I understand what the red flag stuff is, I just don't know what all I need to do to implement all of it. Any information would be GREATLY appreciated. I am a new compliance officer (less than a year) with absolutely NO training what-so-ever. The Compliance Officer before me quit 2 months before I was appointed to the position. Thanks.

Are you able to sign up for any seminars? Most of my information came from the seminars I have attended. Or you could even go to the Federal Reserve web site and read the changes through there.

Not to sound like a commercial but Compliance Coach has a downloaded computer program for purchase called Compliance Pal, the cost ($300-$1000) of which is determined by your asset size. It walks you thru the risk assessment, program development, training, and reports. I think it's a good program for those who of us who are not 20 year veteran compliance whiz kids and need help structuring a program. Take a look at http://www.compliancepal.com/index.html.

Sorry, this should work. http://www.compliancepal.com

You will need to show how to detect each red flag and then how are you going to mitigate each.

Check with the Missouri Bankers Association. Denny Deischer is presenting an afternoon program on "Developing and Implementing Identity Theft Red Flag Prevention Programs", om May 30th in Jefferson City. Check quickly, the morning secession is ful, and I imagine the afternoon secession will fill up quickly. Also there are really informative programs offered by BOL; check out the Book Store. I understand that ABA is offering a free program to their members which is very good; if you are a member, check into it.

Dawnya, we started by identifying our covered products, which was basically all of our accounts.
So, we split out all checking, all savings, consumer term, consumer LOC, com'l term, com'l LOC, etc...
For each type of product we identified how each product could be opened, then accessed, addressed threats to these products (i.e. phishing, forgeries, fake info). After that we said ok! What is the probability that anything would happen on a scale of 1-5 and what would be the impact on a scale of 1-5.
Then we looked at the controls we have in place that would address the red flags to get our residual likelihood and impact.
Our Board approved what would be an acceptable rating and we verified that instructions were in our procedures to cover the red flags.
That is what we will build our program from.

BOL recently did 2 webinars on the red flags that were very helpful. Check out Learning Connect!

CoNetrix has an online tool that walks you through creating the Identity Theft Prevention Program and Risk Assessment. In addition, it includes online training. The cost is only $795, but there is a 10% discount through May 31st if you enter the Discount Code 'BOLDISC'
For more information, go to http://www.conetrix.com/Identity-Theft-Prevention-Program.aspx

Identity Theft Prevention Program online tool

Also, if your bank is a member of the ABA they have a downloadable kit available to help plan your program.

I am an ABA member and I didn't see anything on their website? Can you help me?

Thanks

Thanks so much for your help. I am already enrolled for the MBA seminar on May 30th, and I will check out the websites this afternoon. I REALLY appreciate all the help.

Here is a link to the page. Once you click on the Toolbox, you'll need to log in. ABA Red Flags Toolbox

Is anyone using the Compliance pal software? I would like to find out how you like the product and if you would recommend it.

Thanks

Thank you for the link to the ABA program!

Denny Deischer is a great speaker. You are lucky to have him in your neck of the woods. He and Lucy Griffin were instructors at ACB Compliance school where I first learned about compliance. I had a great head start because of them!