the AffirmX blog

Does AffirmX provide SAFE Act Reviews?

AffirmX's ongoing services cycle through a full-range of risk assessment services, including the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) review. Based on the risk profile established for your financial institution, a SAFE Act review is scheduled into your annual review calendar and coordinated with your institution's personnel to ensure that it [...]

By |2013-05-16T19:51:26-04:00May 16th, 2013|FAQs|Comments Off on Does AffirmX provide SAFE Act Reviews?

Will My Compliance or Risk Job Be In Jeopardy If We Buy a AffirmX License?

AffirmX's services are designed to complement your existing compliance team. We have clients with multiple full-time members of their compliance team, and others who have a single compliance officer who wears many other hats as well. AffirmX's services work with your compliance team, in whatever form it takes, to assess the strengths and weaknesses of [...]

By |2013-05-16T19:49:59-04:00May 16th, 2013|FAQs|Comments Off on Will My Compliance or Risk Job Be In Jeopardy If We Buy a AffirmX License?

What is Cloud Computing?

Let's start with the Wikipedia definition: “Cloud computing is the use of computing resources (hardware and software) which are available in a remote location and accessible over a network (typically the Internet). The name comes from the common use of a cloud-shaped symbol as an abstraction for the complex infrastructure it contains in system diagrams. [...]

By |2013-05-15T19:20:45-04:00May 15th, 2013|Compliance Tips|Comments Off on What is Cloud Computing?

Will you help us write custom policies?

AffirmX has access to and can provide a wide array of policy samples for an institution, but does not provide customization services. Institutions seeking guidance on customization of policies to promote enhanced compliance should contact our sister company, AdvisX, and speak with Ken Agle, President, at 1-888-980-1949, ext. 7006, or via email at: ken.agle@NBRisk.com.

By |2013-05-14T16:58:03-04:00May 14th, 2013|FAQs|Comments Off on Will you help us write custom policies?

How much experience do your people have who review my artifacts?

Every analyst (the term we use for our reviewers) has access to literally decades of experience. This is because AffirmX does not approach artifact reviews in the same way as most companies. When our analysts sit down to review an artifact, they use review questionnaires that have been carefully designed by our senior personnel who [...]

By |2013-05-14T16:55:17-04:00May 14th, 2013|FAQs|Comments Off on How much experience do your people have who review my artifacts?

Where can I find answers to my compliance questions?

Financial institutions have a variety of sources they can turn to to obtain compliance assistance. First, most financial institutions belong to one or more trade associations and most trade associations have attorneys or other compliance experts on staff that are available to answer questions on compliance issues. Many have compliance helpline numbers and email addresses, [...]

By |2013-05-13T22:42:37-04:00May 13th, 2013|Compliance Tips|Comments Off on Where can I find answers to my compliance questions?

What is the average cost of compliance for financial institutions?

It’s difficult to put a price tag on the average cost for compliance, but all financial institutions can agree that their costs are increasing. A financial institution’s compliance costs include the cost of personnel, software to monitor suspicious transactions and to assist with other aspects of regulatory compliance, and/or the use of outside vendors. In [...]

By |2013-05-13T22:38:58-04:00May 13th, 2013|Compliance Tips|Comments Off on What is the average cost of compliance for financial institutions?

Does AffirmX’s compliance software make compliance decisions?

The answer is generally no. AffirmX’s platform supports the asynchronous communication we use with our clients to promote efficiency, it uses algorithms to calculate risk and prioritize requests, it presents and supports the dashboard and assessment questionnaires, custodies the file vault and manages data flow. Our compliance experts, many of whom were examiners for regulatory [...]

By |2013-05-13T22:36:16-04:00May 13th, 2013|FAQs|Comments Off on Does AffirmX’s compliance software make compliance decisions?

How much is an AffirmX license, and is tiered pricing offered?

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, [...]

By |2013-05-13T22:34:37-04:00May 13th, 2013|FAQs|Comments Off on How much is an AffirmX license, and is tiered pricing offered?