Presented by: Mary Beth Guard and Jack Holzknecht
On November 9, 2007 the bank regulatory agencies published final regulations that implement Section 114 (Red Flag Guidelines) of the Fair and Accurate Credit Transaction Act (FACT Act). Compliance with the new regulations is mandatory by November 1, 2008.
This two-hour webinar provides step-by-step instructions on how to conduct and document the required identity theft risk assessment.
10 MINUTE SAMPLE(requires Windows Media Player and
The new Identity Theft Red Flags regulations require every financial institution to conduct an initial Identity Theft risk assessment. The purpose of the risk assessment is twofold. First, the risk assessment will reveal if an institution has covered accounts, and is therefore required to develop an Identity Theft Prevention Program (Program). Second, the risk assessment will reveal those accounts that the Program must address. The risk assessment may include other factors such as the likelihood of harm, the cost and operational burden of using a particular Red Flag and the effectiveness of a particular Red Flag.
The regulations require that the risk assessment be updated periodically considering changes in:
This product was added to our catalog on Wednesday 14 November, 2007.