In the fast-evolving landscape of financial transactions, managing ACH risk is paramount for banks, credit unions, and third-party organizations alike. Our recent analysis of NEACH Payments Group (NPG) first-quarter ACH Risk Assessments has uncovered several key areas where improvements are needed to enhance risk management strategies. Bolster your compliance program by reaching out to NPG with any questions.
Q1 Risk Assessment Findings
1. Incomplete ACH Policies
2. Insufficient Board Reporting
3. Outdated Procedures
4. Lack of Exposure Limits & Monitoring
5. Failure to Complete Audit Requirements
6. Insufficient Vendor Management
7. Incomplete Business Continuity Plans
8. Lack of Same Day ACH Procedures
Click the icon below to download the ACH Risk Assessments Findings Q1 2024