Are Vendors Your Biggest Obstacle to Fintech Adoption? It Might Not Be Their Fault

Are Vendors Your Biggest Obstacle to Fintech Adoption? It Might Not Be Their Fault

Ask any mid-size financial institution about their biggest barrier to achieving digital transformation, and you might be surprised by the answer. It’s not budget, culture, or the staff’s digital savvy. It’s their vendors. An FI draws up a strategic plan to adopt a new technology initiative. When it finally presents its big idea to its

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Heightened Cybersecurity Risk – Is Your FI Prepared?

Heightened Cybersecurity Risk – Is Your FI Prepared?

Cybersecurity is always a top concern for financial institutions, but now supervisory agencies are warning financial institutions that cyberattacks are an increased possibility as Iran seeks to retaliate for death of Qassem Soleimani earlier this month. The FDIC and OCC released an interagency statement last week reminding FIs to follow sound cybersecurity risk management principles.

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Complaint Management

How Many Complaints Did Your Institution Get Last Year?

Consumer complaints are a part of doing business. From restaurant patrons claiming there is a fly in their soup to overly long waits on hold, consumers aren’t afraid to tell you—and everyone on the Internet—how they really feel. While every company worries about complaints and the potential for them going viral or ending up in

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ncua exam priorities

What Will NCUA Examiners Be Looking at in 2020?

The NCUA’s 2020 Supervisory Priorities are published—and they are giving us a first look at the areas where NCUA will focus its examination efforts this year. The list remains similar to last year’s with BSA, cybersecurity, consumer protection/compliance, credit risk, and CECL high on the list, and nothing has been removed. The letter has also

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When Customers Invite Third-Party Risk

When Customers Invite Third-Party Risk

The first rule of passwords is you’re not supposed to share your passwords with anyone. But in a world where consumers are often willing to trade privacy for convenience, even banking passwords are no longer sacrosanct—and the largest bank in America has announced that enough is enough. Earlier this month JPMorgan Chase made headlines for

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Fourth-Party Risk: What Your Institution Has in Common with a Presidential Campaign

Fourth-Party Risk: What Your Institution Has in Common with a Presidential Campaign

Presidential campaigns and financial institutions may seem miles apart in mission and operation, but there’s at least one area where both need to be concerned: vendor management. This became apparent this week as Democratic candidate Michael Bloomberg got bad press when his campaign used prison workers to make campaign phone calls promoting his candidacy. How

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Fintech Risk Management & The Fed

Fintech Risk Management & the Fed

Which financial institutions do the best job managing fintech relationships? How do they work with third-party fintech partners that aren’t necessarily experts on financial services and consumer finance regulation? The Fed’s spilling the tea on fintech risk management in its December 2019 Consumer Compliance Supervision Bulletin. The agency’s insights into consumer compliance activities are all

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Helping Santa Save the Day with Business Continuity Management Best Practices

Helping Santa Save the Day with Business Continuity Management Best Practices

Rudolph the Red-Nosed Reindeer is a story about how our differences can also be our strengths—but it’s also a story about business continuity management best practices. Santa is caught off guard one stormy Christmas Eve when heavy fog makes it impossible to guide his sleigh and deliver toys to the world’s good little boys and

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Three Vendor Fads that Fizzled—And One That Stands the Test of Time

Three Banking Trends that Fizzled—And One That Stands the Test of Time

As we prepare for the dawn of a new decade, I thought it was a good time to take a quick stroll down memory lane to look at a few buzzy banking trends from the last 20 years that have since lost their luster. While some of these fads have reemerged with new names and

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OCC - Lack of Risk Management Leads to Enforcement Actions

OCC: Lack of Risk Management Leads to Enforcement Actions

Lack of appropriate governance, oversight, and risk management systems and controls are the leading cause of enforcement actions. That’s not just our opinion. It’s the findings of the Office of the Comptroller of the Currency in the OCC Semiannual Risk Perspective Fall 2019. The risk-focused periodical focused on the most pressing areas of risks at

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A Regulator's Holiday Wish List for the Year Ahead

A Regulator’s Holiday Wish List for the Year Ahead

On the hunt for a perfect gift for your examiner and primary regulator? Look no further! We’ve been taking notes at industry conferences and meetings all year and know exactly what the federal regulatory agencies are hoping you’ll get them this year. On the wish list: Run your ideas past them before implementation. You talk

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How to Control the Financial Risk of a Data Breach

How to Control the Financial Risk of a Data Breach

How much does a data breach cost? Understanding the costs—and why some breaches cost more than others—can help your financial institution mitigate the financial risks of a data breach. A data breach costs $242 per lost record in the United States, according to the 2019 Cost of a Data Breach Report by IBM and Ponemon

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