Risk & Compliance Roundup: Section 1071 Update, Compliance Risk Explained
- February 7, 2025
- Quantivate
Welcome to your weekly roundup of risk and compliance management resources, brought to you by Ncontracts.
This edition covers topics including:
New from the Nsight Blog
1071 Update – February 2025
Get the latest updates on Section 1071, including its litigation status and implementation deadlines affecting small business lenders. We break down recent developments, what they mean for your institution, and how Ncontracts is helping lenders stay compliant.
What Is Compliance Risk?
Compliance risk management is more than just a regulatory concern — it’s a critical factor in protecting your financial institution from fines, lawsuits, and reputational damage. With evolving regulations and increasing scrutiny, staying ahead requires a proactive approach. In this guide to the fundamentals, you’ll learn what compliance risk is, common pitfalls financial institutions face, and how strong leadership and smart strategies can turn compliance into a competitive advantage.
Top Picks from the Archive: GRC Essentials
Get back to the basics with these guides to core concepts for enhancing your governance, risk, and compliance management programs.
What is Dynamic Risk Management and How Does It Work?
Risk management is no longer a set-it-and-forget-it process. With regulatory landscapes shifting and new threats emerging, financial institutions need a smarter, more adaptive approach. Dynamic risk management (DRM) helps you stay ahead by continuously assessing risks in real time — ensuring your institution remains resilient, compliant, and prepared for whatever comes next. In this post, you’ll explore the key differences between static and dynamic risk management, the benefits of DRM, and how technology can support a more proactive strategy.
What is Regulatory Compliance for Banks?
A strong compliance framework protects both your bank and its customers, while non-compliance can result in hefty fines, reputational damage, and operational disruptions. This introduction breaks down the key components of regulatory compliance, explores its benefits, and outlines best practices to help your bank stay ahead of regulatory changes.
What is Enterprise Change Management and How Does It Work?
Change is inevitable in the financial services industry, but managing it effectively can mean the difference between success and disruption. Enterprise change management (ECM) helps financial institutions navigate major shifts — whether significant regulatory changes, new products and services, or strategic pivots — by providing a structured, organization-wide approach. Learn what qualifies as a significant change, how ECM works, and why regulators are paying close attention.