Are you monitoring your business customers for reputational changes?
Risk and compliance professionals are looking for more proactive ways to monitor their business customer portfolios so they can detect risky behavior. Banks, payment processors and other financial institutions are recognizing the value of monitoring their business customers’ reputation in the form of consumer complaints and adverse media. Declining reputation can be a signal of fraud, questionable business practices and other anti-consumer behavior.
This whitepaper discusses the rise of the Consumer Financial Protection Bureau (CFPB) over the past five years in response to violations of consumer protection in the financial services industry, reviews consent orders, and highlights signals that can prevent fraud. It also provides best practices and tools to help create a robust reputation monitoring program that will enhance your BSA/AML compliance.