What’s it like to be a community bank or credit union chief risk officer? It’s a complex, time-consuming job—one that balances day-to-day management with big picture planning. And it may not even be that banker’s only responsibility or even her official title. That’s according to a banker who manages operational risk at a $1 billion+ […]
Risk monitoring touches every department and business process of the financial institution. Collaboration for identifying, assessing, mitigating, and monitoring risk addresses an inclusive strategy to ensure everyone’s involvement, as well as a multi-pronged approach to tackling the many facets of risk. This comprehensive one hour webinar will define and provide examples for effectively tackling risk […]
Risk management is about more than risks—it’s about understanding the interrelationship between those risks and your institution’s risk appetite and goals. But what’s the best way to effectively manage those risks? This webinar will explore different approaches to risk management—including Enterprise Risk Management (ERM) and Governance, Risk and Compliance (GRC)—to help you: Differentiate between GRC […]
Inertia is one of the greatest forces in the universe. Sir Isaac Newton dedicated the first law of motion to it: a body at rest will stay at rest unless an outside force acts on it. He was talking about physics, but he may as well have been speaking about human nature. People generally maintain […]
10 blog posts combined into one whitepaper You’ve read the top 10 risks blog posts, now download the whitepaper. From credit risk to cloud risk and everything in between, you’ll be up to speed and thwarting off risk at every turn in no time.
Self-help gurus tell us to name our fears in order to conquer them. This naming process helps us to understand why we are afraid and make us feel in control of the situation. Perhaps that’s why so many in financial services have embraced the term RegTech. Bankers and credit union executives frequently worry about falling […]
Compliance risk is the danger financial institutions face when they outsource product and service delivery to third-party vendors. It’s not a rare occurrence. FIs are regularly called out by regulators when their vendors fail to follow the rules.
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.
Strategic risk is the possibility that a company doesn’t make decisions that support its long-term goals. Companies that aren’t managed well and make poor strategic decisions may provide sub-par products or services or even close shop.
Ben Franklin once wrote that “Glass, china and reputation are easily cracked, and never well mended.” Reputational risk is present any time a vendor enters the picture, so it makes sense to spend the necessary time and resources to choose only those vendors who have proven to be trusted and valuable partners.