The May Regulatory Compliance Briefing includes recent alerts, advisories, and pending actions to be aware of this month. (more…)
According to recent research on risk transformation in financial services from Celent, factors like this year’s banking crises and increased regulatory focus on operational resilience make “make digitizing the risk back office a continuing priority and a central driver for risk technology investment through 2023 and beyond.” Several themes emerged in the research as priorities for CROs and other risk professionals focusing on digital transformation. Let’s take a closer look at each topic: Risk…
As May marks Internal Audit Awareness Month, let’s take a look back at how the function has changed over the years, and how complexity in banking has impacted internal audit staffing and audit methodologies. The evolution of complexity in banking can’t be ignored. Over the past 20 years, the industry has seen innovations in internet banking, mobile banking, dozens of payment methods for consumers and businesses, and new high-risk customer segments…
This month’s roundup of recent news and developments in the world of governance, risk, and compliance (GRC) for financial services includes: AI and consumer rights Crypto’s impact on the banking crisis Bank failure postmortems AML/CFT requirements under the Bank Secrecy Act Investing in risk technology Let’s dive in: CFPB, FTC, other federal agencies issue joint statement on AI-based discrimination On April 25, four federal agencies issued a joint statement pledging their commitment to ensuring…
Chief risk officers (CROs) working in the financial services industry are feeling the pressure of operational disruptions, an evolving risk landscape, and economic uncertainty, amid other challenges, according to research from McKinsey & Company. Risk & Compliance Focus Areas for Bank CROs The survey of bank CROs identified several topics that are top of mind for risk executives now and in the near term. Climate Risk and Regulation: 92% of CROs predicted that climate…