Widening Procurement's Scope Of Vendor Risk Management

PYMNTS

The dreaded data breach has organizations prioritizing third-party risk management in the procure-to-pay workflow. But when it comes to managing suppliers — and the potential threats they may present to the enterprise — the risks reach far beyond IT-related problems.

Silicon Valley Bank, Kantox Team On Currency Risk Management Tech

PYMNTS

Silicon Valley Bank (SVB) and British FinTech Kantox have expanded their partnership so the bank’s customers can avail themselves of Kantox’s automated currency risk management tools, the companies announced in a press release.

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Achilles, Orpheus Team On Supply Chain Cyber Risk Management

PYMNTS

Achilles Information , which works in supply chain risk and performance management, will work with Orpheus on cyber risk management, according to a press release. Via the partnership, the two companies will provide cyber risk assessments on suppliers.

A New Reality For Supplier Risk Management

PYMNTS

Supplier risk management is often a resource-intensive practice and rarely a target of technological investments. As a result, corporates will often let their vendor relationship management processes fall by the wayside. Unprecedented Risk.

Citi Fined $400M Over Faulty Risk Management Systems

PYMNTS

bank to fix the "significant ongoing deficiencies" in its risk management systems, The Wall Street Journal (WSJ) reported. In a consent order which Citi's board agreed to, the bank was chastised for failing in various areas of risk management and internal controls. According to WSJ, the bank failed at data management, regulatory reporting and capital planning. Regulation Citigroup News regulations risk management What's Hot

Walking the Tightrope of Service and Risk Management

SWBC's LenderHub

Risk Management Customer Service & LoyaltyMaintaining auto insurance coverage is what most would consider “old news.” For borrowers and lenders alike, it is a necessary investment that protects all invested parties from experiencing loss.

Crowe: Risk Management With RegTech As Strategy

PYMNTS

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. At the same time, risk and compliance professionals still are inundated with manual tasks. Taking on more risk?

Deloitte: Risk management looks to automation in 2021

BankInovation

This year, risk management will look inward. Automation is not new to risk management, but businesses will increasingly look to the technology to address pandemic-spurred risk and security issues, said J.H.

Fusion Pulls Suppliers Into Its Corporate Risk Management Software

PYMNTS

Fusion Risk Management is expanding its corporate risk management software offering by integrating new functionality into the tool, the company said in a press release on Monday (Sept. The updates include connectivity with third parties, allowing its Fusion Framework System users to engage with their suppliers and other third parties in supply chains to streamline the vendor risk assessment process.

Profile Software Unveils FX Risk Management Tool

PYMNTS

In an effort to provide complete management of foreign exchange risk, financial solutions provider Profile Software rolled out its Acumen net eFX offering. It can fully accommodate rapid business expansion and future needs for competitive Treasury management operations.”.

WePay On The Art Of Payments Risk Management

PYMNTS

Understanding risk, particularly its sources and how to most effectively manage it, is one of the most fundamentally important topics in payments for those who provide services and those who use them. It is also, according to WePay Co-Founder Rich Aberman and WePay VP of Product Risk, Compliance and Experience John Canfield , one of the most difficult topics to really get a handle on. That precipitates the need to have new ways of look at risk management.”.

Esker Adds More Visibility, Risk Management To Supplier Solution

PYMNTS

Esker , which specializes in artificial intelligence (AI)-driven process automation software, has launched a new supplier management solution in its procure-to-pay automation suite, which will help businesses manage and automate their supply chains, according to a press release.

Regulators Eye Fintech Partnerships Amid Risk Management Review

Banking Exchange

Announcement follows upsurge of fintech partnerships and industry demand for better alignment on guidance Compliance Risk Management Feature3 Feature Duties Compliance Management.

Wells Fargo Announces New Risk Management Hires And Strategy

PYMNTS

Kevin Reen and Bill Juliano, who recently worked for J.P.Morgan Chase and Santander Bank respectively, will now serve as Wells Fargo ‘s new corporate risk leaders, in the company’s attempt to have better oversight going forward.

AI in banking is all about risk management

Chris Skinner

It is the nature of finance that, at its core, is risk. Insurance is all about covering yourself for the risk of uncertainty. You don’t you’ll have a car accident but, just … The post AI in banking is all about risk management appeared first on Chris Skinner's blog. You don’t know if your house will be robbed but, just in case it is, you insure it.

VAR for Enterprise Risk Management

Banker to Banker

Two risk managers were discussing their fear of flying and crashing to their deaths in an airplane. One of the risk managers stated that he had a morbid fear of being on a plane that is blown up by an onboard bomb. The second risk manager asked how he handled this fear, to which the first risk manager replied - “Simple, I bring on board with me a bomb that I have control over, and of course I would never detonate it.” “How does that help?”

Argos Risk, Gatekeeper Partner For Risk Management Services

PYMNTS

Argos Risk , which monitors the financial health of other companies, has entered an agreement with software-as-a-service (SaaS) solution Gatekeeper , according to a press release. It generally allows businesses to keep their scorecards clean and do away with unnecessary risk.

