How to Buy CMS Software: 7 Key Features Every CMS Needs

Compliance management is no joke. From the day-to-day work of making sure everyone is following policies and procedures to training staff to tracking, understanding, and implementing new regulations and predicting the impact of proposed rules, it’s a Herculean exercise in organization and education. That’s why federal regulators require financial institutions to have a compliance management

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Everyone Excited About the Executive Order Declaring Guidance Non-Binding Stand Up! Not So Fast Bankers.

Last week President Trump issued an executive order stating that guidance from federal regulatory agencies is non-binding. The order formalizes the administration’s previously stated view that legally binding requirements need to go through the rule making process. But before you start going through your policies and procedures looking for requirements to trash and begin re-assessing

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What Does the NCUA Look for in a CMS?

The NCUA defines a compliance management system as a credit union’s overall approach to managing compliance risk. Compliance risk is the potential of violating any of the laws and regulations that govern credit union operations, including those related to federal consumer financial protection enforced by the NCUA. From the Bank Secrecy Act to the SAFE

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Have You Prepared for Climate Change Risk?

Is your bank considering climate change risk when addressing enterprise risk management (ERM)? If not, it might be time to start. Global warming may seem like an abstract concept, but bank regulators across the world are looking at this emerging risk and suggesting that financial institutions recognize its potential impact on economic and operating conditions.

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Quiz Time! How Did You Get Your Start in Banking?

Risk management starts at the top, but bankers typically start at the bottom. From janitors and tellers to junior loan officers and credit analysts, many CEOs and other C-level executives got their start in the humblest banking positions. But these entry-level bank jobs are more than the first wrung on a ladder to a satisfying

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5 Fair Lending Lessons Learned in 2019

As Q4 2019 approaches, now is perfect time to reflect on some of the lessons learned this year. In particular, we’ve seen lots of changes in Fair Lending compliance. What are the takeaways? Here are the 5 Fair Lending lessons learned in 2019. 1. HMDA Data is Different, and Arguably More Important, Than Before. With

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4 Features Every Vendor Management Solution Needs 

A vendor management solution is more than a repository for contracts. It’s a system for reducing risk, ensuring compliance, and increasing efficiency across the enterprise by uncovering insights into third-party vendor relationships at every level of the vendor management lifecycle.   When properly constructed, a vendor management software solution organizes existing processes and documentation while showing how vendor relationships and

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What If a Cyber Attack Caused a Bank Failure?

With just one bank failure in 2019 and none in 2018, it’s easy to think that banks and credit unions across the industry are once again in a strong financial position and thus unlikely to fail. Yet there are more than just financial threats to industry stability. The FDIC is actively considering how it would

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Ignore KRIs & KPIs at Your Own Peril: Best Practices for Key Risk Indicators

Stop me if you’ve heard this story before. There’s been significant management turnover at a $1 billion financial institution (FI), and the new management is eager to make an impact. Their solution: a new digital service provider to increase its digital footprint. It’s a project that has a budget impact across all lines of business

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Risk Assessment Movies

Summer Blockbusters Revisited: Assessing My Risk Assessments

When it can cost nearly $100 to take a family of four to the movies (including snacks, of course), you don’t want to risk wasting your cash on a so-so movie. That’s why earlier this summer I brought my work home with me to risk assess some of the most-anticipated movie sequels, prequels, and reboots

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Is Your Institution Prepared for These Emerging Risks?

Across the business world, businesses in all industries are worried about the pace of change. That’s according to Gartner’s most recent Emerging Risks Monitor Report, issued last month. Among the 133 senior executives surveyed, 71 percent cited the pace of change as a key risk facing their organizations. Why do executives feel like they won’t

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