Identity theft is as big of a concern as ever. I’m sure your financial institution is doing all it can to detect, prevent and mitigate identity theft. The Identity Theft Red Flag rules require you to do this. It’s not a choice! As the end of the year gets closer, make sure you’ve met or plan to meet the ongoing administrative requirements of your program.
First, your program must provide training as needed. Second, you must conduct due diligence and provide proper oversight of third-party service providers. And last, you must provide an annual update to the Board of Directors (or committee thereof) on the status of the financial institution’s identity theft prevention program.
These requirements are easy to forget and/or miss altogether and are an easy citation for examiners and auditors. Now is a good time to take a minute and make sure you’ve met these requirements. Good luck out there!
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!