Fourth-Party Risk: What Your Institution Has in Common with a Presidential Campaign

Fourth-Party Risk: What Your Institution Has in Common with a Presidential Campaign

Presidential campaigns and financial institutions may seem miles apart in mission and operation, but there’s at least one area where both need to be concerned: vendor management. This became apparent this week as Democratic candidate Michael Bloomberg got bad press when his campaign used prison workers to make campaign phone calls promoting his candidacy. How

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Fintech Risk Management & The Fed

Fintech Risk Management & the Fed

Which financial institutions do the best job managing fintech relationships? How do they work with third-party fintech partners that aren’t necessarily experts on financial services and consumer finance regulation? The Fed’s spilling the tea on fintech risk management in its December 2019 Consumer Compliance Supervision Bulletin. The agency’s insights into consumer compliance activities are all

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OCC - Lack of Risk Management Leads to Enforcement Actions

OCC: Lack of Risk Management Leads to Enforcement Actions

Lack of appropriate governance, oversight, and risk management systems and controls are the leading cause of enforcement actions. That’s not just our opinion. It’s the findings of the Office of the Comptroller of the Currency in the OCC Semiannual Risk Perspective Fall 2019. The risk-focused periodical focused on the most pressing areas of risks at

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A Regulator's Holiday Wish List for the Year Ahead

A Regulator’s Holiday Wish List for the Year Ahead

On the hunt for a perfect gift for your examiner and primary regulator? Look no further! We’ve been taking notes at industry conferences and meetings all year and know exactly what the federal regulatory agencies are hoping you’ll get them this year. On the wish list: Run your ideas past them before implementation. You talk

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Risk Management Aids Prep for Risk-Focused Exams

Risk Management Aids Prep for Risk-Focused Exams

Risk management helps financial institutions anticipate and guard against all kinds of risks—everything from cyber threats to compliance mistakes to careless third-party vendors. But did you know it can also help prepare for exams? According to a recent American Bankers Association compliance survey, “Examiner review of a bank’s risk management system appears to reduce examination

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A Risk Assessor Origin Story Courtesy of Stephen King’s IT

*** Warning: This blog contains spoilers for the horror movie IT (2017) and IT Chapter Two (2019). ***   Movies are chockfull of superhero origin stories, but what about us regular risk management folks? Well, we finally have one thanks to horror movies IT and IT Chapter Two, released in 2017 and 2019 respectively. Based

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Have You Prepared for Climate Change Risk?

Is your bank considering climate change risk when addressing enterprise risk management (ERM)? If not, it might be time to start. Global warming may seem like an abstract concept, but bank regulators across the world are looking at this emerging risk and suggesting that financial institutions recognize its potential impact on economic and operating conditions.

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Quiz Time! How Did You Get Your Start in Banking?

Risk management starts at the top, but bankers typically start at the bottom. From janitors and tellers to junior loan officers and credit analysts, many CEOs and other C-level executives got their start in the humblest banking positions. But these entry-level bank jobs are more than the first wrung on a ladder to a satisfying

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Ignore KRIs & KPIs at Your Own Peril: Best Practices for Key Risk Indicators

Stop me if you’ve heard this story before. There’s been significant management turnover at a $1 billion financial institution (FI), and the new management is eager to make an impact. Their solution: a new digital service provider to increase its digital footprint. It’s a project that has a budget impact across all lines of business

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Risk Assessment Movies

Summer Blockbusters Revisited: Assessing My Risk Assessments

When it can cost nearly $100 to take a family of four to the movies (including snacks, of course), you don’t want to risk wasting your cash on a so-so movie. That’s why earlier this summer I brought my work home with me to risk assess some of the most-anticipated movie sequels, prequels, and reboots

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