TOPIC: Risk

2020 Business Lending Readiness Survey: Preparing Now for Economic Uncertainty Ahead

Abrigo’s 2020 Business Lending Readiness Survey asked more than 300 lenders, credit analysts, chief credit officers and chief risk officers, as well as other professionals involved in the lending and credit risk process at banks and credit unions what challenges they currently face related to driving loan growth and managing credit risk.
Many respondents’ institutions have processes that add costs, delay turnaround times, and can lead to inconsistency in pricing and risk management, or worse yet, unhappy customers and staff.

Download this whitepaper to:
  • Understand the risk appetite and portfolio strategies of other institutions
  • Learn where the largest roadblocks are throughout the commercial lending process
  • Compare loan turnaround times to other banks and credit unions
  • Discover ways to improve current institution processes
Download now 

    Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us March 11

    March 11 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

    Register Now


    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 product experts demonstrate how Verafin applies advanced analytics and Robotic Process Automation to identify risk factors and segment customers into high-risk categories, stratify the risk within those groups and, through ongoing high-risk customer surveillance, provide a more accurate picture of your institution’s risk profile, strengthening your end-to-end CDD/EDD program.

    Register Now

      BSA/AML and Fraud Conference | ThinkBIG: Fighting Financial Crime (formerly BUG) | April 19 - 22 in Austin

      ThinkBIG: Fighting Financial Crime (Formerly BAM+ User Group)
      April 19 -22 | Austin, TX


      Join Abrigo for the 16th annual ThinkBIG: Fighting Financial Crime Conference for BSA/AML professionals. The BAM User Group Conference, now renamed ThinkBIG: Fighting Financial Crime, has provided industry-leading education and support. Come hear from the industry leaders, law enforcement, and peers as we dive into the latest trends in suspicious activity detection, fraud prevention, and regulatory expectations.
      Network with other BSA/AML and fraud banking professionals and engage with law enforcement representatives, and expand your base of industry knowledge. This is an event you don’t want to miss! Be prepared to Think Bigger with insights and information critical to your BSA/AML and fraud prevention programs.

      Register here 

        Operational Loss Policy for back office operations

        Employee at a credit_union ($630MUSA)
        We currently have a policy for losses which occur through the teller line, however as digital transactions have become more the norm we realize the need for some guidelines pertaining to processing these transactions in the back office.  Does anyone have this in place that would be willing to share?  Do you apply the same loss guidelines as you do for the front line?  Any examples and feedback is greatly appreciated.

          Demonstration | Mitigating and Managing Deposit Fraud Losses - Join us Feb 19

          Demo
          February 19 at 12:30 PM - 01:30 PM EST
          Mitigating and Managing Deposit Fraud Losses
          Cross-Channel Analysis & Machine Learning for Improved Fraud Detection

          Register Now

          Financial institutions across the country are facing an increasing number of deposit fraud attacks as criminals take advantage of the anonymity and convenience of ATM and mobile channels. Meanwhile, consumers are increasingly falling victim to fraud scams, which can have significant emotional and financial effects.

          Join us for an overview of Verafin's Fraud Detection and Management solution which includes powerful detection capabilities to mitigate losses from first-party ATM, In-Branch and Mobile deposit schemes, and protects your customers from third-party fraud scams.
           
          Highlights of this software demonstration include:
          • Targeted alerts for first-party deposit fraud
          • Targeted alerts for deposit fraud scams
          • Machine Learning deposit fraud models
          • Risky Check Analysis
          • Fraud Management solutions
          Register Now

            On line account opening

            Employee at a credit_union ($1.2BUSA)
            We are starting an On line Account opening initiative. The idea is to do away with signature cards and the need for members to ever come into a branch. While this will be a great service to our legitimate new members, I worry this will open us up to a whole new kind of risk that may not have been accounted for. We will also go from a hard credit pull to a soft pull. We will be using an Experian product called Precise ID to verify member ID (Does this meet CIP requirements?). I know we need a detailed Risk assessment, and I have so many questions about the compliance side as well. This project is happening, what can I document or what questions should I be asking? I do have several but I'm hoping some new insight and brain storming will build a more complete assessment. Do you have a "check list" or an assessment your institution used, that you could share. I know this can be done and still be compliant and mitigate risk as several larger banks do it, I just want to make sure we do it as safely as possible. 

