Compliance Management - Vizo Financial Blog

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Compliance Management

A collection of 15 posts

Planning with Purpose: 10 Tips to Develop Your Year-Long Security and Compliance Training Program

Risk Management

Planning with Purpose: 10 Tips to Develop Your Year-Long Security and Compliance Training Program

Our team at KnowBe4 recently got together to talk about planning for annual security and compliance training. You might be thinking, “Aren’t you a little late in planning for the year? It’s March already...” We are actually talking about 2025. Not everyone trains millions of learners all around

Marijuana Banking: Don't Get Caught in the Weeds

Risk Management

Marijuana Banking: Don't Get Caught in the Weeds

Ah, cannabis. On one hand, it’s a source of relief for many people. On the other, it’s a sore subject, rife with negative ideology and uncertainty. It’s like a dandelion…a pop of color that has the appearance of a flower but is, nonetheless, a weed. Ironic,

5 Ways to Take the Uncertainty Out of Compliance Audits

Risk Management

5 Ways to Take the Uncertainty Out of Compliance Audits

They say that death and taxes are the only certainties in life. But in the credit union world, there’s a third certainty – the annual compliance audit. Whether that has the same dreaded connotation as death and taxes is subjective, but it’s probably safe to say that it’s

Regulatory Rundown: New Vendor Management Guidance

Risk Management

Regulatory Rundown: New Vendor Management Guidance

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

Why Check Fraud Isn’t Going to Magically Disappear Any Time Soon

Risk Management

Why Check Fraud Isn’t Going to Magically Disappear Any Time Soon

You know what fraudsters and magicians have in common? The element of distraction, a masterful grasp on the sleight of hand and a penchant for trickery. The difference? One simply wants to entertain the masses while the other seeks to deceive for personal gain. In this age of multiple payment

File or No File: When Does Unusual Become Suspicious?

Risk Management

File or No File: When Does Unusual Become Suspicious?

Member activity can quickly move from something they haven’t done before to something you need to report. It’s important that everyone in your organization knows what to look for and how to escalate concerns. Determining when to file a Suspicious Activity Report (SAR) can vary by institution, but

To Ask or Not to Ask: That is the Compliance Question

Risk Management

To Ask or Not to Ask: That is the Compliance Question

Thanks to Sir William Shakespeare, the long-pondered question, “to be or not to be” has been applied to many situations. When you’re tired but busy, you might ask yourself, “to sleep or not to sleep.” When you want to make an expensive purchase, you may think, “to buy or

Ask a Risk Manager: How Can Risk Management & Compliance Work Together

Risk Management

Ask a Risk Manager: How Can Risk Management & Compliance Work Together

How can risk management and compliance work together as partners at a financial institution? There’s no one better to ask than someone who has worn both of those hats. Enter Denise Guira, senior vice president of integrated risk at $5.2 billion MIDFLORIDA Credit Union in Lakeland, Florida. Denise

The Cost of Compliance in 2021

Risk Management

The Cost of Compliance in 2021

Compliance isn’t cheap—but how much is it really costing the financial services industry and financial institutions like yours? Nearly one-third (31.4%) of community banks expect to spend 5 percent or more on compliance than they did in 2020, according to the 2021 Community Bank CEO Outlook survey

How to Lighten Your Compliance Management Workload

Risk Management

How to Lighten Your Compliance Management Workload

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.

Building Up the Three Lines of Defense in Your CMS

Risk Management

Building Up the Three Lines of Defense in Your CMS

When it comes to compliance, there is a good reason for three lines of defense. They ensure that a bank’s lending compliance management system (CMS) is effectively guarding the bank against unnecessary risk. The First Line of Defense: Employees The first line of defense is the business. From the

What Happens When the Three Lines of Defense Fail: Inside JPMorgan’s $250 Million Fine

Risk Management

What Happens When the Three Lines of Defense Fail: Inside JPMorgan’s $250 Million Fine

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

Inside a Big Bank’s $60 Million Fine for Vendor Mismanagement

Risk Management

Inside a Big Bank’s $60 Million Fine for Vendor Mismanagement

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

6 Lessons Learned from a Bank’s $400 Million Mistake

Risk Management

6 Lessons Learned from a Bank’s $400 Million Mistake

What does it take to get a $400 million civil money penalty for data governance, risk management, and internal controls resulting in unsafe or unsound practices? That’s what everyone is asking since the Office of the Comptroller of the Currency hit Citibank with a $400 million civil money penalty

Third-Party Vendors & Compliance Risk: 10 High-Risk Compliance Situations & the Due Diligence Documentation Mistakes That Make Them Hard to Discover

Risk Management

Third-Party Vendors & Compliance Risk: 10 High-Risk Compliance Situations & the Due Diligence Documentation Mistakes That Make Them Hard to Discover

The only thing worse than getting in trouble for making a mistake is getting in trouble when somebody else makes a mistake. That’s the situation financial institutions face when a third-party vendor acting on behalf of the bank doesn’t comply with laws and regulations. Your bank may think