When considering the chaos of modern business, it’s important to rightsize your governance, risk, and compliance (GRC) processes to your immediate needs, but also forecast for future growth and maturity. Organizations need to make decisions today that prevent the business from becoming over-burdened by a future state of departmentalized thinking, emerging risks, and compliance requirements. An inefficient, siloed GRC program doesn’t set the tone for operational success. To develop a roadmap that considers your…
U.S. federal regulators recently issued an interagency statement on the use of model risk management guidance (MRMG), intended to give clarity to banks in complying with Bank Secrecy Act/anti-money laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) regulations and requirements. As management techniques for BSA/AML compliance shift toward the use of technology, automation, AI, and machine learning, these models become more difficult to evaluate through MRMG. Fortunately, the AML Act of 2020 requires…
The relentless pace of regulatory change makes effective compliance management an ongoing challenge for financial institutions. Cut through the information overload with this roundup of upcoming compliance deadlines, recently finalized rulings, and additional advisories from financial regulators including the CFPB, OCC, and NCUA: Upcoming Regulatory Changes and Compliance Deadlines CFPB - Debt Collection Practices for Evictions (Regulation F) Tentative Release Week: Week of 05/03/2021 Compliance Deadline: 05/03/2021 CFPB - Delay of Mandatory Compliance Date…
Organizations today are facing fast-moving risks and increasing demand for real-time awareness and collaboration in internal audit (IA). Rather than auditors working and wading through opaque processes—lost in spreadsheets, internal checklists, and fractured auditing protocols across different business functions—we are seeing organizations adopting cloud-based process automation tools that enable a unified audit framework and consistent processes. These methodologies allow IA to achieve more effective engagements. Whether internal auditors need to manage risk assessments; document…
In the latest sign of regulators clamping down on inadequate anti-money laundering programs, DNB recently confirmed that Norway’s financial supervisory authority, Finanstilsynet, will levy a $48.1 million fine for failing to comply with anti-money-laundering rules, regulations, and standards. DNB, which is Norway’s largest lender, had already indicated late last year that a potential fine could be incoming after Finanstilsynet published a report on internal investigations into an Icelandic fishery called Samherji, which had been accused…