This monthâs roundup of recent news and developments in the world of governance, risk, and compliance (GRC) for financial services includes: New interagency guidance for third-party risk management Chatbot use and AI risks in consumer finance Regulatory compliance pressures Letâs dive in: Banking regulators issue final guidance on third-party risk management On June 6, the Federal Reserve, FDIC, and OCC finalized their guidance on managing risks associated with third-party relationships. The long-awaited joint guidance,…
FedNow, the first government-developed instant payments system, will enable participating U.S. financial institutions to offer real-time bank transfers. Joining the ranks of other money transfer options like Zelle, Paypal, or Venmo, FedNow âallows financial institutions of every size across the U.S. to provide safe and efficient instant payment servicesâ for businesses and individuals, according to the Federal Reserve. The Federal Reserve started certifying early adopters in April 2023. Certification for early adopters encompasses a…
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 yearâs banking crises and increased regulatory focus on operational resilience make âmake digitizing the risk back office a continuing priority and a central driver for risk technology investment through 2023 and beyond.â Several themes emerged in the research as priorities for CROs and other risk professionals focusing on digital transformation. Letâs take a closer look at each topic: Risk…
As May marks Internal Audit Awareness Month, letâs 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 canât 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…