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Remote Deposit Capture: CUs can Minimize Risks with Effective Policies and Procedures
Tuesday, August 26, 2014 6:35 AM

Consumers appreciate the convenience of mobile remote deposit capture, but many financial institutions have been slow to adopt it because of perceived potential risks. Steve Gibbs, assistant vice president of Credit Union Resources’ Shared Compliance, says credit unions can minimize risks with effective policies and procedures. Gibbs will examine remote deposit capture during an educational session at the Cornerstone Credit Union League’s Compliance & Audit Conference  Sept. 22-24 in Fort Worth, Texas.

Cornerstone’s Compliance & Audit Conference affords compliance and audit professionals the opportunity to learn from the industry’s brightest; explore what's hot now and what's coming up in credit union regulatory compliance; network with peers, and share best practices. Registration is now available online, and compliance and audit professionals are encouraged to register by Friday to take advantage of early bird registration.

Among other things, Gibbs’ informative session will address performing effective risk management for a successful program including:

  • Risk Assessment - legal, compliance, and operational risks.
  • Risk Mitigation and Controls -  policies
    • risk tolerance levels,
    • internal procedures and risk controls,
    • risk transfer mechanisms, and
    • contracts and agreements.
  • Risk Measuring and Monitoring – to support oversight
  • operational performance metrics,
  • benchmarks and standards, and
  • management reports 
  • RDC plans and policies,
  • performance and risk management reports.
  • Implementation and ongoing operations - board of directors approval and oversight

This session is recommended for any compliance or operations professional involved with or considering a remote deposit capture program.

To learn more about the Compliance & Audit Conference, please visit the “Education” section of Cornerstone’s website. If you have any questions, please contact Training & Events, at (469) 385-6630 or (800) 442-5762, ext. 6630.

Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit www.cscuf.coop.