Risk Management

A collection of 65 posts

Risk Management

A Guide to 1071 Voluntary Reporting

One of the many complex aspects of the Consumer Financial Protection Bureau (CFPB)’s rule implementing section 1071 of the Dodd Frank Act is the option for voluntary reporting. What does this option look like for covered financial institutions? Why might a lender want to participate? What are the pros

Risk Management

Is There a New Pillar of BSA Compliance on The Horizon?

Back in 1970, Congress passed the Bank Secrecy Act (BSA), a law which required financial institutions to work with the government to eliminate money laundering and fraud. Now, over 50 years later, BSA has endured multiple rules and regulations changes, which have resulted in what is called the “five pillars”

Risk Management

Be Cyber Safe: 4 Tips to Secure Your Credit Union During Cybersecurity Awareness Month

Earlier this year, we learned that millions, if not billions, of people were impacted by the National Public Data breach that occurred in December of 2023. Through this data breach, personal information like social security numbers, addresses and phone numbers were exposed to bad actors. In July, Ticketmaster released information

Risk Management

Election Scams

With election season beginning to ramp up, it’s important to be aware and prepared for the barrage of phishing, smishing, vishing and other “ishing” scams and campaigns that are sure to follow. Just this weekend, I received multiple texts related to voting and polling, so let’s explore a

Risk Management

Is Cyber Liability Insurance Worth It?

There’s no doubt about it – we are firmly cemented in the Digital Age. And in this age, where data breaches and cyberattacks are as prevalent as mobile banking and contactless payments, credit unions find themselves at a crossroads. With our deep-rooted commitment to the security of our members’ information

Risk Management

Choosing the Right Risk Management Framework for Your Financial Institution

What’s the difference between Enterprise Risk Management (ERM); Integrated Risk Management (IRM); and Governance, Risk and Compliance (GRC)? Does it really matter if financial institutions use one of these risk management frameworks? As it turns out, it does. Selecting the right risk management framework empowers financial institutions to meet

Risk Management

Identifying Fraud Red Flags at Your Financial Institution

Artificial Intelligence (AI), synthetic identities and in-person fraud at financial institutions are just a few of the schemes that are popping up in today’s climate, according to Experian’s Fraud Trends 2024 – Experian’s Future of Fraud Forecast. While these specific scams may be new, the concept of fraud

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

Risk Management

Security Review, Assessment, Audit: What's the Difference?

Football vs. football. They’re two different sports that share the same name (at least, in some places). They also have some skills and attributes that overlap, such as controlling the ball, teamwork, quick footwork and running, scoring points and so on. But, at the end of the day, American

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,

Risk Management

New Guidance For Managing Cybersecurity Risks With NIST CSF 2.0

NIST’s Cybersecurity Framework (CSF) is designed to help institutions of all sizes and sophistication levels manage and reduce their unique cybersecurity risks. With the release of CSF 2.0, the guidance provided by NIST has expanded the practice and controls that institutions can use to best understand, assess, prioritize

Risk Management

Constructing a Cybersecurity Culture at Your Credit Union

I’ve been at Vizo Financial for almost 11 years now, and I’ve had the pleasure of getting to know many of our members throughout my tenure here. I’ve helped our members with security issues, spoken at different events and even presented at a few webinars that the

Payments

Nacha’s New Risk Management Framework: A Swift Response to Credit-Push Fraud

Taylor Swift isn’t the only one who has reinvented herself multiple times…so has our infamous friend, fraud. Just like the evolution from Fearless to Midnights, fraud has shifted from mostly unauthorized ACH debits from an individual’s account to authorized ACH credits from someone’s account. These authorized

Risk Management

Adapting Business Continuity: Navigating Climate Change Challenges

Climate change is a controversial topic, to be sure. But the 28 natural disasters, with an estimated $92.9 billion price tag, and a record for the eighth deadliest year for the United States, don’t lie. My apologies…I don’t mean to be the bearer of such disconcerting

Risk Management

Do You Need to Manage Fourth-Party Risk?

You’re a pro at managing third-party risk, but how do you deal with fourth-party risk? Your vendors are likely farming out critical activities to other vendors. It’s all a part of ordinary business operations. Just as you want to maximize efficiencies, so do your vendors. However, your vendors’

Risk Management

Do ERM and AI Play Nice?

Oil and water, or peanut butter and jelly? Wait…that is the question? Sure, it may not be as timeless and eloquent a thought as William Shakespeare’s “to be or not to be?” But it is, undoubtedly, a loaded question for risk management professionals when it comes to the

Risk Management

The Risks of AI in Banking

From chatbots assisting banking consumers to machines preventing fraudulent transactions, AI appears poised to transform the financial industry. Using large and complex data sets, FIs can leverage AI to develop more refined risk analyses and selectively target consumers with unique product and service offerings. But with the potential benefits of

Risk Management

You Better Watch out Because These 8 Cyber Scams are Coming to Town

You better watch out. Be careful when you buy. Better check your accounts. I’m telling you why…cyber scams are coming to town! According to McAfee, a well-known cybersecurity company, most Americans intend to do their holiday shopping online this year, which makes sense because online shopping is convenient

Risk Management

5 Reasons Why a Password Manager is Worth the Investment

If you’ve spent any amount of time in the financial industry, you’re probably familiar with the dos and don’ts of passwords: DO: * Use various upper-case and lower-case letters. * Make sure it is at least eight or more characters in length. * Include special characters. * Create strong, hard-to-guess passwords.

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

Risk Management

Credential Theft: A Cybercriminal's Treasure Trove

Long before Johnny Depp stole our hearts as the quirky and selfish, yet still loveable Captain Jack Sparrow, there were real pirates. It’s true, he probably was the “worst pirate we’ve ever heard of” because he actually had a conscience – something the real ones did not…and still

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

Risk Management

Business Continuity Management & Enterprise Risk Management: The Super Duo of Resilience

To quote one of the world’s most famous and influential fictional characters, “Jenny and me was like peas and carrots!” Just as Jenny and Forrest Gump were two halves of one soul – or as Forrest so eloquently said, peas and carrots – I know another super duo that fits together

Risk Management

How to Create an ERM Report That Tells a Story

Picture yourself, for a moment, back in kindergarten. You were just learning how to read with short sentences and lots of pictures. Over the years, throughout the rest of your school career and into adulthood, the stories evolved from two and three-word sentences accompanied by lots of illustrations to long

Risk Management

Risk Management Controls: A Primer

Risk management is a critical aspect of banking operations. However, one area that often draws resistance is risk management controls. The concept may seem intimidating or overwhelming, but when you break down the components, you’ll find risk management controls aren’t nearly as complicated as you think. Understanding Risk