Roll Out the Red Carpet for Our TWO New Advisory Services

Nicole Payne

By: Nicole Payne, AAP, CPA, CRCM, CIA, Vice President, Advisory Services

I stretch the black turtleneck over my head, careful not to disturb my round-rimmed glasses balanced delicately on my nose. After I pull on my stone-washed Levi’s jeans, I lace up my New Balance sneakers and am ready to hit the road, iPhone in hand. No, I’m not Steve Jobs, headed to the latest Apple Product Launch. It’s me, Nicole Payne, Vice President of Advisory Services, headed to the latest EPCOR Service Launch! That’s right, we’re excited to announce the addition of not one, but TWO new Advisory Services offerings to assist you with your payments challenges: wire transfer audits and remote deposit capture (RDC) audits!

So why these services… and why now?

Wire Transfer Audit: The number and nature of risks related to wire transfer services are significant, with fraud, operational error, corporate account takeover and malware risks, just to name a few. Strong internal controls over the wire transfer function of a financial institution’s operations are crucial to protect your clients and your institution, especially considering the additional element of uncertainty that COVID-19 has presented to us.

Remote Deposit Capture Audit: In today’s fast-paced and social-distancing COVID-19 environment, remote deposit capture offers a bridge to the check processes of old to a totally electronic payment environment. However, the option to offer remote deposit capture solutions comes with several risks to your institution, business clients and consumers. Strong internal controls over your remote deposit capture program are crucial to minimize the impact of those risks.

What is included in the scope for these services?

Wire Transfer Audit: Our wire transfer audit will review your institution’s wire transfer operations, covering key aspects of the function from policies/procedures, risk management, internal control structure, client wire transfer agreements, third-party agreements, record retention, contingency planning, oversight and monitoring, intraday and overnight overdrafts, wire transfer documentation, initiation, approval, limits and account reconciliation.

Remote Deposit Capture Audit: Our expert audit team will review your institution’s remote deposit capture program, covering key aspects of the function from policies/procedures, access controls, oversight and monitoring, personnel and client education/training, risk management, business remote deposit capture agreements, client due diligence processes and key regulatory guidance.

How can I sign up for these services?

Steve Jobs envisioned a world where everyone had the latest and greatest Apple technology in their hands. In our dream world, all risks related to wire transfer and remote deposit capture for every financial institution is identified and appropriately mitigated to align with each institution’s unique risk appetite. We would love to help you identify and assess your wire transfer and remote deposit capture programs! Our audits are conducted by knowledgeable payments experts at a fraction of the cost of big-name accounting and consulting firms. Contact audit@epcor.org to schedule your wire transfer and remote deposit capture audits today!