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.
How Not to Manage Risk–A Lesson Courtesy of Wells Fargo
Either Wells Fargo didn’t have strong enough account opening and management policies and procedures in place or there wasn’t a strong enough system ensure
Are Your Third-Party Vendors Protecting the Rights of Servicemembers?
America’s armed forces protect our country—and the financial services industry is supposed to do the same for servicemembers.
Preventing the Top 3 Vendor SLA Mistakes
one of the most effective tools in a financial institution’s vendor management arsenal, but too many institutions make major mistakes when crafting SLAs.
Compliance Emergency Room - Tracking Exam and Audit Findings
Your latest audit just revealed findings. What now? It's time to triage them in your compliance emergency room. What's that? Read more to find out.
Vendor Mistake Costs Bank $10 Million
Think your bank is compliant and following the law? You can’t be sure unless you’re closely monitoring your vendors.
BSA Meets Vendor Management
How necessary is it to document your vendor selection process? If a new law in New York state is any indication, it’s becoming more and more important.
What is Vendor Management?
If you've ever wondered, what is vendor management exactly, we've broken it down to help you understand if vendor management is right for you.
Can Your Third-party Vendor Fend off Cyber Attacks?
What do the Bangladesh central bank and your third-party vendors have in common? They need to be taking steps to protect from cyber attacks.
When Third-Party Vendors Mean Quadruple the Risk
Financial institutions outsource to be efficient. Whether it’s offering competitive products and services or making good use of staff resources,
5 Reasons to Smile About Regulatory Compliance
If you are headed to San Diego for the ABA Regulatory Compliance Conference, please visit TRUPOINT in booth 415. Here are 5 things we're looking forward to…
Four Ways to Ensure Your Vendors Are Prepared for Disaster
If you’re dependent on a third-party vendor that can’t quickly recover from a disaster, there’s a major gap in your own business continuity plan.
The $30 Million Spreadsheet: The hidden costs of spreadsheets–and their mistakes
As regulatory guidance has expanded the scope of regulations, risk and vendor management have grown more complicated. Enterprise risk management
The OCC Walks the Enterprise Risk Management Walk—and So Should You
For years regulatory agencies have emphasized the importance of enterprise risk management (ERM). Now the OCC is taking its own advice.
Cybersecurity Maturity: How Grown up is your Solution?
How effective is your cybersecurity solution? We look at this question and how to make improvements where necessary.
Becoming Unbreakable: Why Business Continuity is Critical for FIs
Effective business continuity plans (BCPs) are essential for any business but especially critical for financial institutions.
The Perps Behind Cyber Crime May Not Always Be Who You Think
Have you heard of social engineers? You may imagine them as professionals who bring people from different backgrounds into fellowship for the greater good.
Black Friday, Card Creepers, and Aluminum; Oh My!
A glimmer of hope in this hackable world began to shine on October 1, 2015, when the issuance of EMV “chipped” credit cards became mandatory. These chips..
The FFIEC Brings the Board to the Block
With the FFIEC’s November 2015 release of the organization’s IT Technology Examination Handbook, many financial institutions’ board members get surprises.
EMV chips are here. Are you ready?
Financial institutions need to prepare for the EMV chip mandates. Specifically, equipment and operational requirements, parameters, controls and procedures
The Auditors are Coming! The Examiners are Coming!
If you haven’t considered switching to an automated process, you may want to before your next audit or exam. Think about how quickly you can create to do
Yellen ain't yellin'
Recent Fed news indicates that Federal Reserve Chair Janet Yellen, in her speech at a conference of bankers and financial leaders at the Federal Reserve
EMV Chips with No Service Dips
EMV – which stands for Europay, MasterCard, and Visa – is a global standard for cards equipped with computer chips.