Audits and Risk Assessments
VolCorp’s professional, long-tenured consultants are always available to help credit unions satisfy BSA and ACH requirements.
VolCorp performs annual ACH audits in compliance with the Nacha Operating Rules, which state that depository financial institutions must complete an audit by December 31st each year.
- Completion of the audit in accordance with requirements in the Nacha Operating Rules
- Review of operating procedures and internal controls
- Review of balancing and reconciliation functions
- Written ACH Audit Report with findings and recommendations for improvement
ACH Risk Assessment
Each depository financial institution is required to conduct a risk assessment of their ACH activity following the requirements of their regulator(s) and implement risk management programs based on assessment results.
VolCorp’s ACH risk assessments provide a detailed report of findings and recommendations for improvement. The assessment will identify the areas of most significant ACH risk exposure, and:
- Determine the effectiveness of management’s planning and oversight of ACH activities
- Evaluate the adequacy of operating processes and internal controls
- Determine the adequacy of enterprise-wide compliance with policies and procedures related to ACH processing
- Evaluate originator underwriting standards, establishment of exposure limits, and review of high-risk activities
- Evaluate the effectiveness of the business continuity program
- Review relationships and controls with third-party service providers
VolCorp’s experts can also provide ACH procedures manual development and staff training.
Effective independent audits represent an original component of the BSA/AML Compliance Program and should be conducted every 12 to 18 months. VolCorp consultants are available to conduct credit union audits that are instrumental to preparing for regulatory reviews.
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