              ERM certifications

              Employee at a credit_union ($1.2BUSA)
              I am looking at going to CUNA's ERM 3 day in person Certification school. However I did just find COSO has on online course, and since they are the standard all ERM is mostly based off I was wondering what class/certification would be better. 
              What ERM cert do you have and have you found it helpful? Thank you 

                Verafin Tour 2020 | Agenda Announced - Hot Topics at Free Seminars Near You

                Verafin Tour 2020 - Agenda Announced
                Fraud Detection & BSA/AML Regional Seminars


                Join us for a complimentary seminar in a city near you in June, as industry and product experts discuss trends in financial crime and banking technology. Get in-depth training on crime detection and investigation strategies.

                See all locations

                2020 Agenda

                Fraud Trends and Technology
                Financial institutions and customers are facing growing threats from fraudsters and evolving scam scenarios, including check schemes, card compromise, online account takeover and business email compromise. In this session, industry and technology experts will outline new approaches to prevent losses and improve efficiencies in fraud management programs, including big data and machine learning.

                Industry Reflections and Predictions with Guest Speaker Jim Richards
                Former top banking executive and industry expert, Jim Richards will provide insights into the regulatory and anti-financial crime industry by reflecting on the journey that led to the current BSA/AML framework, and examine the challenges of providing actionable intelligence to law enforcement.

                Optimizing AML Investigations
                With the increasing complexity of today’s BSA/AML landscape, financial institutions are facing increasing challenges to keep pace with changing regulatory requirements, daily compliance workloads, and complex money laundering investigations. Industry and product experts will provide an overview of best practices and approaches to improve efficiency, ensure compliance, and uncover money laundering activity.

                Big Data Intelligence and the Way Forward for AML
                Big data is key to the future of AML and financial crime detection. In this special session, industry and technology experts will discuss the limitations of current approaches to detecting financial crime and provide insights into a way forward for AML by leveraging technology-enabled solutions, including data lakes and consortium data.

                Beyond Due Diligence: Best Practices for High-Risk Customer Management
                Institutions are under increased regulatory pressure to meet requirements for CDD/EDD, particularly regarding the identification, segmentation, stratification, and surveillance of FFIEC high-risk customer types. In this session, industry and product experts will discuss the benefits of a segmented, stratified approach to high-risk customer management, outline best practices for developing risk models for customers in higher-risk categories, and demonstrate how technology can improve the effectiveness and efficiency of your CDD/EDD processes.

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

                Register now for free

                  Ncontracts February Webinar - Managing Complaints to Achieve Better Results

                  MANAGING COMPLAINTS TO ACHIEVE BETTER RESULTSFebruary 26, 2020 @2:00 PM CT
                  Complaints are the canary in the coal mine. They help identify potential compliance deficiencies and legal violations that could cost the financial institutions hundreds of thousands of dollars in civil monetary penalties, fines and restitution. Learn about complaint trends, the importance of managing consumer complaints, crafting a complaint resolution process that is all encompassing, and best practices to strengthen your complaint program.

                  Topics to be covered include:
                  • Definition of complaints
                  • Regulatory expectations
                  • Effective compliance programs
                  • Risk management through complaint resolution
                  • Using complaint data to identify potential fair lending issues
                  Join Stephanie Lyon, Ncontract's VP of Compliance for this hot topic webinar.
                  Register Here


                    Blog | Defying the Digital Revolution: Conventional Check Fraud Continues to Challenge Financial Institutions - Read now

                    Blog
                    Defying the Digital Revolution: Conventional Check Fraud Continues to Challenge Financial Institutions
                    November 26, 2019 by Verafin


                    Read the full blog now

                    Even as digital banking channels such as mobile, online and P2P payments surge in popularity — check fraud continues to be a preferred tactic for fraudsters to target financial institutions with new fraud schemes.

                    The Association for Financial Professionals (AFP) has reported that check use in business-to-business payments continues to dominate over other payment types; checks were the payment method most impacted by fraud in 2018, and they continue to be “highly prone” to fraud in 2019. The volume of check activity and subsequent risks pose significant challenges for institutions to manage and mitigate the operational and financial costs of check fraud.

                    In this enlightening blog post, read about the prevalence of Check Fraud, the challenges faced by financial institutions with this growing and evolving threat, as well as an exploration of fraud controls that financial institutions can implement for appropriate monitoring of customer accounts.

                    Read the full blog now

                      Blog | Crime Trends & Technology: Reflections & Perspectives for 2020

                      Blog
                      Crime Trends & Technology: Reflections & Perspectives for 2020
                      January 7, 2020 by Verafin

                      Read Now

                      As 2019 comes to a close and we move into the next decade, it is critical for financial institutions to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead.

