8-Step Program To Meet Red Flag Requirements

WILLIAMSBURG, Va.-Credit unions can meet "Red Flag" rules using an eight-step process, Cliff DeGroot, attorney and CPA of Portland, Ore.-based Farleigh Wada Witt Attorneys, told attendees at the recent CUNA Technology Council Summit here.

Step 1: Perform risk assessment to identify covered accounts

Step 2: Perform risk assessment to identify relevant Red Flags

Step 3: Prepare policies and procedures

Step 4: Secure approval of Board of Directors (BOD) or committee

Step 5: Identify personnel responsible for managing program

Step 6: Train staff

Step 7: Monitor and update the program

Step 8: Report to BOD or committee each year(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/