Compliance

Comply or Die

Don't skimp on compliance, especially as it relates to security.

August 27, 2010
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Risk-rate members

Wolters Kluwer Financial Services in Minneapolis offers Wiz Sentri RiskID, a set of tools that automate ID verification operations from account opening to record archiving. It streamlines credit unions’ workflow and ensures compliance by risk-rating and risk-scoring new and existing accounts, verifying individual and business IDs, and screening applicants and accountholders against government watch lists.

Wiz Sentri RiskID allows credit unions to:

  • Verify the IDs of applicants opening new accounts and confirm the IDs of current members;
  • Screen potential and current members against lists of high-risk individuals and businesses;
  • Speed up member due diligence by automatically evaluating member risk at account opening, and using customized evaluation parameters that fit individual credit unions’ policies, procedures, demographics, and risk tolerance; and
  • Risk-rate members as low, medium, and high risk, and apply the appropriate due diligence reviews according to risk.

 

 

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