Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.

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New York Compliance Regulation Analysis 221

Perficient

JULY 12, 2023

Perficient provides risk management to more than 500 financial services organizations, many of whom have multiple bank regulators. Until June 6 of this year, each of the federal bank regulators had provided the different organizations of that same firm with slightly different versions of their risk guidance. It’s the guidance.

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Management Risk Management Regulation Compliance 221

Banking Exchange

JANUARY 16, 2023

Chief risk officers say they are seeing cybersecurity risks everywhere, new survey shows Risk Management Feature3 Feature Cyberfraud/ID Theft Compliance/Regulatory Operational Risk Security

Risk Management 139

Risk Management Compliance Survey Security 139

South State Correspondent

JANUARY 4, 2023

A potential economic slowdown, slower rate rises, an inverted yield curve, and deposit stress likely make 2023 a trying year compared to 2022. In the past, you have seen us rank customer relevance and total experience as a top priority for banks – not in 2023. Financial pressure will be greater, and bank margins will be higher.

Community Bank 195

Community Bank Capital Training Lending 195

South State Correspondent

OCTOBER 26, 2023

The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon. Generative AI: Traditional AI was ever-present in touted solutions regarding fraud, risk management, and the customer experience.

Conference 221

Conference Las Vegas Fraud Case Study 221

FICO

NOVEMBER 21, 2022

FICO Ranks Top 5 in the 2023 Chartis RiskTech100® Report. FICO awarded first place in six categories on risk and compliance technology in the 2023 Chartis RiskTech100 ® Report, including Innovation for the sixth year in a row. asokolowski. Fri, 06/03/2022 - 12:24. by Darryl Knopp. expand_less Back To Top.

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Report Risk Management Compliance Analytics 52

Perficient

JANUARY 3, 2024

Additionally, these branches underwent annual on-site inspections to ensure compliance with regulations. This shift also led to technological advancements enabling firms to closely monitor broker activity to ensure full compliance at all times. Reduction in inspection frequency from annually to every three years.

Compliance 221

Compliance Risk Management Regulation Industry 221

Banking Exchange

JANUARY 6, 2023

Regulators have started 2023 with warnings surrounding investment in crypto for banks Risk Management Feature Feature3 Blockchain Bitcoin Cryptocurrency Digital Compliance Compliance/Regulatory.

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Regulation Risk Management Compliance Bitcoin 78

Perficient

NOVEMBER 27, 2023

According to The Forrester Wave : Process Intelligence Software, Q3 2023 report , “Customer-obsessed companies are adapting how they work internally to deliver shorter turnaround times at higher quality and/or lower cost. Build a reliable risk management strategy using accurate estimations and predictions.

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Industry Regulation Compliance Data 221

Perficient

NOVEMBER 10, 2023

This being the first blog post in a series of blogs by Perficient’s Financial Services Risk Management and Regulatory Capabilities Center of Excellence (CoE), we will be investigating the deposit structures of non-client banks over time. In the first quarter of 2023, these balances plunged over 40% due to reported U.S.

Risk Management 221

Risk Management United States FDIC Compliance 221

BankInovation

JANUARY 18, 2024

Discover Financial Services invested in its integrated digital banking model, risk management, analytics and compliance initiatives in 2023 and expects to continue those efforts this year.

Digital Banking 66

Digital Banking Analytics Risk Management Compliance 66

American Banker

MARCH 22, 2024

The FDIC Office of Inspector General attributed the downfall of Citizens Bank in November 2023 to lax lending practices and risk mismanagement by the Lange family, causing a $14.8 million loss to the regulator's Deposit Insurance Fund. The OIG saw no grounds for a more extensive review.

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FDIC Risk Management Iowa Lending 41

PYMNTS

OCTOBER 16, 2019

The Cost of Compliance. Scandal and fraud tarnishing banks’ reputations aside, the impact that AML compliance controls have had on these banks’ bottom lines can’t be underestimated. And yet, per that same study, 30 percent rate at least one of their AML components as being either “not at all” or only “somewhat” effective.

