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Bank Regulation and Supervision Increases in 2024: Regulators Announce New Proposals

2023 was indeed a poster year for disruptions. Evolving bank regulations and supervision will drive banking and financial services firms to tread consciously in 2024.   Let’s explore the latest banking and supervisory regulations impacting banking and financial institutions’ governance, risk, and compliance (GRC) agenda this year.   Basel III Endgame:   Post the 2009 financial catastrophe,… Continue reading Bank Regulation and Supervision Increases in 2024: Regulators Announce New Proposals

A Guide to Model Risk Governance

The world survived turmoil from geopolitical shifts, soaring inflation, great resignation, and three years of compounding crises from the COVID-19 pandemic. There is no escape for businesses across industries from the state of ‘permacrisis’ or extended periods of instability and insecurity. Most model-reliant businesses in banking, financial services, and insurance (BFSI) are predisposed to intermittent… Continue reading A Guide to Model Risk Governance

How Important is an ESG Score for BFSI Firms?

The rapid globalization and technological evolution over the last decade have led to a drastic increase in trade flows and per capita income among developed and developing nations. The macro impacts of these developments are evident in our environment, with the use of natural resources and climate change ultimately driving the urgency for collective sustainability… Continue reading How Important is an ESG Score for BFSI Firms?

Recapping 2023 ESG Trends for BFSI Companies

Growing concerns about climate change and rising carbon emissions have not singled out the global banking, financial services, and insurance (BFSI) sector. Being the financial watchdog of the economy, BFSI companies have a serious ethical obligation towards sustainability. Emerging ESG trends are proof of this shift. Moreover, moving towards a sustainable economy can help banking… Continue reading Recapping 2023 ESG Trends for BFSI Companies

Top 5 Operational Risks Every Financial Institution Should Be Aware of

Operational risks account for a fairly significant portion of an average company’s risk management landscape but the equation changes rather dramatically when it comes to the financial sector. Banks, credit unions, lenders, and others in the financial space must confront a great deal of operational risk simply due to the very nature of their business… Continue reading Top 5 Operational Risks Every Financial Institution Should Be Aware of

The Benefits of Integrating Enterprise Risk Management (ERM) and Internal Audit Management for Credit Unions

An enterprise risk management strategy or ERM offers a host of benefits to companies in all industries and business sectors. But the advantages increase exponentially when you integrate enterprise risk management practices with internal audit management activities within your credit union or other financial institution.  What is Enterprise Risk Management? And What Are the Benefits… Continue reading The Benefits of Integrating Enterprise Risk Management (ERM) and Internal Audit Management for Credit Unions

How Leading Financial Services Companies are Managing Model Risk in 2023

Financial services companies face a complex risk management landscape, with model risk being one key area of concern. Model risk is a bit unique because it is a risk factor that is essentially exclusive to the financial sector and companies that are applying risk management principles in a financial context.  In the world of finance,… Continue reading How Leading Financial Services Companies are Managing Model Risk in 2023

The Role of Policy Management in Preventing Financial Fraud in Banking

Financial institutions such as banks and credit unions face a very high level of risk. This risk is inherent and built into the banking business model, making for a complex risk management and mitigation landscape. Fortunately, good policy management practices can position a bank to prevent financial fraud and theft.  Understanding the Prevention of Financial… Continue reading The Role of Policy Management in Preventing Financial Fraud in Banking

The Role of IT Governance in Strengthening Data Security for Insurance Companies

Data security is a very real concern for companies in all business sectors, but the dangers and risk factors are especially intense for companies in the insurance space. Insurance companies store large volumes of very sensitive information submitted by customers.  There are numerous laws and regulatory oversight groups with rules and requirements for data management… Continue reading The Role of IT Governance in Strengthening Data Security for Insurance Companies

The Future of Data Privacy in Credit Unions: Trends and Predictions

People expect that their personal data and financial information will remain protected at all times, especially when it comes to the data they provide to credit unions, banks, and other financial institutions. It’s easy to see why this is the case.  A single data breach can send massive volumes of extremely sensitive personal and financial… Continue reading The Future of Data Privacy in Credit Unions: Trends and Predictions