As we get deeper into the 4th quarter of 2024, ePayAdvisors is looking ahead to getting our members’ 2025 engagements on the books now so you can get the dates that are convenient for you and your institution.
Why should booking your 2025 audit and/or risk assessment with ePayAdvisors be on your mind now? After all, you can always do it yourself, especially at the last minute, right?
The DIY mindset is a huge part of our culture, in large part because of the cost savings it can represent. But is DIY always the right approach, especially when your institution’s compliance and risk management are at stake? It can pay off for your institution in the long run to outsource these very important tasks to outside experts. And that means getting on the books early so you can schedule convenient dates and have ample time to prepare.
Annual payments audits and risk assessments from ePayAdvisors go far beyond just checking the boxes. Our impartial experts fully understand the applicable rules and regulations, allowing them to perform robust tests of compliance and risk management that can protect your institution from liability and potential loss.
I once encountered a financial institution that performed its ACH self-audit by just running down a list of yes/no questions with its ACH Department. While this might seem like a simple and quick solution to complying with the rule to complete a self-audit, in the long run - and perhaps even the short run - it does not ensure your organization is in compliance.
By having one of ePayAdvisors’ independent accredited experts perform your payments audit or risk assessment you are assured thorough verification of compliance through the analysis of robust processing samples. We carefully and impartially look for anomalies across a broad sample selection of new clients, old clients, low credit limits, high credit limits, recent reviews, outdated reviews, etc. You would rather us find it than the examiners! We aren’t looking for “gotchas”- we want to support you as your compliance partner because if it isn’t found, it can’t be fixed. And because we see it all in our work with institutions of all sizes, we can find it - and recommend processes and solutions to help you resolve any issues.
The other main benefit of outsourcing to ePayAdvisors is that we have the expertise, accreditation, and industry insight to provide you with a detailed audit report that gives you and your Board of Directors a clear picture of any compliance deficiencies; any disconnects between established policy and procedure and the reality of daily processing; and progress towards correcting past findings. Regulators want to see that you are tracking findings and action items and providing your Board of Directors with comprehensive reporting that will enable them to fulfill their responsibilities.
RTP® participants, don't forget: you are required to complete an annual self-audit and submit documentation to The Clearing House by March 31, 2025. We've got you covered here, too! Our available payments audits include ACH, RTP, Wire, Merchant RDC, and Third Parties.
Visit epayadvisors.com to learn more about the ePayAdvisors difference and to complete a Request for Proposal questionnaire so we can get your 2025 engagement booked and get your new year started on the right foot! Please also feel free to reach out to me directly at cterry@epayadvisors.com or 800-475-0585, ext. 1605.
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Client Testimonial:
Crissy Terry was amazing to work with! She was patient and answered all of our questions to guide us through the audit. Thank you, Crissy! - Austin Capital Bank
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The content of this blog was originally presented as part of a workshop at ePayConnect 2024. Join us at ePayConnect 2025, March 10-12 at Loews Portofino Bay Hotel at Universal Orlando, for more outstanding actionable content from ePayResources, ePayAdvisors, and industry experts from all over the country! Learn more and register at epayconnect.org.