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Compliance Fraud Study Digital Banking 123

Abrigo

AUGUST 7, 2023

Applying model risk management to CECL What's involved in CECL model validation? Learn what banks, credit unions, and others subject to CECL accounting can expect from this risk management process. Model validation is a crucial aspect of model risk management.

Risk Management 195

Risk Management Handbook Analysis Management 195

Alex Jimenez

NOVEMBER 4, 2023

Regulation and Compliance: Not one of the more exciting topics, but there seems to be a growing emphasis on FinTech regulation and compliance, particularly around industry stability and consumer protection. A version of this post was published on LinkedIn, November 1, 2023. The application of AI was highlighted many times.

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Conference Meeting Trends Fintech 84

Perficient

JANUARY 30, 2024

Every voice within our organization holds significance, none more so than Carolyn Lee , a Project Manager (PM) in our Financial Services business unit and a leader in Perficient’s Risk and Regulatory Center of Excellence (CoE). Perficient promises to challenge, champion , and celebrate our people.

Innovation 221

Innovation Risk Management Meeting Management 221

Abrigo

JANUARY 24, 2024

FDIC list The state of acquisitions in a rising rate environment According to the FDIC, there were 44 banks on the problem bank list in the third quarter of 2023, and the agency expects that number to continue to climb in 2024. Watch this webinar, "Understanding audit and regulatory expectations for CECL."

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FDIC Regulation Strategy Data 195

Perficient

NOVEMBER 17, 2023

In our previous article, “ Transaction Accounts: Analyzing Deposit Stickiness in the Current Interest Rate Environment ,” Perficient’s Financial Services Risk Management and Regulatory Capabilities Center of Excellence (CoE) explored the sharp decline in transaction account balances over an 18-month period.

Retail 221

Retail FDIC Risk Management Management 221

FICO

JUNE 27, 2023

As a consequence of these increases in transactions and spend, the average active credit card balance for both March and April 2023, is 8.2 percent compared to February 2023; the percentage of accounts missing one credit card payment was up 22.8 How to Turn UK’s Consumer Duty Compliance to Your Advantage

Cards 52

Cards Trends Management Data 52

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act. But fear not, compliance-conscious compadres.

Compliance 109

Compliance FDIC Strategy Fintech 109

FICO

DECEMBER 20, 2022

5 Ways Digital Payments Will Change FIs and Fraud in 2023. Vice President, Product Management. As I look back on 2022, I’m reluctant to lean too far into predictions for 2023. But I’ll still weigh in with prognostications for 2023. FICO Admin. Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top.

Fraud 52

Fraud Payments South Carolina Compliance 52

Abrigo

DECEMBER 19, 2022

Given the demands of day-to-day duties, however, it can be challenging for BSA officers and other financial crime compliance staff to find time for training and education on fraud and money laundering. A strong culture of compliance should be reflected in MA& plans, and critical areas should be considered.

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Resources Training Fraud Compliance 195

Abrigo

FEBRUARY 14, 2023

Data collection requirements The CFPB 1071 rule is a top compliance concern According to a recent survey , financial institution executives’ top regulatory compliance concern is the final rule from the Consumer Financial Protection Bureau (CFPB) on data collection for small business loan applications.

Data 195

Data Lending Compliance Resources 195

FICO

AUGUST 3, 2022

Fraud Ideas from FICO World 2022 – and Excitement for 2023! FICO World 2022 was an excellent event with a stellar fraud protection and compliance track - here's some of what we learned. Convergence – Beyond Fraud and Financial Crime Compliance. Find out more and register to attend FICO World 2023. by TJ Horan.

Fraud 52

Fraud Analytics Trends Innovation 52

Abrigo

SEPTEMBER 7, 2023

However, AML system optimization , or parameter tuning, is critical for monitoring to be risk-based and the most effective for your FI’s market, products, and customer or member base. A robust model validation program to independently review these settings should be part of the compliance program and your institution’s model risk management.

