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Data Protection Regulation and the Impact on Vendor Management

Posted by Jenny Roland-Vlach | Compliance Analyst, Advanced | CISM

Wed, Jul 31, 2019 @ 11:00 AM

General Data Protection Regulation (GDPR)

The General Data Protection Regulation (GDPR) has been an intimidating new reality for numerous organizations. And for good reason. For many organizations, GDPR represents an entire shift in privacy culture. For financial institutions (FIs) who process the personal data of data subjects residing in the European Union (EU), GDPR pushes them beyond what was already required by the Gramm-Leach-Bliley Act (GLBA). Much more is now required in how data is obtained, stored and processed, and even destroyed.

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Topics: Compliance, Community Banks, Data and Analytics

How Bad Is It?

Posted by Brynn Ammon

Sat, Jul 20, 2019 @ 12:00 PM

If you’ve ever been given bad news by a doctor, chances are your first question was, “How bad is it?” You wanted to know where you stood among the rest of the people in your bad situation. Are you going to die? Are you going to be in the hospital? Will it be painful? Will it require surgery? Will it require major life changes? Is treatment going to be expensive? All those questions and more run through your mind in a fraction of a moment.

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Topics: Credit Unions, Compliance, Community Banks

The Team Approach to Cybersecurity

Posted by Jennifer Roland-Vlach

Wed, Jan 16, 2019 @ 11:00 AM

The FFIEC’s Cybersecurity Assessment Tool (CAT) is crucial for compliance, and the IT Regulatory Compliance group always likes to cover it. Since the 2015 release of the CAT, I have noticed a trend that I believe is worth sharing. I have spoken with financial institutions (FIs) that have recently experienced personnel changes – such as new Network Administrators or new Information Security Officers. I like to ask if the new contact knows that the CAT has been updated, and often the answer is no. Or, as is often the case with the shuffle of personnel, the new hire does not know where to even find the most recent CAT, much less know whether it has been updated.

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Topics: Compliance, Cybersecurity

Crushing the Compliance Burden with Artificial Intelligence

Posted by Hannah Day

Wed, Nov 28, 2018 @ 11:00 AM

 

Fraudster tactics that target financial institutions (FIs) continue to evolve at a dizzying pace. Compliance departments are being brought to a breaking point as they work to sort through the mountain of transactions, data, and false positives each day. Compliance staff employees at FIs large and small are looking for a solution to bring efficiencies to the FI in an effort to save time, money, and ensure they protect their end users against fraud. Artificial intelligence (AI) may just be the solution they are searching for.

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Topics: Compliance, Information Security, Future Ready, Risk/Fraud

Monday Night Football: It’s half-time for CECL

Posted by Brad Dahlman

Mon, Nov 05, 2018 @ 11:00 AM

 

Fall is my favorite time of year, as the weather cools, the leaves change, and the football season heats up! I enjoy watching NFL football, and am often struck by how the momentum of the game can dramatically change at half-time. To the fans, half-time is generally focused on grabbing a snack or watching highlights. To the players and coaches, this 12-minute half-time break is all about assessing the first half and adjusting the game plan to have a successful second half. Great coaches and leaders find a way to refocus the team, adjust the game plan, and emerge with a team ready to win the second half.

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Topics: Credit Unions, Compliance, Community Banks, FI Operations, Risk/Fraud

Data Encryption Overview - Is It Secret, Is It Safe?

Posted by Robert Hudecek

Wed, Sep 19, 2018 @ 11:00 AM

The New York State Department of Financial Services (DFS) cybersecurity requirements for financial services companies went into effect on Septembers 4 of this year. On the surface, it may look like these regulations only pertain to the state of New York – but in reality, they include any party who processes or is otherwise permitted access to Nonpublic Information of New York State origin. Simply put, if your financial institution does work for any New York resident, you may now be subject to this regulation.

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Topics: Credit Unions, Compliance, Cybersecurity, Community Banks, Data and Analytics

A Fresh Take on Preparedness for the C-Suite and IT Managers

Posted by Eric Flick

Wed, Sep 12, 2018 @ 11:00 AM

 

September is National Preparedness Month. Historically, this month has been promoted to bring focus to readiness for natural disasters such as hurricanes, tornadoes, and flooding. As we head into the peak of the Atlantic hurricane season, wildfires and flash flooding have captured the headlines.

In today’s threat landscape, any financial institution (FI) likely has a higher probability of a cyber event than a naturally occurring disaster – so it’s no coincidence that October is National Cyber Security Awareness Month. As responsible C-Suite and IT representatives, we recognize our responsibility to our FI and our customers to be prepared for both!

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Topics: Credit Unions, Financial Institution, Compliance, Cybersecurity, Community Banks, FI Operations

The Impact of the New Reg CC Indemnity on RDC Services

Posted by Kevin Moland

Tue, Jul 03, 2018 @ 11:00 AM

 

As of July 1, Reg CC will provide a new indemnity designed to protect financial institutions (FIs) that receive malicious duplicate presentment of paper items previously deposited at another bank or credit union via remote deposit capture (RDC). If your FI is the initial recipient of an item deposited via traditional commercial RDC or consumer mobile RDC (mRDC), should that same paper item later be presented for deposit at another FI, and should that FI sustain a loss due to the item already being paid, you must make the other FI whole, including reimbursement of reasonable expenses for collection.

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Topics: Credit Unions, Compliance, Digital, Community Banks

CECL: Not all models are created equal…

Posted by Brad Dahlman

Wed, Jun 13, 2018 @ 11:30 AM

A lot has been written about the new Current Expected Credit Loss (CECL) changes which will affect FIs in the coming years. This is one of the largest changes to FI financial reporting and credit risk management in decades and certainly warrants ongoing conversations.

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Topics: Credit Unions, Compliance, Community Banks, Risk/Fraud

Are You CECL Compliance Ready?

Posted by Brad Dahlman

Wed, Feb 28, 2018 @ 11:00 AM

CECL (Current Expected Credit Loss) is a fundamental change to how banks and credit unions will determine their loan loss reserve requirements. This change requires FIs to reserve for loans upon inception and adjust reserves monthly based on performance data coming from their loan systems and economic data coming from a forecast of various q-factors. This fundamental change will occur over the next several years.

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Topics: Compliance

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