                      This revealing blog post highlights the following areas to provide greater context for FIs in strategically planning, evaluating, and prioritizing investment in financial crime management programs. 
                      • Evolution of fraud scams
                      • Optimizing AML alerts and investigative tools 
                      • Managing High-Risk Customers
                      • Artificial intelligence in Financial Crime Management platforms
                      • Combating crime rings with collaboration 

                      Read the full blog to learn about the biggest fraud schemes and AML trends noted in 2019, and how we can use what we’ve learned to stay ahead of fraudsters and criminals in 2020.

                        Webinar: CECL in 2023 - An Analyst's Perspective

                        Join Abrigo analysts on this free webinar as they share the inputs, data, and results from working with public clients through advisory engagements, and outline the steps that financial institutions should be taking in 2020 to get CECL-ready.

                        Tuesday, January 28, 2020 at 2:00 p.m. EST

                        Register now: https://www.web.abrigo.com/CECL-2023

                          5 CAMS Credits | 2020 Verafin Tour Regional Seminars - Register Today

                          Earn CAMS Credits
                          2020 Verafin Tour
                          Fraud Detection & BSA/AML Regional Seminars


                          Since 2015, more than 17,000 of your peers have registered for a complimentary regional seminar. Hundreds have already registered for an upcoming event — will you be joining them?

                          Register Now

                          At these free educational seminars, join industry and product experts as they discuss current trends in financial crime and the latest advances in banking technology. You will receive in-depth training on detection and investigation strategies to help stop financial crime.

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

                          Register today to reserve your seat.

                            Free Webinar | AI, Machine Learning, and Your BSA/AML Program

                            Thursday, January 30, 2020
                            2:00 PM ET / 1:00 PM CT
                            Register here:
                            http://bit.ly/2ZBI2s0

                            Join us for a free webinar where Gary M. Shiffman, PhD, will explain the role of Artificial Intelligence (AI) and Machine Learning (ML) in your BSA/AML program. With the support of Abrigo expert Brian Rodriguez, Gary will dive into the benefits of AI and ML, offer relevant use cases, and debunk common misconceptions about AI and ML within the BSA/AML world. Attendees will walk away with a greater understanding of who needs AI and ML, how it works, and things to look out for as these capabilities are integrated into their respective financial institutions.

                            Join this session to learn:
                            • AI terminology, buzzwords, and their meaning 
                            • How Machine Learning effects the industry and your institution
                            • Common misconceptions to avoid
                            • Behind the scenes explanation of how AI reduces false positives
                            Save your seat! 

                              Rideshare Loans

                              Employee at a credit_union ($626MUSA)
                              How are others handling consumer car loan applications when the borrower indicates their primary or a part time source of income is a rideshare company such as Uber or Lyft?

                                Demonstration | BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us Jan 2

                                January 2 at 12:30 PM - 01:30 PM EST
                                BSA/AML Compliance, Fraud Detection & High-Risk Customer Management
                                A Consolidated Financial Crime Management Platform

                                Register Now


                                While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are a critical first step to your overall effectiveness.

                                Join us for an overview of Verafin which includes highly targeted analytical agents enriched through big data intelligence with third-party data, cross-institutional analysis and Information Sharing. Learn how Verafin’s consolidated Financial Crime Management platform produces higher-quality alerts for expedited investigations, and richer, more detailed reporting.

                                Register Now

                                  Verafin Tour 2020 | Fraud trends and BSA/AML hot topics – join your peers at a complimentary seminar near you

                                  BSA/AML Hot Topics
                                  2020 Fraud Detection & BSA/AML Regional Seminars


                                  See all tour locations

                                  The 2020 Verafin Tour features insightful presentations that highlight emerging fraud and compliance trends, along with the latest technologies to fight financial crime — and the tour is coming to a city near you! Join hundreds of your peers at this industry-wide event, and hear our expert speakers dive into hot topics like: 
                                  • Combatting Crime Rings
                                  • Emerging Fraud Trends & Technology
                                  • Best Practices for BSA/AML
                                  • Managing & Monitoring High-Risk Customers
                                  Register now for free

                                    BSA/AML and Fraud Conference | ThinkBig: Fighting Financial Crime | Registration now open!

                                    Registration for ThinkBig: Fighting Financial Crime (formerly BUG) is now open!

                                    Join us April 19-22 in Austin, Texas for 2 1/2 days of networking with other BSA/AML and fraud professionals, engaging with regulatory and law enforcement representatives, and expanding your base of industry knowledge.

                                    Early bird pricing ends on January 17!

                                    Register here