Red Flags Rule: How Do I Implement My Red Flags Rule Program?

Now that you have your Red Flags Rule program finalized it’s ready to get it up and running. In this post we’ll go through what you’ll need to do in order to get your plan functioning in your business.

Before you can begin to implement your program it must first be approved by the board of directors, committee of the board, or a senior level employee. It must state who is responsible for implementing and administrating the plan as well as include staff training on how the program works and what to do if it notifies you of a Red Flag. Finally, before implementation, the plan must describe how the program will be monitored for compliance.

To be approved the plan must be clear about how it will:

• ID relevant patterns, practices, and forms of suspicious activity
• Incorporate business practices to detect “Red Flags”
• Detail appropriate response to any “Red Flags”
• Be updated regularly to reflect changes in ID theft risk

Image: keoni101

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Red Flags Rule: How Do I Create A Red Flags Rule Program? Red Flags Rule: Do I need a Red Flags Rule Program? Red Flags Rule: What is the Red Flags Rule? Weekly Round-Up: Green Offices, Red Flags Rule, and More!