Business Compliance & The Red Flags Rule

Under the “Red Flags Rule” regulation, all organizations deemed to be financial institutions must conduct an ID Theft risk assessment for their organization, and based upon that assessment, establish and implement a written program which includes controls to address those risks. The “Red Flags Rule” requires that the mandatory safeguards be in place by November 1,2008.

The Ruling requires the following:

1. Initial Risk Assessment
2. Written Policies and Procedures
3. Train Staff on Program Implementation
4. New Account Authentication(all consumer accounts)
5. Validate Change of Address Requests
6. Identity Theft Protection(address Red Flags for all “covered” consumer accounts)
7. Update Program to Respond to and Address New Identity Theft Trends

Our company Blue Dove, Inc provides free compliance employee training at no cost to the employer starting January 1, 2009 through March 30, 2009. The training cost in Q2'2009 will average $5,000-$8,000 per customer site depending upon the number of employees. Coordination of the training requires careful scheduling and January 2009 calendar is rapidly being booked. If anyone is interested in this training please contact our office at 866-477-1153 and ask our consultants about the next compliance training window.

If your company has access to customer information such as credit card, address, phone number, driver license, SS Number, medical ID number any private indentifiable information then you must ensure your employees are fully trained in accordance with FACTA.

Michael Stanford
Certified Identity Theft & Risk Management Specialist
Blue Dove, Inc
866-477-1153