CU*Answers has announced that AuditLink’s Top Ten suggested projects previously presented are in various stages of client implementation, programming development, or still being reviewed.
AuditLink, a division of CU*Answers, has re-iterated that a key strategy is to design system features that create a least-cost process in the credit union and meet the minimum requirements imposed by regulators and third party auditors. Some of the best ideas suggested simply need credit unions to share best practices and existing methodologies to accomplish the task and do not even require software enhancements.
The list is openly published on the cuanswers.com website, so any credit union may comment on a suggestion, make recommendations, and participate in an online dialogue. Listed enhancements include:
1. BSA enhancements per primary and joint owner activity tracking
2. Cashed check tracking – audit log expansion
3. Critical field monitoring – allowing the credit union to choose critical system fields to be displayed separately within the file maintenance log
4. Identity theft – creating a system configuration that allows tracking/ reporting of a specified number of months since the last transaction
5. Wire transfer enhancements for fraud
6. Expanding enterprise risk management with additional 5300 Call Report ratios
7. Reg D monitoring
8. Reg CC holds on non-transaction accounts
9. Include ATM transactions in BSA monitoring
10. Enhanced abnormal activity monitoring