Fraud 221

Fraud Training System Trends 221

Abrigo

JANUARY 27, 2020

From the Bank Secrecy Act and anti-money laundering (BSA/AML) compliance, cybersecurity, credit risk, the implementation of the new standard for current expected credit losses (CECL), consider these goals for your credit union in 2020. . Strengthen credit risk by improving underwriting. Hood in a press release.

Risk Management 195

Risk Management Regulation Management Report 195

Abrigo

NOVEMBER 17, 2023

billion to fraud in 2022, a 44% increase over the prior year and a trend that has continued into 2023. As overseers tighten the leash with stringent regulations aimed at protecting consumers, the cost of compliance grows. This is the first-time fraud has been addressed at a high level as part of AML compliance, but it makes sense.

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Fraud Training Trends Compliance 195

Abrigo

MARCH 24, 2023

Step two Identify inherent risk vs. residual risk Inherent risk is any activity or factor posed to the credit union, notwithstanding applying any management or risk mitigation tools. This example is a situation with a "high" inherent risk and "strong" mitigating controls.

Fraud 195

Fraud Compliance Examples Analysis 195

Abrigo

DECEMBER 29, 2023

You might also like this webinar, "Unraveling risk rating: Making sense of your best early warning tool." Watch NOW Takeaway 1 Abrigo's experts produced many pieces on lending and credit risk to provide strategies and tools to help banking professionals. Papers, checklists What were lending and credit risk pros reading?

Resources 221

Resources Lending Risk Management Policies 221

Abrigo

AUGUST 19, 2019

The Massachusetts mutual bank has until 2023 to comply with CECL, considered the biggest change to bank accounting in the industry’s history, after FASB recently agreed to extend the deadline for smaller public and all privately held financial institutions. I think we’re on track for probably 2022, maybe late 2021.”

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Maine Data Massachusetts System 150

FICO

JUNE 1, 2023

Thu, 06/01/2023 - 09:03 Saxon Shirley by TJ Horan Vice President, Product Management expand_less Back to top Thu, 06/01/2023 - 09:00 Up until just a few years ago, artificial intelligence (AI) was something you mainly heard about in movies like 2001: A Space Odyssey , Terminator and Chappie. TJ holds a B.S.

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Training Fraud Customer Experience South Carolina 59

American Banker

FEBRUARY 20, 2024

It won't be easy, but implementing a common-sense overhaul of how we measure banks' liquidity would help avoid the kind of crisis we experienced in 2023.

Risk Management 31

Risk Management Policies Compliance Management 31

Perficient

JANUARY 16, 2024

This blog, the first in a series by Perficient’s Risk and Regulatory Center of Excellence (CoE), provides actionable measures your company can adopt to safeguard against senior-level embezzlement risks and maintain the integrity of your institution’s financial transactions.

Compliance 221

Compliance Guidelines Policies Risk Management 221

American Banker

JUNE 5, 2023

If history is any guide, periods of disruption in the industry are followed by regulatory resets, which in turn force banks to compete for the talent needed to meet new compliance demands.

Management 69

Management Compliance Meeting Industry 69

Abrigo

SEPTEMBER 22, 2021

CECL disclosure requirements for 2023 filers and others New disclosures are required under CECL in some cases. New Disclosures under CECL New disclosures under CECL, the current expected credit loss model , might not be the top concern of financial institutions shifting to the updated accounting standard in 2023. Get best practices.

Security 195

Security Examples National Report 195

Perficient

APRIL 18, 2024

CFPB Regulation Advances Open Banking The Consumer Financial Protection Bureau (CFPB) has proposed Rule 1033 to implement open banking, requiring “…depository and non-depository entities to make available to consumers and authorized third parties certain data related to consumers’ transactions and accounts; establish obligations for third (..)

Cards 221

Cards Regulation Data Apple 221

Abrigo

DECEMBER 22, 2023

The most-read portfolio risk blogs in 2023 Probability of default, CECL model validation, and stress testing were among Abrigo's top blogs on ALM, CECL, and portfolio risk this year. You might also like this webinar, "Unraveling risk rating: Making sense of your best early warning tool."

Risk Management 221

Risk Management Regulation Management Lending 221