While there were no compliance alerts for November, there are two changes going into effect on January 1, 2023, and a number of additional advisories and announcements to look out for! Learn more about December's regulatory compliance changes below. (more…)
Governance, risk, and compliance (GRC) programs — when managed effectively — provide organizations with enhanced decision-making capabilities that coincide with regulatory requirements and business objectives. But for the financial sector, internal and external requirements for GRC can make developing a management framework a complex endeavor. As leaders at banks and credit unions look for ways to keep up with evolving risks and invest in their GRC capabilities, many are prioritizing building maturity in key…
ESG—or environmental, social, and corporate governance—has become a top priority for organizations as regulators, investors, and consumers take an increased interest in these areas. Outside of external pressures to demonstrate corporate responsibility, business leaders are recognizing ESG’s role in value creation. According to research from McKinsey & Company, a majority of executives and investment professionals agree that ESG programs create both short- and long-term shareholder value. Moreover, organizations with a strong ESG proposition have…
As technology’s role in critical business operations continues to grow, so does the importance of effective IT risk management. The landscape of cyber threats and compliance requirements is constantly evolving, and organizations need to adapt. However, businesses often struggle to develop a flexible approach to managing risk and security, and many IT leaders recognize the gap between their teams’ current practices and the demands of a changing environment. According to a recent study, 90%…
Since Colorado and Washington legalized the recreational use of cannabis in 2012, another 17 states have followed suit, while 37 states allow medical use. However, until cannabis is legalized on a federal level, marijuana-related businesses (or MRBs) will continue to struggle to access financial services. Providing services to MRBs remains a thorny issue for financial institutions as well, not only because of legal risks, but also due to regulatory issues like anti-money laundering and reporting…