Risk & Compliance Roundup: Risk Management Enforcement, ERM Best Practices, AI Risk

  • March 22, 2024
  • Quantivate

Welcome to your weekly roundup of risk and compliance management resources, brought to you by Ncontracts.

This edition includes:

New This Week from the Nsight Blog

Risk Management Enforcement in 2023: What Do Enforcement Actions Tell Us?

Hear from a bank risk expert on lessons financial institutions can draw from regulatory enforcement actions issued late last year by the OCC, Federal Reserve, and FDIC. The analysis looks at patterns that emerged — including scrutiny of third-party risk, compliance, and liquidity risk management processes — and recommendations for strengthening your risk management posture.

Top Picks from the Archive: Enterprise Risk Management Insights

Discover some of our most popular articles on enterprise risk management (ERM) essentials and best practices for banks and credit unions.

Key Risk Indicators for Banks, Credit Unions and Other Financial Institutions

Explore examples of key risk indicators, or KRIs, and why they’re important for financial services organizations looking to improve risk identification, address risks proactively, and enhance strategic decision-making.

ERM 101: What’s COSO, and Why Should I Care? 

COSO, the Committee of Sponsoring Organizations of the Treadway Commission, is one of the leading voices on enterprise risk management in the financial industry. Learn about the committee’s ERM framework, plus get an overview of COSO’s internal controls framework and what regulators have to say about it.

Risk Management 101: Risk Assessments for Financial Institutions 

Go back to the basics with this step-by-step guide to six stages of the risk assessment lifecycle: 1) establishing the context, 2) risk identification, 3) risk analysis and evaluation, 4) risk treatment, 5) monitoring and review, and 6) communication. This in-depth article also offers insights on applying the process to specific types of assessments, including: 

  • BSA/AML/OFAC risk assessments 
  • Data security risk assessments 
  • Compliance risk assessments 
  • Cyber risk assessments 

Bonus Resource of the Week  

On-Demand Webinar | Managing AI Risk: A Primer for Financial Institutions 

As artificial intelligence remains a hot topic across industries, get insights on what financial services professionals should know about AI, including use cases, regulator perspectives, and considerations for measuring AI risk and establishing internal controls. 

Looking for more? Browse Ncontracts’ lineup of live and on-demand webinars on a variety of risk and compliance topics. 

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