Operational Risk Management Concerns and Tools
We offer a set of tools to help you manage operational payment risk.
Below are some service solution sets for common payment risk management concerns. Do any of these challenges sound familiar to you? If so, follow the link to review the solution sets.
I need access to timely and actionable information to help me promptly respond if there are issues.
Timely and Actionable Information
- I don’t want idle cash inventory to cost me a return on those funds. Is there account management information to help me keep track?
- I sure don’t want to pay a check twice. Is there a way to be notified of duplicates?
- How can we better identify unusual activity in our ACH payments? Is there a simple way to keep an eye on ACH processing activity?
- I want to improve the automated monitoring of international ACH transactions (IAT) that could be subject to OFAC screening requirements. How can I help ensure we’re seeing all our IAT items?
- I want to guard against both overdrawing and overfunding our Fed account. Is there an account management tool that can assist me?
I need ways to implement secondary reviews and approval processes to help guard against insider misuse or errors.
Secondary Review and Approval Processes
- I worry we may have weaknesses in our cash ordering process, that we don’t have the right access levels for those that place orders or that employees may be ordering too much. How can I place limits on the amounts individuals are allowed to order from the Fed?
- What if an employee allows a business to have a larger ACH origination limit than is authorized? Is there a way, outside of the operations area, to double check that the established caps are being used?
- Let’s say an employee in a rush to go home submits an ACH batch with the 9-digit routing transit number mistakenly entered into the credit dollar amount field. Can I enforce double checks before the file enters the ACH network?
I can’t look at every payment. I could use some early notifications or alerts to help trigger reviews or responses.
Early Notifications or Alerts
- If we miss a check return window, we could end up responsible for a loss if the depositor withdraws the money before the check clears. Is there a way to accelerate check receipt and thus the return process?
- I worry I won’t be as fast as the check fraudster. Is there a way to accelerate our check deposits and as a result potentially receive any returns more quickly?
- What if fraudsters try to send ACH transactions to an account known to have been compromised and subsequently closed? Is there an easy way to be alerted to such attempts?
- We don’t want to be caught off guard by a large incoming ACH debit. Can we be alerted?
- Not all ACH originators are equally credit worthy. I want to closely manage ACH origination risk. How can I track and control originators’ activity in near-real time?
I’d like a way to help guard against ACH origination credit and fraud risk before the payments are transmitted to the receiving bank.
Guard Against ACH Origination Credit and Fraud Risk
- We know ACH originators can sometimes initiate more than we intend to allow, either by mistake, over the course of multiple days in a row or through several different entry points such as online banking systems and a separate payroll processor. Is there a way for us to control our originator’s combined activity on our RTN before it enters the ACH network?
I want an efficient way to conduct payment trending and benchmarking analytics.
Payment Trending and Benchmarking Analysis
- I worry about missing wire transaction activity that should have triggered compliance processes. Is there an analytical tool available to help us look for possible gaps in our compliance procedures?
- I want a better understanding of our wire activity patterns. How can I easily collect and analyze the data?