Fed, FDIC, OCC update guidance on third-party risk management
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
Compliance Fintech Management Risk Management 
Regulators Eye Fintech Partnerships Amid Risk Management Review
Banking Exchange
JULY 21, 2021
Announcement follows upsurge of fintech partnerships and industry demand for better alignment on guidance Compliance Risk Management Feature3 Feature Duties Compliance Management.
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Trending Sources
Crowe: Risk Management With RegTech As Strategy
PYMNTS
JUNE 25, 2018
Marry tech and talent, then risk management can pay dividends, notes an upcoming PYMNTS webinar. Not only is regulatory oversight on the rise, but social media has emerged as a strong watchdog, too, keeping financial institutions (FIs) mindful of unchartered territory, where risks to reputation and revenues abound.
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Podcast: A Risk Manager Moves Into the Corner Office
ABA Community Banking
DECEMBER 4, 2019
As one of the country's generation of young bank CEOs, and one whose professional background is in risk management and regulatory compliance, Clayton Legear shares his unique outlook in the latest episode of the ABA Banking Journal Podcast.
Hyperproof, An Enterprise Governance, Compliance, And Risk Management Technology Provider, Raises $16.5M In Series A Funding
CB Insights
OCTOBER 29, 2021
Hyperproof , an enterprise governance, compliance, and risk management technology provider, has raised $16.5M Seattle-based Hyperproof provides compliance solutions for continuous risk management across key industries, such as security tech, enterprise software, fintech, healthcare tech, and data communications.
Federal banking agencies issued proposed guidance on risk management for third-party relationships
CFPB Monitor
JULY 15, 2021
The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial technology-focused entities such as bank/fintech sponsorship arrangements. Due diligence and third-party selection. Contract negotiation.
The top lending & credit risk blogs of the year
Abrigo
DECEMBER 22, 2023
Takeaway 2 The top lending and credit blog posts focused on the benefits of banking technology, interest rate management, and developing risk ratings. They’ve also focused on managing interest rate risk in a rising rate environment. You might also like this resource, Abrigo's "2022 Loan Review Benchmark Survey Results."
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OCC keeps focus on bank/fintech partnerships
CFPB Monitor
SEPTEMBER 8, 2022
Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern. Mr. Hsu also raised concerns about unknown risks or “nasty surprises” arising out of bank-fintech arrangements.
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IBM again a Leader in Gartner Magic Quadrant for Integrated Risk Management
Insights on Business
JULY 20, 2018
When IBM acquired OpenPages in 2010, it was widely recognized as a pioneer and market leader in governance, risk and compliance software. Since the acquisition in 2010, IBM has continued to drive innovation and leadership in risk and compliance and industry leaders have taken note. IBM RegTech Innovations.
How AI is redefining financial risk management
Bobsguide
SEPTEMBER 29, 2017
The financial industry continues to shift at a fast pace, impacted by disruptive fintech and regtech, as well as new complex global regulations and a diversified challenging business environment. As a result the costs associated with complying with financial compliance and risk mitigation are.
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Marketplace Lenders Navigate The Choppy Waters Of Compliance
PYMNTS
SEPTEMBER 25, 2019
An explosion of FinTechs looking to fill the gaps left across under-banked and under-financed populations, including, in many markets, small businesses, has watchdogs exploring how to promote financial inclusion and access to capital while maintaining borrower protection. In the U.S.,
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Banking Third Party Risk Management Requirements are a Big and Expensive Ask
Celent Banking
DECEMBER 13, 2016
But the slew of banking regulatory requirements for third party risk management is proving to be complex, all-consuming and expensive for both institutions and the third parties involved. In a nutshell, institutions are liable for risk events of their third and extended parties and ecosystems.
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Stearns Bank and Sardine's operating system augment fintech compliance
The Paypers
MAY 19, 2023
US-based Stearns Bank has partnered with risk management solutions provider Sardine to augment the former’s fintech programme and address regulatory and compliance requirements.
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How to Establish Quality Fintech Partnerships
Abrigo
DECEMBER 17, 2021
Components of an effective fintech partnership If leveraging new technology is a priority for your FI, ensure these three elements are present for an effective fintech partnership. . Takeaway 2 When evaluating a fintech partnership, ask how the vendor will help with integration, training, and ongoing success.
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195 A new era of technology enabled financial risk management: Advanced analytics and aggregation
Insights on Business
JULY 30, 2019
The offering is built on the IBM Workspace Analyzer platform, an in-memory platform that aggregates and manages data across multiple sources in real-time. Organizations that wait to adapt to these capabilities however may find themselves lagging in competitive capabilities and regulatory compliance. Waiting will not work.
Celent Model Bank Awards: Fraud, Risk Management, Process Automation and Flub-Free
Celent Banking
MARCH 4, 2017
It is my privilege to be part of the judging panel for Celent Model Bank Awards for 2017 for the following three categories: Fraud Management and Cybersecurity – for the most creative and effective approach to fraud management or cybersecurity.
