Online Service provides ID Theft Red Flag compliance.
Press Release Summary:
Using WolfPAC Integrated Risk Management, institutions can perform and document thorough risk assessment of all required ID Theft Red Flag program elements. Program guides privacy or compliance officer through series of online questionnaires to assess existence of covered accounts, account opening methodologies and utilization, and controls and responses regarding identity theft red flag scenarios. Results are immediately available with reporting options to view underlying data.
Original Press Release:
Wolf & Company, P.C. Announces Availability of Online Solution for ID Theft Red Flag Compliance
Customer Information and Regulatory Compliance Risk Assessment modules help financial institutions maintain compliance with FDIC Red Flags FIL-105-2008
BOSTON, Feb. 23 /- Daniel P. DeVasto, CPA, President, and Chief Executive Officer of Wolf & Company, P.C., Certified Public Accountants and Business Consultants, is pleased to announce the availability of WolfPAC Integrated Risk Management for ID Theft Red Flag compliance. Using WolfPAC, institutions can perform and document a thorough risk assessment of all of the required ID Theft Red Flag program elements.
WolfPAC guides a privacy or compliance officer through a series of online, self guided questionnaires to assess the existence of covered accounts, their account opening methodologies and utilization, and their controls and responses regarding enumerated identity theft red flag scenarios. Results are immediately available with a significant number of reporting options to view the underlying data.
"A significant concern to financial institutions is not the development of controls and responses but the formalization of these controls and responses to coordinate Gramm-Leach-Bliley Act, Data Security, and Fair Credit Reporting Act efforts into a comprehensive program that efficiently utilizes existing resources," said Stephen King, JD, AMLP, Director of Regulatory Compliance Services for the firm. WolfPAC is the system to ensure that the institution's red flag program has effectively addressed all requirements thereby reducing the likelihood that ID Theft Red Flag gaps go undetected leading to regulatory scrutiny and operational losses.
About WolfPAC Integrated Risk Management
WolfPAC Integrated Risk Management is a secure, online service used to automate an institution's risk management program using an integrated suite of risk management tools. While the WolfPAC solution, introduced in 2004 by Wolf & Company, P.C., has garnered significant success with financial service companies, the methodology appeals to healthcare and other organizations requiring enterprise-wide risk assessment. As a Software-as-a-Service solution, WolfPAC modules can be configured the same day as the contract is signed allowing users to begin the risk assessment process and immediately review results.
The scalable, multi-module solution offers information technology, privacy, vendor, compliance, and other risk assessment modules using a self-guided methodology. The results are immediately available for analysis, and industry benchmarking information provides senior business managers with tools to evaluate their risk profiles against industry norms.
About Wolf & Company, P.C.
Wolf & Company, P.C. (http://www.wolfandco.com/) is a regional certified public accounting and business consulting firm, with offices in Boston and Springfield, Massachusetts and Albany, New York. The firm employs over 170 professionals providing audit, tax, IT assurance, regulatory compliance, internal audit, and business consulting services. Wolf's clients include privately-held and publicly-traded businesses and financial institutions, not-for-profit organizations, and individuals. Wolf & Company, P.C. is registered with the Public Company Accounting Oversight Board and is a member of both a national and international affiliation of CPA firms.
