There is such a thing as too little, too late—especially if you’re a bank that made the mistake of failing to oversee a vendor that didn’t deliver billed services to customers.
Keeping your vendor shortlist a secret may seem like a good idea, but protecting it only serves to limit your options as the buyer.
In offices and on conference calls across America, salespeople are plotting to baffle financial institutions with an acronym created not by regulators, but by marketing personnel. It’s not hard. Compliance and risk management are already mysterious—up there with Big Foot, the Loch Ness monster, the origin of Stonehenge and whether or not your cat actually […]
Today’s financial institution compliance officers have built carefully customized compliance management systems (CMSs) with strong policies and procedures, yet five challenges prevent compliance officers from maximizing the efficiency of an already strong CMS: evolving regulatory expectations one-size-fits-all solutions audit trail documentation antiquated tools limited staffing These problems can be solved with solutions that allow compliance […]
Think your bank is compliant and following the law? You can’t be sure unless you’re closely monitoring your vendors. That’s a lesson Santander Bank learned the hard way. Earlier this summer the Consumer Financial Protection Bureau (CFPB) slapped the bank with a $10 million fine for illegal overdraft practices—even though not a single one of […]
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. The New York Department of Financial Institutions recently published a new BSA/AML rule requiring greater board oversight of risk-based BSA/AML transaction programs. The rule came about after several […]
Vendor management is the process by which an organization’s third and fourth-party vendor contracts, expectations and business dealings are organized within a single system, making it easy to find, report on and edit vendor agreements.
What do the Bangladesh central bank and your third-party vendors have in common? They need to be taking steps to protect themselves and customers from cyber attacks. The threats are real. Earlier this year hackers stole $81 million from Bangladesh’s Federal Reserve Bank of New York account via the Swift international fund-transfer network—with aims of […]
Financial institutions outsource to be efficient. Whether it’s offering competitive products and services or making good use of staff resources, smart institutions weigh the costs and risks of using a third-party provider against the benefit to the institution. But are you fully measuring those risks and costs? If your vendors are outsourcing, you may be […]
You believe your institution is prepared for a disaster—but are your vendors? Precautions against fourth party risk for both vendor management as well as business continuity planning. 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. Unfortunately, not every institution […]