Chances are you were ready when FinCEN’s new customer due diligence (CDD) rules requiring the establishment of beneficial ownership for business relationships took effect May 11. But do you know if your policies and procedures are working as intended? If you haven’t addressed risk and put effective controls in place, then you don’t. Implementing CDD […]
There’s something tantalizing about comparisons. It’s nice to know where you stack up when it comes to both your peers and the institutions you aspire to be. Fortunately, when it comes to risk management, there is no shortage of surveys and studies telling you what everybody is up to. So what do the most recent […]
Banks and credit unions across the country are rejoicing at the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act. This much-awaited law rolls back many provisions of the Dodd-Frank Act, reducing regulatory burden at some financial institutions. Now that some banks and credit unions can roll back compliance efforts in a few […]
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, it’s your fault. Regulators feel that way too. That’s why transaction risk is one of the 10 biggest vendor management risks facing financial institutions.