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Frequently Asked Questions

How is the risk assessment software delivered?

This is an online software solution. No software needs to be installed.

 

Can multiple users access the risk assessment?

Yes, authorized users from your financial institution can be granted access to the system. Note that per user fees will apply for the optional Phone Factor enhanced level of log on security.

 

What security do you provide to protect our risk assessment information?

Can we add new questions to the survey?

Yes, you may add as many questions as you like to the notes sections.

 

How often will the risk assessment software and survey questions be updated?

Beavercreek Marketing will update the risk assessment for new guidance and updated regulations, major new product releases and upgrades, and periodically to incorporate suggestions from our clients.

 

How will we know when updates are available to the risk assessment?

Authorized users will receive an email notice. Updates to your risk assessment will be clearly marked.

 

What products are covered in this risk assessment?

Products covered by the risk assessment include:

Personal online banking
Business online banking with ACH/Wire
Mobile banking
Business mobile banking
Business deposit capture
Consumer deposit capture
Mobile deposit capture
Branch deposit capture
Online bill pay
Business online bill pay
eStatements
P2P payments
A2A transfers
Positive pay
Telephone banking
Online applications
Plus ACH operations risk assessment required by NACHA
 

Since we have few online banking products, do we receive a discount?

No. Products cannot be removed from the risk assessment. Simply indicate “Not Applicable” for products not offered by your financial institution.

 

What is the ACH operations risk assessment?

The ACH operations risk assessment does not apply to the FFIEC guidance for customer-facing online products. Instead, it applies to the NACHA requirements for using ACH in your internal banking operation.

 

Is the ACH operations risk assessment as required by NACHA included?

Yes. A complete ACH operations risk assessment is included with your subscription. There are several unique categories specifically for the ACH risk assessment, including IAT.

 

We purchased the original ACH risk assessment tool from Beavercreek Marketing. Do we receive a free upgrade?

100% of the original purchase price will be credited toward the purchase of the new ACH risk assessment tool. All clients that are currently subscribed to the ACH risk assessment will only pay the new annual recurring fee.

 

Is the ACH risk assessment tool available as a stand-alone product?

No. The new Electronic Banking Risk Assessment replaces the ACH Risk Assessment. Both are included in the new software.

 

Is a GLBA risk assessment, or a global risk assessment included?

Not at this time.

 

Are third party venders addressed in this risk assessment?

Yes, issues surrounding third party venders of online banking services are included in the Vendors Issues Section of the survey.

 

When the user completes the survey questions, is a risk rating automatically assigned?

No. The user will review their answers to the survey and assign a risk rating based on the Likelihood of Risk, and also the Consequence of Risk. The survey questions and responses provide a useful guide for determining your own risk ratings.

 

Can inherent and residual risk assessments be performed?

Yes. An inherent risk assessment is essentially the initial risk before any controls have been added by the financial institution. The residual risk assessment is the risk after new controls are in place. Both inherent and residual risk assessments can be performed.

 

What types of printed reports are available?

Three reports are available for each online banking product. The "Executive Summary" displays your inherent (if available) and residual risk ratings, plus the controls and management findings for each risk category. The "Full Report" prints all information including each survey question and response, along with risk ratings, controls, and management findings. The "All Products Summary" provides a high level overview of the inherent and residual risk ratings for all of the products. 

 

Are the reports stored in the system?

Reports are not stored in the system. We recommend saving your reports as pdf files on your own computer or hard disk.

 

Is a history of risk ratings available?

Yes, the history of risk ratings is stored in the system.

 

Are risk ratings stamped with the date and name of the person that performed the risk rating?

Yes. Date and names can be added to each risk rating. This information is stored in the system.

 

How often should a risk assessment be prepared?

At least once a year, or more often as needed for new regulations, new products, new features, and substantial new known threats.

 

Can we complete a risk assessment for any one product?

Yes. Just select that product from the menu.

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Questions?

Beavercreek Inc. Logo Not sure where to start? Have a question you need answered? Let us know what you need and we'll be in touch soon. Or, give us a call at (308) 381-0311. We'd love to hear from you!