By now you’ve probably heard that the federal agencies have finalized the Interagency Guidance on Third-Party Relationships: Risk Management. It replaces existing guidance and aligns vendor management requirements among the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. Here’s
Compliance management is a never-ending job. As soon as one regulation is implemented or training or testing is completed, another one immediately takes its place. It can be overwhelming, but there are ways to lighten your compliance management workload while still staying compliant and on task. Here are four tips.
JPMorgan Chase Bank is on the hook for a $250 million civil money penalty after the Office of the Comptroller of the Currency (OCC) found the bank failed to maintain [https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-159.html] adequate internal controls and internal audit over its fiduciary business—an
Earlier this year the Office of the Comptroller of the Currency hit Morgan Stanley with a $60 million civil money penalty for faulty vendor management practices that potentially exposed sensitive customer data. The bank also faces seven class-action lawsuits accusing it of negligence. What went wrong and how do you