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Fintech Deals to Watch: Fall Festivities
Gonzobanker
SEPTEMBER 21, 2023
Treasury management provider Dragonfly Financial Technologies launched independently from an ACI Worldwide sale. Alkami partnered with Clinc for conversational AI, Atomic for direct deposit switching and FINBOA for payment dispute management. Personal loan and credit card provider Avant secured funding from Ares Management Corporation.
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Take a risk-based approach to compliance management
Insights on Business
MARCH 15, 2019
Senior executives at financial services institutions have expressed the need for a stronger link between compliance and risk as stories of improper conduct and regulatory requirements for AML, sanctions, customer fairness, data protection and privacy continue to dominate the business headlines. Mr. Patrick M.
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Quantum computing finds a home in risk management
Insights on Business
JANUARY 8, 2019
But what has this got to do with risk management I hear you ask? The more complicated technical term is superposition, but let’s not worry about it at this stage. IBM 50Q: An IBM cryostat wired for a 50 qubit system. Quantum computing is real, even if still in the infancy stage.
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Maintaining Compliance In A Market Of Bank-FinTech Tie-Ups
PYMNTS
JULY 5, 2018
The vast majority of traditional financial institutions (FIs) plan to increase their collaborative efforts with the FinTech world, according to a PwC report published last year. The two-sided benefits of a bank-FinTech collaboration are certainly beneficial to FinTech firms like additiv.
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How Banks Can Guide FinTechs Through Their First Economic Downturn
PYMNTS
MAY 22, 2020
From competitors to collaborators, the FinTech boom introduced a field of opportunity for traditional financial institutions to team up with an industry newcomer to become more agile and modern with their own product offerings. On the other hand,” he added, “the pandemic doesn’t just spare FinTechs. Financing Burdens.
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261 Why Banks Need FinTech To Address Their Own Complicated Treasuries
PYMNTS
SEPTEMBER 29, 2017
Banks are finding it more difficult than ever to ignore potential FinTech partnerships that could better serve their corporate customers. When it comes to corporate treasury, business clients demand robust solutions and services from their banks, and FinTech players are stepping in to help. Managing Risk.
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Four Surprising Trends Sighted by Compliance Management System Experts
ABA Community Banking
JANUARY 7, 2019
Continuity recently shared its perspective on surprises in 2018 and what lies in store for 2019 Financial Research Feature Financial Trends Compliance Risk Management Compliance Management Operational Risk Compliance/Regulatory Consumer Compliance Mortgage Compliance Feature3 Fintech.
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BaaS Banks Are in Time Out, and Here’s Why It’s a Big Deal
Gonzobanker
JUNE 14, 2023
To realize the rewards of the BaaS industry, banks and fintechs are going to have to learn to play by some non-negotiable rules – together. It has more than 80 fintech partnerships including Coinbase, Upgrade, Affirm, Best Egg, Divvy, Rocket Loans and Stripe. But fear not, compliance-conscious compadres. If only it were so easy.
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OCC issues guidance on managing risks of buy now/pay later
American Banker
DECEMBER 6, 2023
The OCC advises banks to implement robust risk management strategies for BNPL lending, emphasizing transparent loan terms, fraud mitigation and compliance with consumer protection laws.
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36 Re-think risk and compliance at IBM RegTech Europe
Insights on Business
JANUARY 22, 2018
As we enter a new year, uncertainty in the risk and compliance landscape is as evident as ever. To proactively respond to this uncertainty, financial institutions assume that the only way for their organization’s to reduce risk and improve compliance is to spend more. A networking reception will follow afterwards.
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In Bank/FinTech Linkups, Eyeing Risk To Reap Rewards
PYMNTS
JULY 19, 2018
It’s no secret that banks and FinTechs are collaborating at a rate faster than ever before. The need is there for a comprehensive approach for risk management, which in turn means that both FinTechs and FIs need a strong, consistent strategy and roadmap from the very start of collaborations.
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107 AML Compliance Controls Can Be Costly
PYMNTS
OCTOBER 16, 2019
The latest Digital Banking Tracker brings research and expert commentary from the FinTech and consumer banking space with a focus on anti-money laundering (AML) and solutions. The Cost of Compliance.
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123 CTO headache: choosing the right fintech solutions
Bobsguide
JULY 10, 2018
From risk management to trading to treasury and compliance, few financial firms don’t find themselves reliant on the expertise of the fintech community. Over the past few years, financial market participants have come to rely more and more on third party tech vendors for a list of reasons.
