Bradley Strock

Recent examiner focus and formal regulatory actions have made it essential for financial institutions to align their practices with the FFIEC Authentication Guidance update from 2021. Focusing on these areas serves as a blueprint for FIs striving to meet regulatory expectations and secure their operations: - Identity access management; - Monitoring and logging; - Independent verification; - Inventory management; and - Specific software access reporting. Read our blog to learn more: https://lnkd.in/djf-HUu3

1

To help banks and credit unions decrease the number of non-performing loans while increasing customer or member satisfaction for the products they recommend, Fortimize built a 'Data Cloud Quick Start' for credit score recommendations! By analyzing average credit scores and unifying that data within Salesforce Data Cloud, employees can view a customer or member’s history and anticipate future needs. Einstein 'Next Best Action' enables sales, marketing, and service teams to deliver highly personalized recommendations for lines of credit. By generating intelligent insights and identifying trends, employees can make data-informed decisions about which products to offer customers, ensuring optimal support for their financial well-being. 🏦 💳 Learn more how banks and credit unions benefit from our Data Cloud Quick Start: https://lnkd.in/g6An_Qki #Salesforce #DataCloud #Fortimize #Banking #CreditUnions #CreditScores

17

Just because you’re aligned with regulatory expectations, does that mean you’ve managed risk? Banks and credit unions are in the business of taking risk—and managing risk effectively is critical to an institution’s safety and sustainability. Banking is also a highly regulated industry, and regulation is important; it provides a framework for alignment to legal obligations, industry standards, and prescribed risk methodologies/techniques (like capital adequacy, liquidity reserves, stress testing, and interest rate risk). However (consciously or not), many banks and credit unions dedicate considerable resources to risk measurement and reporting primarily (or even solely) to satisfy regulatory expectations and/or follow prescribed regulatory methods—and they stop there. Regulators themselves often say prescribed methods are minimum expectations, and don’t necessarily reflect the reality of an institution’s specific business. Clearly, without a thorough consideration of alternate approaches and scenarios, critical exposures can be missed. PRO consistently supports clients with their filing templates and measurement practices to meet regulatory expectations and requirements—but we go much further than that. We give our clients tools and insights built on decades of financial modelling and banking industry practitioner experience to effectively capture, actively manage and clearly defend their unique financial performance and risks. Learn more about PRO Financial Solutions here: https://lnkd.in/gQ5F5iHC

17

What is driving the demand for new fraud management and prevention tools? In our third Financial Crime and Compliance (FCC) video, experts Ritwik Rudra, Senior Analyst, and Dheeraj Maken, Practice Director, discuss the latest trends. https://okt.to/g4osTC #compliance #FCC #insights #fraud

4

New guidance from a trio of regulators designed to aid community banks in their management of third-party relationships is a welcome sign in the industry. Partner and U.S. Head of Community Banking, John Soffronoff tells Banking Dive the guidelines provide a good roadmap for community banks to evaluate their third-party relationships throughout their entire lifecycle. Click on the image below to learn more about what John has to say ⬇️ #Communitybanking #Risk #Financialservices

61

5 Comments

If you've been following along, you've caught timely intel from our fraud and product specialist Gregory Lenihan on #RefundPhishing. Here's a new resource to share with your fraud team on this emerging fraud pattern. #paymentsfraud #phishing #fraudrisk

9

Don't forget to join Marsha Jones, President of the @TPPPA and the SFE today at 1:00 PM CT for a presentation on Third-Party Risk Management Requirements for Financial Institutions and Third-Party Payment Processors. Click on the link for more information. https://conta.cc/44DiXyv #paymentprocessors #payments #paymentprocessing #banks #financialinstitutions #thirdpartypaymentprocessing

5

DYK: Only 37% of rules in banks and credit unions are written in the highly effective Dynamic Model Builder? 🏦 Integrating more complex rule types and leveraging dynamic rules can enhance fraud detection for FI's, emphasizing the importance of strategic improvements in fraud detection methods. 👉 Explore our latest blog for actionable tips and strategies on dynamic fraud detection in financial institutions: https://lnkd.in/gzfEF-Sx #FraudFiles #FraudFighters #FraudPrevention

