an institution implemented a guest wireless network that doesn’t have access to production resources, the risk assessment would likely result in a low inherent risk for this area, and wireless access might not be included in much or any auditing or testing.  What if the production network was wirelessly accessible?  That would arguably result in a high-risk rating, triggering annual testing as defined by your schedule.  

        The extent of audit planning required depends on size and complexity of your institution.  Audit programs may range from “We just audit everything annually,” to the use of detailed enterprise-wide risk management programs at larger institutions where audit scope and frequency is much more granular.  For smaller institutions, an annual IT audit, penetration test, internal and external vulnerability assessments, and social engineering test will likely cover your needs by testing relevant controls on your risk assessment.  

        If you follow the process as described above, you will be able to confidently answer the “Show me how your audit plan is risk-based” question.  As usual, we have example risk-based audit plan verbiage if you need a place to start, attached.

          2020 Verafin Virtual Tour  - Join us June 17

          2020 Verafin Virtual Tour  Fraud Detection & BSA/AML Online Event  5 CAMS credits | 6 CAFP credits | 6 CRCM credits
          Register Now

          Registration is now open for the 2020 Virtual Tour taking place Wednesday, June 17, 2020 from 12:00pm – 5:00pm EST.   

          This complimentary, online event features insightful presentations that highlight emerging fraud and compliance trends, including those related to the current COVID-19 crisis, along with the latest technologies to fight financial crime. During this interactive event you’ll have the opportunity to chat with technology and product experts during live Q&A sessions, and take part in polls and interactive elements. Join your peers at this industry-wide event, and hear our expert speakers dive into hot topics like:
          • Fraud Risks and Compliance Challenges During the COVID-19 Crisis
          • Evolving Fraud Trends and Technology: BEC Fraud, Card Compromise, Check Fraud Schemes 
          • Industry Reflections and Predictions with Special Guest Jim Richards  
          • Big Data Intelligence and the Way Forward for AML  
          • Best Practices for High-Risk Customer Management
          Attendees will receive 5 CAMS, 6 CAFP, 6 CRCM credits, or up to 5 Continuing Professional Education (CPE) credits towards industry accreditation programs, such as CFE and CFCS.    

          To review the agenda and reserve your spot, visit the Virtual Tour website.

          Register Now

            Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us June 9

            June 09 at 12:30 PM - 01:30 PM EST
            End-to-End High-Risk Customer Management & CDD/EDD
            Segmentation, Stratification, Surveillance & EDD Workflows for High-Risk Customers

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            How accurate is your institution’s customer risk profile? A one-size-fits-all approach to customer risk can lead to thousands of high-risk customers being flagged for continuous review, increasing your workload.
             
            Verafin’s end-to-end solution for High-Risk Customer Management and CDD/EDD helps you effectively manage higher-risk categories of customers, including ATM owners, MRBs, MSBs, NGOs, and more.

            Join us as we demonstrate how Verafin identifies and categorizes high-risk customers, and stratifies the risk within each category. Through ongoing surveillance, Verafin provides a more accurate picture of your institution’s risk profile to strengthen your end-to-end CDD/EDD program.

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              Demonstration | Solutions to Combat COVID-19 Financial Crime - Join us June 3

              June 03 at 12:30 PM - 01:30 PM EST
              Solutions to Combat COVID-19 Financial Crime
              Mitigate Risk and Prevent Fraud with Advanced Analytics and Rapid Cloud Delivery

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              The COVID-19 crisis is creating historic possibilities for crime, and financial institutions can no longer afford delays in product updates or platforms that cannot release urgently required protections, today.

              In this demo, you will learn how Verafin’s cloud-based Financial Crime Management platform is quickly addressing the latest COVID-19 crimes, helping institutions confidently manage compliance and protect their customers from loss.

              Highlights of this product demonstration include:
              • Targeted Online Account Takeover Agents
              • Mobile Deposit Scam Detection with Machine Learning
              • Enhancements to Wire Fraud
              • New Detection Agent for Stolen Stimulus Payments
              • Case Management for COVID-19-related Scams
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                Infographic | Challenges & Change in the COVID-19 Crisis - Download Now

                Challenges & Change in the COVID-19 Crisis
                The impact of the pandemic on financial institutions’ fraud and BSA/AML compliance programs

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                From remote work to surging first-time online banking users, the COVID-19 pandemic has had a widespread impact on customer behavior and compelled institutions to adopt new business-as-usual processes. However, these changes have also amplified the challenges for financial crime management programs at institutions of all asset sizes.

                This convenient infographic highlights the significant challenges and change facing the industry during the COVID-19 crisis.

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                  [Announcement] 2020 Verafin Virtual Tour - June

                  2020 Verafin Virtual Tour
                  Fraud Detection & BSA/AML Live Online Event

                  5 CAMS credits |  6 CAFP credits |  6 CRCM credits
                  June 17, 2020 from 12:00pm – 5:00pm EST

                  Register Now

                  We are pleased to announce that registration is now open for the 2020 Virtual Tour taking place Wednesday, June 17, 2020 from 12:00pm – 5:00pm EST.  

                  This complimentary, online event features insightful presentations that highlight emerging fraud and compliance trends, including those related to the current COVID-19 crisis, along with the latest technologies to fight financial crime. During this interactive event you’ll have the opportunity to chat with technology and product experts during live Q&A sessions and take part in polls and interactive elements. Join your peers at this industry-wide event, and hear our expert speakers dive into hot topics like:  
                  • Fraud Risks and Compliance Challenges During the COVID-19 Crisis 
                  • Evolving Fraud Trends and Technology: BEC Fraud, Card Compromise, Check Fraud Schemes 
                  • Industry Reflections and Predictions with Special Guest Jim Richards 
                  • Big Data Intelligence and the Way Forward for AML 
                  • Best Practices for High-Risk Customer Management 

                  The approved accreditations for the Verafin Tour Regional Seminars also apply to the Virtual Event. Attendees will receive 5 CAMS, 6 CAFP, 6 CRCM credits, or up to 5 Continuing Professional Education (CPE) credits towards industry accreditation programs, such as CFE and CFCS. 

                  To review the agenda and reserve your spot, visit the Virtual Tour website.

                  Register Now

                    Demo Video | Risky Online Banking Setup Agent: Online Account Takeover Detection - Watch Now

                    Video
                    Risky Online Banking Setup Agent
                    Online Account Takeover Detection

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                    Confidence scams, like romance or job scams, are a growing ploy by fraudsters to establish trust with a victim with the end goal of obtaining personally identifiable information (PII) and eventually targeting the victim’s bank account. Fraudsters can use PII to set up online banking access, with or without the victim’s knowledge. This short video highlights Verafin’s targeted agent for Risky Online Banking Setup which detects when an existing customer is new to online banking and their online banking setup appears risky. 

                    Verafin’s Risky Online Banking Setup agent features smart evidence including a visual map to illustrate the distance from home associated with the customer’s online banking session, as well as graphical representation of your customer’s unique digital fingerprint, allowing you to easily see that unusual online account access has taken place.

                    Watch Now