Red Flags Rule

Overview The Red Flags provisions of the Fair and Accurate Credit Transactions (FACT) Act took effect on Nov.1, 2008, although the FTC announced it would suspend enforcement until May 2009. Despite the final regulations being issued October 31, 2007, there has been confusion as to how institutions can rapidly deploy an effective Red Flags rules program while regulators have issued little to no guidance on how to do so. The good news is that most institutions already have the processes and technology systems in place that can be leveraged in developing their Red Flags rules program. However, a dedicated effort needs to be employed to ensure appropriate compliance with the new requirements. Read on...

#InternalControls #HealthCare #Red #Flags