Money Laundering
In 1970, the United States Congress enacted the Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act. This act
Vendor Definition
In terms of financial institutions, a vendor is an entity that provides a product or service the bank uses to conduct its business. Vendors play an essent
Inherent Risk
Inherent risk is the risk that exists naturally when there are no safeguards in place to avoid trouble.
Strategic Planning Processes
Strategic planning processes in a financial institution begin when a bank forms and continue as long as the bank is in operation.
Mitigation Definition
Mitigation is defined as the action of reducing the severity or seriousness of something. When it comes to banking, risk is mitigated in several ways,
OFAC, Cyber Risk & Third-Party Vendors: What You Need to Know
Bankers know they shouldn’t do business with parties sanctioned by the OFAC - as the agency has reminded us in its most recent statement on sanctions and
What Jason Bateman Taught Me About Money Laundering & Other BSA Lessons
It’s not every day that banking regulation is a major plot point in a tv show, but both bank capital regulations and CTRs got a shout out in the first
5 Ways Intelligent Branch Planning Can Save Your Bank Millions
Here are 5 clear ways that intelligent branch planning can save your bank or credit union millions of dollars, with the numbers to prove it.
Cybersecurity 101: How to Get Senior Management to Spend More on Cybersecurity
They say nothing is certain in life but death and taxes, but I’d also add cyberattacks to that list. Here are five tips for making the case for why your
5 Scary Stories Guaranteed to Give You the Compliance Creeps!
Whether you're a Compliance Officer or a President, here are 5 scary banking stories from October guaranteed to give you the compliance creeps...
Vendor Management Framework
A vendor management framework is a logical system for developing a vendor management program. The framework includes recommendations for creating
Business Continuity Planning Checklist
A business continuity checklist is a concise list of tasks that must be done to create an adequate business continuity plan (BCP). The BCP is a plan for
Complaints Management
Complaints management means dealing with customer complaints in a compliant, appropriate and systematic manner. The complaint management system
COSO ERM Framework
The COSO ERM framework is comprised of the components and principles of effective enterprise risk management.
Vendor Risk Management
Vendor risk management is a process that aims to deal with the risks associated with working with vendors. This process begins when the company is first
Risk Management Strategies
Risk management strategies are systematic approaches to treating risks. Through risk assessment, a financial institution can identify the
Operational Risk Management
Operational risk management is a continuous process by which a financial institution manages risks within its business functions.
Contract Management Software
Contract management software automates processes for managing the creation, execution, and analysis of contracts. This software can handle a range of
Vendor Management
Vendor management refers to all the systems, strategies, and techniques used to get more value from every vendor and third-party service provider
AML Compliance
The AML in AML compliance stands for anti-money laundering. AML compliance means following regulations designed to deter money laundering through both
RTO Meaning
RTO is defined as the maximum tolerable length of time that a computer, system, network or application can be down after a failure or disaster occurs.
GLBA Compliance
The Gramm Leach Bliley Act went into effect in 1999. Also known as the Financial Modernization Act, it mandates that financial institutions explain to
Risk Management In Healthcare
Risk management is essential in any business, but risk management in healthcare, it can involve components unique to the medical community.
The Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act (GLB Act or GLBA), also known as the Financial Modernization Act, helps control the way financial
Vendor Management Best Practices
Learn vendor management best practices ranching from good communication to having the correct procedures in place.
Risk Management Planning
While you may think that common sense could help businesses avoid risk, there are several risk management standards in place making this process more
Business Continuity Planning
Businesses can face several risks, some of which can be more devastating than others. In extreme cases, these risks can put your business
Lessons from a Fintech O.G.
When Phil Meinert began his career in computer programming, the first wave of fintech development had just begun. If you think it’s hard to implement new
3 Spooky Contract Clauses That Will Raise Eyebrows
You think horror movies are scary? Try reading some of the most hair-raising items that managed to make it into actual FI third-party vendor contracts.
Are You Ready for the Next Economic Downturn?
It’s inevitable that another downturn is coming. That’s why it’s important to make sure green risk management teams have the right tools and expertise to