20

Cherry Bekaert’s Regulatory Compliance Digest showcases updates from FFIEC, FinCEN, CFPB, FDIC, federal bank regulatory agencies and more. Catch the most recent regulatory compliance news here: https://okt.to/Cx2aSG #RegulatoryCompliance #ComplianceUpdates #FinancialRegulations #RegulatoryUpdates

8

Board Governance Under Scrutiny: Explore the critical role of board oversight in managing compliance risks at BaaS banks. #BaaS #CCGCatalyst #BankingResearch Examining the Top Lapses in BaaS Banks’ Compliance: Tyler Brown https://lnkd.in/gBYK69HA

4

Dive into the latest episode of Nacha's "Payments SmartCast" where we discuss the state of bank account validation in the ACH space with Amy Morris, Senior Director, ACH Network Rules at Nacha, and our very own James Cook, VP of Product Management. Discover how advancements in validation services are enhancing fraud prevention and improving user experience. Listen now: https://hubs.la/Q02sGFdt0

8

Have you read our 2024 Trends report yet? According to Tedd Huff, fintech expert and host and producer of Fintech Confidential, it's chock full of "key insights on how to be vigilant and adaptive in this new world of fraud." Download your copy today. Many thanks for your input, Tedd! #saferecommerce #2024trends #payments

16

Tech: it's not just IT's responsibility anymore. Join ACFCS and WorkFusion on May 8 for a complimentary webinar exploring how banks, compliance pros, and IT can work across institutional silos to get the most from AI tools while better managing risk. You'll learn: 🔸 How to drive alignment between the business and technology sides of the house 🔸 Best practices and common pitfalls for integrating and deploying new tech 🔸 Why AI isn't just beneficial, but essential for the future of financial crime compliance Save your spot today: https://bit.ly/3UlFTyN

35

2 Comments

Tech: it's not just IT's responsibility anymore. Join ACFCS and WorkFusion on May 8 for a complimentary webinar exploring how banks, compliance pros, and IT can work across institutional silos to get the most from AI tools while better managing risk. You'll learn: 🔸 How to drive alignment between the business and technology sides of the house 🔸 Best practices and common pitfalls for integrating and deploying new tech 🔸 Why AI isn't just beneficial, but essential for the future of financial crime compliance Save your spot today: https://bit.ly/3UlFTyN

31

Tech: it's not just IT's responsibility anymore. Join ACFCS and WorkFusion on May 8 for a complimentary webinar exploring how banks, compliance pros, and IT can work across institutional silos to get the most from AI tools while better managing risk. You'll learn: 🔸 How to drive alignment between the business and technology sides of the house 🔸 Best practices and common pitfalls for integrating and deploying new tech 🔸 Why AI isn't just beneficial, but essential for the future of financial crime compliance Save your spot today: https://bit.ly/3UlFTyN

30

2 Comments

The Consumer Financial Protection Bureau has released the first part of its 1033 rule - How it will recognize standards setting organizations. I'll have more to say after I've digested this portion of the rule. For now, from the CFPB's press release: To be recognized by the CFPB, the standard setters must apply to the CFPB and display the following attributes: ◼ Openness: The CFPB will not recognize any standard-setting organization that is rigged in favor of any set of industry players. The process must be open to all interested parties, including public interest groups, app developers, and a broad range of financial firms with a stake in open banking. ◼ Transparency: Procedures must be transparent to participants and publicly available. ◼ Balanced decision-making: The decision-making power to set standards must be balanced across all interested parties, including consumer and other public interest groups. There must also be meaningful representation for large and small commercial entities. No single special interest can dominate the decision-making process. ◼ Consensus: Standards development must proceed by consensus, though not necessarily unanimity. Comments and objections must be considered using fair and impartial processes. ◼ Due process and appeals: The standard-setting body must use documented and publicly available policies and procedures, provide adequate notice of meetings, sufficient time to review drafts and prepare views and objections, access to views and objections of other participants, and a fair and impartial process for resolving conflicting views. An appeals process is also available for the impartial handling of procedural appeals. https://lnkd.in/evJJ9KpC

6

1 Comment

The CFPB is finalizing a rule that allows consumers and their representatives to access and share consumer data through secure interfaces. This will enable customers to control their data, and access and share it at no extra cost. We examine the challenges and risks, and offer best practices for implementation. https://lnkd.in/ewyCdTAk #PCBBBID #communityfinancialinstitution #DoddFrank #bankregulation

2