AffirmX has many solutions offered to banks and credit unions. They are based on the type of service needed, the asset size of the financial institution making the purchase, and, to some degree, the suite of products offered by the financial institution to its customers. For instance, if no mortgages or credit cards are offered, the price can be lower. If more than five HMDA products are offered, then the price could be higher. If reviews are done over two years instead of one, the price could be lower.
AffirmX currently offers compliance review services, enterprise risk assessment services and IT vulnerability and assessment services to financial institutions. The price is formulaic in nature and can range from as little as $500 for a BSA audit or $400 a month for ongoing compliance reviews to over $60,000 a year for our larger clients with robust market offerings. The median price for mid-sized credit unions seeking annual compliance review services is about $17,500 and, for smaller banks, about $18,000-$22,000. These are ballpark numbers and can vary based on many factors.
IT vulnerability is usually about 10%-15% below the market price from similar vendors due to our ability to leverage the CRISP℠ technology platform. Enterprise Risk Assessment can be delivered for as little as $3,000 and completed in 90 days. Enterprise Risk Management, delivered by our AffirmX’s sister company, AdvisX, is priced on a case-by-case basis.