Risk ID Framework Practices The Banking industry develops and executes strategic plans in an uncertain and risky environment. The purpose of an enterprise risk management framework is to ensure that those risks and areas of uncertainty are identified, analyzed, and …
BSA – Critical vs Non-Critical Fields: What is the difference and how should they be handled? The FinCEN Suspicious Activity Report (SAR) and Currency Transaction Report (CTR) forms contain both critical fields and non-critical fields. Each field is just as …
CTR Currency Transaction Report FinCEN Michael McLaughlin SAR
ACH- Third Party Sender Registration On September 29, 2017 NACHA’s Third-Party Sender Registration Rule became effective. Financial Institutions must register with NACHA either to register their Third-Party Sender customers or to indicate that the institution does not have any Third-Party …
WHAT’S ALL THE CHATTER – REMA VS ASSESSMENT AREA? There was a time when all we needed to worry about for CRA (Community Reinvestment Act) compliance was defining the Bank’s Assessment Area – the geographic area by which the bank …
WHEN DO I HAVE AN APPLICATION? This is a frequently asked question in compliance circles and the answer is the elusive “It depends!” There are different definitions of “application” in various regulations depending on the context of the regulation. For …
ECOA Equal Credit Opportunity Act Evelyn I. Dehmey HMDA Regulation B
Two-Factor Authentication Two-Factor Authentication or 2FA, for short, is an underutilized security feature that could help protect massive breaches from occurring. For those of you who do not know 2FA is simply a stronger form of computer security than simply …
Authentication Information Technology Multi Factor Two-Factor Authentication
Could Your Sales Goals Be Responsible For Risky Behavior? Research by Duke professor Dan Ariely and his colleagues has shown that pay can substantially enhance a person’s performance – the higher the reward, the more productive. However, could this theory …
Third-party Risk: Managing Your Vendor Relationships Third-party risk continues to be a hot button issue for regulators. When your financial institution outsources activity to an outside vendor, it can introduce a number of risks. Vendor management, or third-party relationship management, …
Kay Scarselli Risk Management Third Party Risk Vendor Management
FOS Security Tip: Equifax Data Breach As you might have heard by now, Equifax has disclosed a massive data breach in which hackers gained access to some of its systems, compromising the personal information of about 143 million U.S. consumers. …
Protection Through Social Media Social media is becoming one of the most used tools to conduct background checks on potential employees. Social media sites like Facebook, Twitter, and Instagram are an effective way to gain insight when making a hiring …