Risk management is a central concern for the financial services industry, spanning compliance, environmental, third-party, and anti-money laundering risks, among other categories. An effective risk management program should simultaneously support agility and resilience. Agility allows organizations to proactively identify and predict potential risks, while resilience strengthens the ability to efficiently respond to threats or disruptions. However, gaps in risk management strategies and processes often prevent teams from building a framework that supports a mature…
The February Regulatory Compliance Briefing includes an upcoming final ruling from the Federal Reserve Board, plus other advisories and pending actions and alerts to be aware of this month. (more…)
With the New Year firmly in the rearview mirror, banks and credit unions are getting back to business and focusing on priorities and challenges for the remainder of the year. One of these challenges is the need to cut through the regulatory noise. Julia O'Connell, Quantivate's senior vice president of product management, offers some insights on the regulatory environment and compliance risk management in the following interview. Financial services organizations are bombarded with messages…
Within a one-week period in January 2023, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) updated examination manuals on fair lending and mortgage servicing, respectively, signaling increased regulatory attention on risk management in these two important lending areas. (more…)
The cannabis industry continues to be a gray area for financial institutions seeking to enter this underbanked and potentially lucrative market. State laws legalizing cannabis for both medical and non-medical use have proliferated in recent years, yet institutions must consider the risks associated with providing services to marijuana-related businesses (MRBs). With continued growth in the industry, projections estimate that legal cannabis sales in the U.S. could surpass $70 billion by 2030. As more financial services…