This post was written by Michael Carpenter, Sales Solutions Architect, Ncontracts The FDIC published its Supervisory Insights for Summer of 2017 on August 30, 2017. The publication contained two articles, one on Liquidity Risk and the other on Bank Secrecy Act (BSA) and of course all other related regulations such as the USA Patriot Act. […]
Today we’re looking at the FDIC’s approach to vendor management to better understand what the agency really wants from FIs. Different regulators use different terms to talk about vendor management. While they all ultimately have the same goal, they go about it in different ways. Third-party risk is a hot button issue for regulators. When […]
The FDIC Office of Inspector General’s (OIG) deep dive into the state of vendor management has revealed widespread deficiencies including business continuity planning, vendor management, contract management, internal controls and cybersecurity. This is part three of a five-part blog series that looks at the report’s findings. Part 3: Contract Management If you’re like the most […]
The FDIC’s most recent regulatory guidance on vendor management has three significant takeaways for community banks. We have developed this whitepaper to help banks understand the guidance and apply the lessons throughout their vendor management processes.
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. Just ask Fidelity National’s subsidiary ServiceLink. This week the Fed, FDIC and OCC fined the company $65 million for improper actions taken by its predecessor company, Lender Processing Services, […]
Well-capitalized, well-managed banks with less than $1 billion in assets must have been on the regulators “nice” list last year. The federal banking agencies, including the FDIC, the Fed and the OCC, have finalized rules permanently extending the exam cycle from 12 to 18 months. It’s a huge sigh of relief for these banks, but they shouldn’t […]
Bankers and credit union executives are always eager to find out what bank examiners want. It’s like there’s an answer key out there and if they ask around enough someone will hand them a copy. But regulatory exams aren’t multiple choice. They are (almost literally) essay questions, and regulators expect different answers from different institutions. […]
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 and serenely overhead, able to materialize on screen with the press of a button. But the cloud is a place on earth. Actually, many places on earth.
Vendor risk management is an ongoing process—one that begins with due diligence before a contract is signed and continues with monitoring throughout the length of the relationship. This blog series on the Top 10 risks will help you more effectively address how third-party vendor risk throughout every department in your financial institution. #3 Cybersecurity Risk In […]
If you think it’s tricky to keep track of the rules and regulations of your regulatory agency, imagine having to follow the legal, regulatory and operational requirements of foreign countries.
That’s exactly what needs to happen if a vendor is conducting any segment of your business in another country. Country risk is “an exposure to economic, social, and political conditions in a foreign country that could adversely affect a vendor’s ability to meet its service level requirements,” according to the FFIEC’s Appendix C: Foreign-Based Third-Party Service Providers.