In 2008, the Federal Financial Institutions Examination Council (FFIEC) issued “Risk Management of Remote Deposit Capture” Guidance for banks using remote deposit capture (RDC). They state that financial institution management should develop and implement risk monitoring and measurement systems for effective oversight of remote deposit capture. Software Earnings’ FFIEC Remote Deposit Capture Reporting is uniquely engineered to provide an effective monitoring and measurement solution for bank’s remote deposit capture accounts. Information collected from a bank’s RDC files can be used to set operational benchmarks and standards, as well as to develop reports for monitoring results against the standards.
FFIEC RDC Reporting
An Innovative Approach to FFIEC Security Compliance Reporting
FFIEC Remote Deposit Capture (RDC) Reporting is uniquely engineered to provide an effective monitoring and measurement solution for a bank’s remote deposit capture accounts. Information collected from RDC files can be used to set operational benchmarks and standards, as well as to develop reports for monitoring results. Effective management oversight involves regularly reviewing the reports and periodically conducting reviews and operational risk assessments. FFIEC RDC Reporting ingests RDC files, processes the data with set parameters for compliance reporting, and generates reports. This solution is designed to be a flexible, non-intrusive system that will meet a bank’s ever-changing remote deposit capture environment.
Designed Specifically for FFIEC Compliance:
Many remote deposit capture solutions on the market today were designed without FFIEC review and reporting procedures. FFIEC Remote Deposit Capture Reporting will enhance RDC processes by adding a reporting functionality feature in compliance with FFIEC Security Guidance for RDC. Effective management oversight involves regularly reviewing the reports and periodically conducting reviews and operational risk assessments. This helps ensure that the bank’s monitoring and reporting process accurately reflects current policies and procedures and sound practices
FFIEC RDC Reporting will provide reports that can be structured for the various levels of management. Our reports will address point-in-time activities, trends for individual customers, trends for groups of customers with similar characteristics, and for the RDC product as a whole. FFIEC RDC Reporting will continue to evolve in concert with the ever expanding guidelines as defined by the FFIEC. We continue to foster relationships with leading industry experts to ensure that our product direction stays on target for the future. Our platform ingests the ANSI Standard output files created by the bank’s existing RDC system. With FFIEC RDC Reporting the bank can create additional, custom reports within the parameters of the FFIEC Guidance.
Remote Correspondent Features
- Facilitates management oversight reports
- Reports violations of deposit thresholds
- Reports velocity metric for
- File size and number of files
- Transaction dollar value and volume
- Number of deposits daily or monthly
- Number of items deposited daily or monthly
- Maximum dollar amount of an item in a deposit
- Maximum dollar amount per deposit
- Individual customers
- Groups of customers with similar characteristics
- Fraudulent activity and capacity utilization
- Anomalous or questionable activity
- Monitoring of operational efficiency
- RDC product as a whole