the AffirmX blog

What is Enterprise Risk Management?

First of a 3 part series. Risk. In today’s world, there is no escaping it. Not so long ago it was considered part of the fuzzy territory of doing business as a financial institution. Today, the principle of risk and risk management has become one of the hot topics for financial institutions and has given [...]

By |2013-05-31T01:39:29-04:00May 31st, 2013|Compliance Tips|Comments Off on What is Enterprise Risk Management?

Operational Requirements of the Recent Amendments to COPPA

Notices Direct Notice to a Parent The FTC has reorganized and standardized the information for the direct notice requirement to identify the exact items of information that an operator must provide in each type of direct notice. In addition, each type of notice must provide a hyperlink to the operator’s online notice of information practices. [...]

By |2013-05-24T18:58:26-04:00May 24th, 2013|Compliance Tips|Comments Off on Operational Requirements of the Recent Amendments to COPPA

Amendments to Children's Online Privacy Protection Rule (COPPA)

Amended Rule Effective Date: July 1, 2013 The Federal Trade Commission (FTC) has recently amended the Children’s Online Privacy Protection Rules (COPPA) in order to further control and monitor the collection of personal information from children and to create a safer and more secure online experience for them.  Most of the revisions reflect evolving technology [...]

By |2013-05-24T18:56:08-04:00May 24th, 2013|Compliance Tips|Comments Off on Amendments to Children's Online Privacy Protection Rule (COPPA)

Compliance Threshold Changes for 2013

Clients frequently ask us about the new thresholds for various compliance rules for each year. Here's a quick recap of some key threshold changes for 2013. HMDA: The CFPB announced the threshold rose from $41 million in calendar year 2012 to $42 million effective January 1, 2013. This means that credit unions with assets of [...]

By |2013-05-24T18:51:58-04:00May 24th, 2013|Compliance Tips|Comments Off on Compliance Threshold Changes for 2013

Record Retention Schedule for Financial Institutions

Keeping track of how long to keep various types of records can be a challenge. To assist those charged with managing records at their financial institution, we have compiled a Record Retention Schedule. The guideline is a universal listing of types of records credit unions may (or may not) create or use followed by a [...]

By |2013-05-24T15:56:15-04:00May 24th, 2013|Compliance Tips|Comments Off on Record Retention Schedule for Financial Institutions

Is AffirmX up-to-date on Federal Regulations?

AffirmX monitors the Federal Register on a daily basis for proposed and final regulatory changes that affect financial institutions. We interpret the changes and send alerts to those staff members within the financial institution that are affected by the change. […]

By |2013-05-22T21:08:58-04:00May 22nd, 2013|FAQs|Comments Off on Is AffirmX up-to-date on Federal Regulations?

Do I still need a compliance officer if I use AffirmX?

The AffirmX solution is designed to provide bench strength to your compliance officer or compliance department. You still need someone to ensure that the requirements of new and existing regulations are implemented in a timely manner and to satisfy requirements under BSA, OFAC etc. for a designated compliance officer. You still need to ensure that [...]

By |2013-05-22T21:06:27-04:00May 22nd, 2013|FAQs|Comments Off on Do I still need a compliance officer if I use AffirmX?

What happens if an examiner finds something that you missed?

This can happen as all audits are based on a review of a sampling of artifacts (documents, loan files, disclosures , reports, etc.) at a particular point in time. An examiner may look at artifacts not reviewed during our AffirmX compliance review or may have a different interpretation of a particular regulatory requirement. We will [...]

By |2013-05-22T21:04:01-04:00May 22nd, 2013|FAQs|Comments Off on What happens if an examiner finds something that you missed?

Does AffirmX integrate with League InfoSight

AffirmX is a compliance, IT vulnerability and enterprise risk support solution for financial institutions (banks and credit unions). In each of these areas, AffirmX uses our CRISP℠ technology platform to communicate with clients about the exchange of information and review of documents, reports, materials and related items, as well as to run tests and conduct [...]

By |2013-05-21T17:31:08-04:00May 21st, 2013|FAQs|Comments Off on Does AffirmX integrate with League InfoSight

Do I have to install software to use AffirmX?

AffirmX is a cloud-based application that is accessible through a standard web browser. We make every effort to test the application on the most popular browsers – Internet Explorer, Firefox, Chrome, Opera and Safari. Other than a browser there is no software which needs to be installed to run the AffirmX platform. All workpapers (reviews [...]

By |2013-05-21T17:10:24-04:00May 21st, 2013|FAQs|Comments Off on Do I have to install software to use AffirmX?