Wolters Kluwer Financial Services Introduces Red Flags Tool Kit
Convenient Tool Kit Helps Financial Institutions Build
and Implement an Effective Identity Theft Prevention Program
MINNEAPOLIS – July 14, 2008 – Wolters Kluwer Financial Services is offering banks, savings associations and credit unions a convenient tool kit to help them build and implement an effective identity theft prevention program that meets the Fair and Accurate Credit Transactions Act’s new Red Flag Rules. To help financial institutions meet the new rules’ mandatory compliance deadline of Nov. 1, 2008, the Tool Kit offers them:
• Streamlined Red Flag Rules policy development through the company’s PRINGLE® Policies & Audit Procedures software, which includes a sample Red Flags policy that institutions can tailor to their own specific requirements;
• Specially designed Red Flags forms and checklists for assessing the impact and risk related to the new requirements, as well as tracking Red Flag responses; and
• Employee training via instructional videos and a self-directed learning module on the Red Flag Rules from the Wolters Kluwer Financial Services’ Compliance University™ course library.
Each solution in Wolters Kluwer Financial Services’ Red Flags Tool Kit is available separately, but the Tool Kit offers institutions several advantages, according to Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services’ Financial Intelligence Unit.
“Not only is it more cost-effective to purchase the solutions in one package, but the complete Red Flags Tool Kit also provides financial institutions with the essential resources needed to help ensure they are prepared for Red Flag Rules compliance,” Cooper said. “Institutions can also rest assured that every tool in the kit was constructed using Wolters Kluwer Financial Services’ industry-leading risk management expertise.”
Cooper noted that many institutions will also require an automated Customer Identification Program (CIP) verification and fraud detection solution to effectively detect and respond to Red Flags for both new and existing customer accounts. For example, Wolters Kluwer Financial Services’ Wiz Sentri™: Red Flags solution allows institutions to automate the identity verification and authentication processes and facilitates the investigation and documentation of all findings, enabling comprehensive compliance with the new regulations.
For more information on the Red Flags Tool Kit and Wiz Sentri: Red Flags as well as the latest news and developments tied to the new requirements, please visit Wolters Kluwer Financial Services’ Red Flags Resource Center (www.wolterskluwerfs.com/redflagsinfo)
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services®, AppOne®, GainsKeeper®, CCH® Capital Changes, NILS, AuthenticWeb™ and CCH® Wall Street.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and workflow tools, documentation, analytics, authoritative information and professional services. Customers include banks, credit unions, mortgage lenders and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.WoltersKluwer.com for information about our market positions, customers, brands and organization.
Contact
Chuck Miller
Senior Public Relations Specialist
Wolters Kluwer Financial Services
+1 320 240 5457
charles.miller@wolterskluwer.com