Coupa Bolsters Controlled Spending, Risk Management Capabilities

PYMNTS

Coupa , which works in business spend management, is rolling out new capabilities to help with businesses’ spend visibility while lowering risk, through a cloud-based platform, according to a press release.

Nuts and Bolts of Risk Management Strategy

Accenture

In my previous post we looked at the importance of crafting the right digitally-enabled risk management approach—a forward-looking strategy that helps encompass the rapid pace of technology change. Managing Risk Featured Risk management bank risk management risk management strategy

Auto Dealers Face Gap Between Tight Risk Management And Comfy Customer Experience

PYMNTS

“Everyone’s at risk — and everyone’s a target.”. But a number of roadblocks to eliminating that trade-off exist internally — namely, a lack of coordination between fraud and risk teams and customer-facing teams.

XBRL News about trade reporting, legal identifies and risk management

Daily Fintech

The post XBRL News about trade reporting, legal identifies and risk management appeared first on Daily Fintech. Here is our pick of the 3 most important XBRL news stories from the last week.

Cyber Complications for Vendor Risk Management

Abrigo

Cybersecurity | 4 minute read Key Takeaways Third-party/vendor risk management is becoming increasingly challenging with more cloud-based providers. On top of initial vendor due diligence, there are ongoing, systematic approaches to managing third-party relationships. . In a marketplace where data is shared and distributed at record speeds, third-party or vendor risk management is a challenge for most businesses. Ongoing Vendor Management. Credit Risk.

Fintechs and Risk Management

Strategically Speaking

On the other side of the reward equation is risk inherent with third-party relationships. Fintech Partnership Community Banks Risk/FraudFintech providers play an important role in the financial services industry. Banks and credit unions rely heavily on fintechs to sustain compliant efficient operations, process payments and other data, protect information and deliver service to customers in a variety of ways.

Podcast: A Risk Manager Moves Into the Corner Office

ABA Community Banking

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.

Cyber Complications for Vendor Risk Management

Abrigo

In a marketplace where data is shared and distributed at record speeds, third-party or vendor risk management is a challenge for most businesses. This movement to the cloud requires a robust vendor due diligence process and rigorous ongoing third party management that includes a focus on cybersecurity controls. Ratings should be based on the risk they pose to the business. It is critical that banks stay current with regulatory expectations and potential risks.

ESG isn’t just PR — it’s the new frontier in risk management

American Banker

Climate change Corporate governance Risk management ESG

Information Security and Risk Management: Trends and Threats

Strategically Speaking

In this blog, I’ll dive into cybersecurity trends that present a significant potential risk and offer some practical advice to help you reduce the overall risk.

Banking Third Party Risk Management Requirements are a Big and Expensive Ask

Celent Banking

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. Unfortunately, there are few institutions that have successfully implemented strategic third party risk management programs.

Preventing Fraud in the Digital Age: Why Banks Need to Alter their Approach to Risk Management

Mobile Payments Today

There is no question that 2020 silenced any lingering doubts regarding the need for businesses interested in staying in business to embrace digital transformation

Combating inconsistency in risk management

Abrigo

When it comes to the risk management process, there is no one-size-fits-all approach. “It is as much an art as a science,” says Tim McPeak, risk management consultant at Sageworks. ” But these inconsistencies pose significant challenges to managing credit risk at financial institutions. • Applying regulatory guidance : Standards are often not applied consistently across the portfolio, e.g. risk rating score.

A Recipe for Risk Management

Banker to Banker

There is a trendy restaurant in New York City that temporarily changed its menu to serve food composed entirely of garbage. The idea was to highlight the amount of food that is wasted worldwide. Food waste happens for different reasons in different places – in developing countries, difficulty with storage and refrigeration are the problem. In developed countries, aesthetic standards are the primary culprit, and changing this perception was the goal of the experiment

Citi using Revlon snafu to fix risk management

American Banker

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

Quantum computing finds a home in risk management

Insights on Business

But what has this got to do with risk management I hear you ask? It requires calculating sensitivities of the non-cleared trades to a large set of market risk factors on a daily basis. Unfortunately, risk follows the second law of thermodynamics – it either stays the same or increases! AI Banking Cloud Featured Carousel Featured Homepage FinTech IBM RegTech Innovations compliance Moore's Law quantum computing regtech risk risk management

Registration deadline approaching - Risk management summit 2017

Abrigo

The 2017 Risk Management Summit presented by Sageworks is set for September 25-27th in Denver, CO. The Summit is the industry’s leading life-of-loan conference, spanning business development through portfolio risk management in a CECL - current expected credit loss - world. In September 2016, more than 240 bankers and industry experts from both community banks and credit unions attended the Risk Management Summit in Austin, Texas.

Registration deadline approaching - Risk management summit 2017

Abrigo

The 2017 Risk Management Summit presented by Sageworks is set for September 25-27th in Denver, CO. The Summit is the industry’s leading life-of-loan conference, spanning loan origination through portfolio risk management in a CECL - current expected credit loss - world. In September 2016, more than 240 bankers and industry experts from both community banks and credit unions attended the Risk Management Summit in Austin, Texas.