The continual expansion of a global economy that trades increasingly online, across international borders and through digital currency has driven the U.S. Treasury Department to cast a wider net of OFAC violations, ensnaring not only financial institutions, but also everyone from unwitting small business owners to sophisticated corporations.
For all banks, meeting compliance demands is a requirement. But for many community banks, risk management is a strategic choice. It’s a choice designed to not only help your bank meet evolving compliance challenges, but also to strengthen your institution’s overall performance.
The United States Department of Homeland Security (DHS)—in collaboration with Canadian Cyber Incident Response Centre (CCIRC)—recently released an alert regarding ransomware variants. The alert, which served to bring awareness to this threat, provided tips for prevention and mitigation following numerous attacks on individuals and businesses in early 2016.
How does a community bank stay competitive in a marketplace dominated by rapidly changing technology advances and big-box banks with unlimited resources? They use technology to their advantage. And they not only compete by offering the latest and most robust digital products, but also by overhauling antiquated systems to save costs and leverage internal resources.
Since the FDIC released updates to the FFIEC Management Booklet portion of the IT Examination Handbook in late 2015, there have been many changes to requirements and expectations from regulators.
No one likes being told what to do; that’s just human nature. It’s no wonder banks are still bristling at recently beefed up vendor management regulatory guidance. But don’t forget: knowing your vendors and understanding the risks they pose to your institution is far more than just a compliance requirement; it is necessary for running a successful operation.
Many community-based financial institutions struggle with the perception of not being as tech-savvy as larger competitors. But some are finding creative ways to overturn that perception and sail past the competition. Case and point: Citizens National Bank of Cheboygan (Michigan).
What’s the scariest thing going on right now in the financial industry? Given ever-persistent technology advances, for many bankers, cybersecurity is their biggest and most unpredictable threat.
If you’re reading this blog right now, it’s probably not the first time you’ve heard about “digital” banking and creating mobile banking apps for your customers. But, all the buzz isn’t for nothing—the shift toward mobile and Internet banking is here to stay. And it’s not just the millennials who are to blame.
Let’s own it, as bankers we like to be in control, so uncertainty stresses us out. And when that uncertainty threatens our capital position and spans multiple years, our anxiety reaches a fever pitch.