Risk Analysis: FACT Act in the Branch

As the FACT Act clicks into place, there is a great deal of work to do and it may not be possible to do it all at once.

Managing compliance risk always involves choices: about what to do first, about where to work hardest, about what resources to spread thin. The FACT Act is no exception. In fact, it poses some interesting choices and challenges. To make workable FACT Act choices, you'll need to look at requirements, whose job is affected, how customers are affected (and how much they care), the consequences of less than perfect preparation, and what you have to work with. This means some tough choices.

To help you with the choices, we have laid out the primary FACT Act requirements that will affect financial institutions and what aspect of the requirement must be managed. Then we look at how often a problem can occur, how high the consequences or risk levels are, and the tools you have to work with.

Good luck!

Risk Analysis: FACT Act in the Branch (.pdf chart)

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 3, 3/05