Risk Management - Vizo Financial Blog (Page 3)

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

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

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

Risk Management

Making the Journey from Business Continuity to Business Resiliency

It all happened so fast. One day, we started hearing about a new virus on the news and within a few short weeks, much of the world was in complete lockdown. That meant employees couldn’t return to the office, as something as simple as having a two-minute watercooler conversation

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.

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

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

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

Risk Management

Vendor Management in a Pandemic: A Proactive Approach

Has COVID-19 made managing your vendor management hard to, well, manage? Say that five times fast! Honestly, it might be easier than trying to deal with vendor management during a pandemic that has changed just about everything we once knew to be “normal.” Working from home, social distancing and relying

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

Risk Management

Under the Microscope: Elder Financial Abuse and the Role of Your Credit Union

Meet Edna. She’s a very sweet 68-year-old woman who just retired from a long career as a school bus driver. She’s a mother, a grandmother, lover of cats, avid player of the lottery, community advocate and maker of the best macaroni and cheese you’ve ever tasted. She

Risk Management

Does Your BCP Have a BCP? And other disaster recovery concerns

If there has ever been a year for contingency plans, 2020 is it. Many financial institutions have activated their business continuity plans (BCP) due to the COVID-19 pandemic. Now as hurricanes, wildfires, and other natural disasters disrupt business further, FIs are finding themselves activating a second BCP on top of

Risk Management

Anatomy of a Phishing Email – What to Reel In and What to Let Go

Everyone has a favorite pastime, right? For some it’s fishing. For hackers, it’s phishing. There may only be two letters of difference between the two, but their meanings couldn’t be further apart. We all know what fishing is, but phishing is a different animal entirely. It’s

Risk Management

Did Your Vendor Need PPP Funds?

Did one of your third-party vendors need Paycheck Protection Program (PPP) funds? This is the question everyone is asking since the Small Business Administration (SBA) released the list of businesses that took PPP loans. (The Washington Post’s PPP searchable database includes companies that borrowed more than $150,000.) As

Risk Management

A New Age of Cybersecurity: The Best & Worst of Times

When Charles Dickens published A Tale of Two Cities in 1859 and introduced us to the infamous opening line, “It was the best of times, it was the worst of times…,” there’s no way he could’ve known how those words would resonate 160 years later. With the COVID-19

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

Risk Management

Playing the Post-Pandemic Game: Questions You Need to Be Prepared For

“Survey says…” “It’s time for Final Jeopardy!” “We’re ready for the Showcase Showdown!” Don’t these lines bring back memories from some of our favorite game shows? Chances are, you read those renowned statements from Family Feud, Jeopardy! and The Price is Right, and automatically knew the context

Risk Management

Cracking the Password Code…So Hackers Can’t Crack Yours

Remember the sound of Charlie Brown’s teacher’s voice from Peanuts? If you concentrate hard enough, you can hear that “wah wah wah” all over again. Is that the same thing you hear when people start talking about passwords as well? It’s been drilled into our heads and