ACH Audits & Risk Assessments

Nacha requires all Originators to be bound by Nacha Rules as a standard component of every ACH agreement. But do Originators really understand their responsibilities as a key participant in the ACH Network? Staff turnover is a constant obstacle to providing a consistent rules compliant environment. If the Originator is not following Nacha Rules and Guidelines, they could be putting both the originating company and the ODFI at risk. Southern Financial Exchange can help identify areas of misunderstanding and put the Originator on the path that can protect both the Originator and their ODFI from inherent risks that exist in the ACH Network. A Southern Financial Exchange ACH expert will provide an examination of compliance with the Nacha Operating Rules including a review of authorization processes and procedures related to payments origination. The Originator Compliance Review will provide an assessment for each facet of ACH operations. The Originator Compliance Review service is designed to: help you manage risk and minimize losses, ensure compliance with Nacha Operating Rules and Guidelines / Regulations and enhance ACH quality and customer satisfaction.

The Southern Financial Exchange Originator Compliance Review includes:

• Prior to and onsite checklists
• Client questionnaire
• Review of sound business practices and internal controls
• Review of agreements and authorizations
• Exit interview
• Written report including findings and/or recommendations
• Access to auditor for questions

REQUEST FOR PROPOSAL

Tip: Schedule early to ensure availability, efficient preparation time and to avoid additional charges.

ACH Annual Audit

Nacha requires that all participating Depository Financial Institutions, third-party senders and third-party service providers that provide ACH services conduct an Annual ACH Audit to be performed by December 31 of each year. Who better to conduct your annual ACH audit than your resource for electronic payments information and training? A SFE Accredited ACH Professional (AAP) can conduct your annual ACH audit and examine each facet of your ACH operation.

Nacha Rules Compliance Audit Service Includes:

• Pre-audit checklist
• Performance of audit requirements as required by the ACH Rules/ Nacha Operating Rules
• Review of Sound Business Practices and internal controls
• Review of balancing and reconciliation functions
• Written ACH Audit Management Report with findings and recommendations for improvement
• Audit Certification form
• Access to auditor for questions after on-site appointment
  
  

ACH Risk Assessment

Each financial institution is required to 1) perform a risk assessment of their ACH activities, and 2) implement risk management programs in accordance with “the requirements of their regulators". A financial Institution must understand and identify the complexity and nature of their ACH services to effectively perform the risk assessment. A SFE accredited ACH Professional can evaluate your complexity of services and perform a thorough review of compliance with the required risk management practices and assess your ACH risk.

ACH Risk Assessment Service Includes:

• Thorough assessment of ACH activities & risk management program
• Formal Written Report including Risk Rating Matrix
• Onsite review period (minimum of 1 full day)
• ACH Volume report for 12 months following the assessment
• Pre-Assessment Worksheet & Checklist
• Review of originator agreements to ensure compliance with new requirements
• Exit interview
• Access to auditor for questions after on-site visit 

REQUEST FOR PROPOSAL

Tip: Schedule early to ensure availability, efficient preparation time and to avoid additional charges.