Do we need to send an annual privacy notice? This frequently asked question falls into a regulatory area where some financial institutions caught a break in 2018. That “break” came with a few caveats that are frequently misunderstood or, when taken advantage of, not documented as well as they should be. The exceptions are rather straightforward in Regulation P, § 1016.5(e)(1), so let’s review them below: (1) When exception available. You are not required…
Business leaders are navigating unprecedented uncertainty, from operational disruptions and shifting economic conditions to rising cybercrime and an active regulatory agenda. Get insights on meeting these demands with five perspectives on how executives can approach governance, risk, and compliance (GRC) management to support organizational success and risk awareness. Risk & Compliance Management Best Practices for CXOs GRC as a Competitive Advantage Leading a business through times of change requires forward-thinking GRC management strategies. Executives…
This month’s roundup of recent news and developments in the world of governance, risk, and compliance (GRC) for financial services includes: Key risks to banks in 2023 CUNA/NAFCU merger SEC statement on risk assessment Compliance management challenges for fintechs Let’s dive in: FDIC releases 2023 Risk Review On August 14, the Federal Deposit Insurance Corporation (FDIC) released its 2023 Risk Review, summarizing key risks in the banking industry. This year’s report includes a new…
The August Regulatory Compliance Briefing includes recent alerts, advisories, and pending actions to be aware of this month. (more…)
The National Risk Committee of the OCC, which monitors the federal banking system and identifies key risks, recently released its Semiannual Risk Perspective. The report highlights several areas where financial institutions are experiencing heightened risk, including operational resilience and compliance. Operational Risk: Cyber Threats & Third Parties “Continuing cyberattacks and current geopolitical tensions highlight the importance of heightened threat monitoring and safeguarding against disruptive attacks targeting the financial sector,” the report states. Cyber criminals…