OCC: Marketplace Lenders Are Third-Party Vendors
The OCC says marketplace lenders are third-party vendors. How does that affect your risk exposure? We look at how you're affected in this blog post.
What Happens in New York Doesn't Stay in New York
How does this help your institution? If any of your vendors have clients in New York state, it should easily be able to provide your institution with
Does Vendor Size Matter?
Some institutions try to simplify vendor management by picking the biggest vendor in each category. Going big, however, is not always the safest option.
Western Unions Pays $184 Million for Ignoring Vendor Due Diligence
After failing to conduct adequate due diligence on vendors, incl. background checks and on-site reviews, the $184MM fine may be its biggest transfer yet.
Lessons from the CFPB: Why It’s a Bad Idea for a Banker to Name His Boat Overdraft
A lawsuit against TCF National Bank alleges that it tricked consumers into signing up for costly overdraft services in order to preserve its bottom line.
Are You Connecting the Risk Management Dots?
The OCC’s Semiannual Risk Perspective for Fall 2016 reinforces the agency’s enterprise wide approach to risk management, particularly to vendor management.
Don’t Let Heartbleed Lead to Vendor Management Heartbreak
A new study has found that the Heartbleed Bug remains a serious problem for nearly 200,000 Internet-connected devices raising questions about vendor mgmt.
Documentation is Key: Takeaways from the OCC’s Third-Party Vendor Risk Management Procedures
Ever wish for a list of exactly what an examiner is looking for? When it comes to the OCC and vendor management, your wish has been granted.
After Six Years, Agencies Fine Mortgage Processor $65 Million
It’s bad enough to be hit with a regulatory consent order. Now imagine the expense and public relations nightmare when those proceedings drag on for years.
Why Inertia Creates Risk
Inertia is one of the greatest forces in the universe. It applies to banking and business and there are costs if inertia goes unchecked.
The Risks of Apple Pay for Banks and Credit Unions
In the race to remain competitive more than1,600 banks and credit unions have joined Apple Pay, probably hoping that some of Apple’s cool will rub off.
Broker-Dealers Need Vendor Management Too
The Financial Industry Regulatory Authority (FINRA) is putting broker-dealers on notice that vendor management of cybersecurity will be a hot topic in 2017
A Quick-and-Dirty Guide to CRA Compliance Exams
CRA compliance is familiar for many institutions. In this post, we'll cover a few things you may not know, and provide some tips for how to prep for a...
RiskTech vs RegTech
Don’t let the label of RegTech trick you into thinking that checking off to-dos on a list of tasks is compliance. Here's more on RiskTech in our article.
Cloudy with a Chance of Data Loss
Perhaps there’s no buzz word more confusing to bankers and credit union executives than the “cloud.” It evokes an ethereal image of data floating safely
When Natural Disasters Become Customer Relationship Disasters
Customers don’t want to hear that a data center across the country flooded, a cyberattack overwhelmed systems or a piece of equipment failed. In their eyes
Why You Need to Focus on Cybersecurity Risk Now
Rather than lump cyber risk in with other categories, it’s important for banks and credit unions to directly address this risk with their critical vendor
What is Concentration Risk - And What Does My Regulator Have to Say About It?
When most bankers and credit union executives think of concentration risk, they think of lending—but concentration risk has a different meaning whentalking
Compliance Risk - Avoid Vendor Compliance Failures by Properly Assessing Risk
Compliance risk is one of the 10 biggest vendor risks facing FIs—and the reason why FIs need to know the whats, hows and whens of its vendors’
Country Risk - Why It Pays to Choose Domestic Service Providers
Think it’s tricky to keep track of the rules and regulations U.S. regulatory agencies? Imagine following operational requirements of foreign countries.
Planning to Fail or Failing to Plan - Strategic Risk
Strategic risk is the possibility that a company doesn’t make decisions that support its long-term goals. Learn how to avoid these costly decisions.
Assess Vendor Reputation Risk - Before You Have to Rebuild Yours
Ben Franklin once wrote that “Glass, china and reputation are easily cracked, and never well mended.” Reputation risk can be mitigated through these steps
Operational Risk - Foreseeing the Unforeseen Costs of Outsourcing
Operational risk is the risk of financial loss when processes, people or systems fail. It can hurt a financial institution in many ways, including these...
Credit Risk - You’ll Take the Blame If Your Vendor Doesn’t Have the Credit
See the definition of credit risk.
The Human Side of Vendor Management - What Vendor Management Can Learn From HR
Many financial institutions view vendors as a necessary evil, but extending a little trust to vendors goes a long way towards building a bridge to success.
One Size Doesn't Fit All - Updated Guidance from CFPB on Third-party Service Providers
The CFPB clarifies guidance on how to treat vendors of different sizes and impacts after many have been treated with equal scrutiny regarding due diligence
Surrogate Regulators: The Vendor Management / Fintech Connection
Should Fintech companies be regulated? With banks responsible for third-party services and the CFPB addressing regulatory concerns, is it necessary?
Don’t Blow It at Exam Time - Pay Attention to the FFIEC Cybersecurity Assessment Tool
Is FFIEC's cybersecurity assessment tool mandatory? It's worth your time to look at the big picture when making the decision to use it or not.
Losing Control: Poor Compliance Controls Lead to $28.5 Million in Fines and Redress for Navy FCU
Empty threats are rarely a good idea—and sometimes they are straight-up illegal. That’s the lesson $73 billion-asset Navy Federal Credit Union is learning.
Your Vendor Shortlist is Not a State Secret
Keeping your vendor shortlist a secret may seem like a good idea, but protecting it only serves to limit your options as the buyer.