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Today In Payments Around The World: Visa Debuts Europe FinTech Partnership Program; Payments Canada Teams With Mastercard’s Vocalink
PYMNTS
NOVEMBER 12, 2020
Visa Unveils FinTech Partnership Program In Europe. FinTech Partner Connect will “support new ways for businesses and consumers to seamlessly and securely pay, get paid, send money and more,” according to a representative for the company in an email announcing the effort. Plus, Railsbank has closed a $37 million funding deal.
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Survey shows that tools with strong user experience are key to better risk management across the enterprise
Insights on Business
JULY 17, 2019
Today, risk-awareness and risk averse behavior is the responsibility of everyone in the firm, so staff need to be able to engage in the common goal of regulatory compliance. Continued change can create lag in the organization between existing compliance capabilities and latest regulatory demands.
Geolocation Puts A Pin In Anti-Fraud Solutions
PYMNTS
DECEMBER 29, 2020
With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. Certainly, the use and availability of cryptocurrencies is another emerging area that is contending with its own unique set of compliance issues, but it is also one Wingert said appears to be closing gaps in regulation.
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Federal banking agencies issue guide for community banks on conducting due diligence on fintech companies
CFPB Monitor
AUGUST 31, 2021
The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Legal and regulatory compliance. Risk management policies, processes, and controls.
Fostering FinTech-FI Trust With Data-Driven Security
PYMNTS
JUNE 5, 2020
Open banking provides opportunities such as upgraded customer convenience and customized financial solutions that can help consumers access bank account details, send payments, manage their budgets and more. We need to manage risk appropriately, but open banking is a good thing,” Davies said. Why AML Checks Are Never Over.
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OCC calls for “responsible innovation” amid fintech wave
Abrigo
APRIL 19, 2016
In the paper, the OCC defined responsible innovation as: The use of new or improved financial products, services, and processes to meet the evolving needs of consumers, businesses, and communities in a manner that is consistent with sound risk management and is aligned with the bank’s overall business strategy.
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The Data Differentiator In Compliance
PYMNTS
APRIL 18, 2017
Banks and financial institutions spend billions of dollars to ensure they are meeting compliance requirements and properly managing risks. In fact, Brett Smiley, general manager of Americas for ComplyAdvantage , shared that only 3 to 5 percent of money laundering that happens around the world actually gets identified.
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IBM OpenPages with Watson named one of 2019 Gartner Peer Insights Customers’ Choice
Insights on Business
OCTOBER 23, 2019
IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We have been named as a Leader in the 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions as well as a Leader in the 2019 Gartner Magic Quadrant for IT Risk Management.**.
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Hong Kong Relaxes Rules In Effort To Boost FinTech Lending
PYMNTS
SEPTEMBER 4, 2019
The Hong Kong Monetary Authority has, as finews.asia reported this past week, amended its credit risk management guidelines in a way that seeks to boost the embrace of analytics when lending to smaller firms. The solution ensures compliance with the second payment services directive (PSD2).
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Elliptic Raises $60M To Enhance Its Blockchain Analytics And Enterprise-Grade Compliance And Transaction Monitoring Tools
CB Insights
OCTOBER 13, 2021
UK-based Elliptic captures the blockchain sector’s analytical data to provide anti-money laundering and risk resiliency services to fintech firms, government agencies, and cryptocurrency organizations. The company has over 100 customers across 29 countries, including Paysafe, Silvergate, Genesis, Coingate, and Uphold.
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Recap of Money 20/20 USA 2023 and 10 Banking Thoughts
South State Correspondent
OCTOBER 26, 2023
As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon.
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Expert Comments on the Importance of Mobile Payments Applications, and Also the Cyberrisk
Banking Exchange
MARCH 13, 2020
Not only are mobile payments more efficient, a cashless society can be healthier The Economy Technology Risk Management Tech Management Mobile Online Security Cyberfraud/ID Theft Consumer Compliance Feature3 Fintech Feature Payments.
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New York Based Modern Bank’s Unique Approach in helping businesses through the Covid-19 crisis
Banking Exchange
APRIL 13, 2020
Banks will need to process approximately 50 times their normal annual volume in the next 30-60 days under the Paycheck Protection Program Retail Banking Risk Management Compliance Fair Lending Feature3 Fintech Feature Outsourcing/Cloud.
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Opportunities in Partnership: Community Banks Can Benefit from Today’s FinTechs
Independent Banker
DECEMBER 1, 2021
Over the next 3-5 years, 82% of financial institutions expect to increase their partnerships with FinTechs, with an average return on investment of 20%. Benefits of FinTech partnerships. How to choose the right FinTech partner. These characteristics are key when vetting potential FinTech partners.
Banks Urge Vigilance Amid Rise in Pandemic Scam Emails
Banking Exchange
APRIL 8, 2020
Fraudsters are posing as health officials or charity workers in order to cheat people into handing over money Risk Management Technology Customers People Mobile Online Cards Security Operational Risk Cyberfraud/ID Theft Compliance/Regulatory Feature3 Fintech Feature Financial Trends.
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