TOPIC: Audit

Interactive (virtual) teller - signature

SVP at a bank ($2.2BUSA)
Good morning!

We are in the processing of going live with an interactive (virtual) teller machine. One issue that has come up is that the software does not capture and store an image of the customer's signature when making a withdrawal - it is only displayed for the teller to verify, then it is no longer displayed or saved.  

For those banks who are using this technology - has this posed an issue for you? What have you done to overcome this or mitigated the risks of not having the signature on a withdrawal?

    Review of large dollar items

    SVP at a bank ($2.2BUSA)

    We have two different reviews of large dollar items, and are curious as to others are handling these from a risk perspective. I know a lot depends on management's tolerance for risk based on experience/tolerance with losses, but please include your asset size.

    1. As the paying bank, we review all checks over $10,000 paying against our customers’ accounts, approximately 250-350 items. All aspects of the check are reviewed including date, signatures, endorsements, any irregularities.

    2. As the BOFD, we review items over $35,000 that were sent out in yesterday’s cash letter verifying proper endorsements and deposit into the correct account, approximately 50-75 items. These items should have been verified by the teller at the time of deposit.

    We are over $2 billion in assets.

      EFT Audit

      AVP at a bank ($29MUSA)

      Does anyone have an EFT Audit checklist that they would like to share? The audit checklist we have is based on the FDIC Compliance Manual and very hard to understand.
      Thank you in advance.

        Sample RFP Letter

        AVP at a credit_union ($653MUSA)

        Good afternoon,

        I am looking for a sample RFP letter to engage an IT Audit.
        Does anyone have one they would be willing to share?

        Thank you,

          Last Chance - Free December Webinar: Tracking Exam and Audit Findings

          You are invited to our December webinar discussing best practices for tracking and avoiding exam and audit findings. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

          Standard compliance protocols are set to ensure that processes are followed by management and employees, internal audit, external audit, and government review. In spite of those checks and balances, examiners and auditors uncover deficiencies in your processes, and it falls to your team to resolve them. These issues can be the proverbial ‘hot potato’ on who takes the necessary action on the findings. It’s common for the findings to revolve around third-party risk, business continuity issues, and compliance areas. This webinar will address:

          • The dangers of only using Excel spreadsheets to manage findings
          • Best practices for policies and procedures to avoid findings in the first place
          • How to track to guarantee complete remediation of findings
          • The benefits of testing your remediation to ensure changes take effect
          • Best practices of vendor management, business continuity planning, and compliance to help your financial institution avoid findings

          Register Today!

            Fix your policies & procedures now! Final webinar event of the year!

            Start writing better policies & procedures! Join us for our final live webinar event of the year on Wed, December 19th @ 2 PM EST.

            Policies and procedures that are written well are clear, accurate, and easy-to-follow. Failing to meet these three tenets leads most obviously to compliance risk, but poorly written policies and procedures also have direct impacts on employee productivity and customer/member satisfaction – leading to a higher rate of exceptions, rework, and low NPS ratings.

            We will outline the 6 most common mistakes to avoid when writing banking policies and procedures and tips on how to fix them.

            This webinar will cover:

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            Cheers,

            The SilverCloud Team

              Free December Webinar! Tracking Exam and Audit Findings

              You are invited to our December webinar discussing best practices for tracking and avoiding exam and audit findings. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

              Standard compliance protocols are set to ensure that processes are followed by management and employees, internal audit, external audit, and government review. In spite of those checks and balances, examiners and auditors uncover deficiencies in your processes, and it falls to your team to resolve them. These issues can be the proverbial ‘hot potato’ on who takes the necessary action on the findings. It’s common for the findings to revolve around third-party risk, business continuity issues, and compliance areas. This webinar will address:

              • The dangers of only using Excel spreadsheets to manage findings
              • Best practices for policies and procedures to avoid findings in the first place
              • How to track to guarantee complete remediation of findings
              • The benefits of testing your remediation to ensure changes take effect
              • Best practices of vendor management, business continuity planning, and compliance to help your financial institution avoid findings

              Register Today!