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ACH Risk Assessment
“A well-planned audit program is essential to evaluate risk
management practices, internal control systems, and compliance with
corporate policies concerning payment related risks. Effective audit
programs are risk-focused, promote sound controls, and inform the board
of directors of the effectiveness of risk management
practices.”
- FFIEC IT Examination Handbook
The
ACH Rules require every financial institution to conduct an assessment
of the risks of its ACH activities and to implement a risk management
program.
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The Payments
Authority can conduct your ACH Risk Assessment and provide a detailed
report of findings and recommendations for improvement. This Assessment
will identify areas of greatest ACH risk exposure to the institution
and:
determine
the effectiveness of management’s planning and oversight of ACH
activities evaluate
the adequacy of operating processes and internal
controls determine
the adequacy of enterprise-wide compliance with policies and procedures
related to ACH processing evaluate
originator underwriting standards, establishment of exposure limits, and
review of high-risk activities evaluate
effectiveness of the business continuity program review
relationships and controls with third party service providers
Answers to Frequently Asked Questions:
Q. Is the ACH Risk Assessment the same as the ACH Annual Audit?
A. No, the ACH Risk Assessment is broader in scope than the
requirements for the ACH Annual Audit.Q.
How often does the ACH Risk Assessment have to be completed?
A. The ACH Rules do not address a specific time frame.
This is dependent upon your financial institution’s
regulator.
Q.
Are financial institutions
required to have a separate written ACH Risk Management Program?
A. No, ACH operations and controls should be included in the
financial institution's overall Risk Management Program.
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“I
am thankful to The Payments Authority for their knowledge and
professionalism in helping us become compliant in all things
ACH.”
- Anna Shipman, Operations Manager
Summit Community Bank
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Email audit@thepaymentsauthority.org today to schedule your ACH Risk
Assessment!
Risk Assessment Flyer
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