Perficient

JANUARY 16, 2024

Regularly review and update policies annually to ensure compliance with current rules and regulations. Ensure all employees , including senior management , are aware of and adhere to those policies. READ MORE: Developing a Third-Party Risk Management Tool Are you ready to optimize your business?

Compliance 221

Compliance Guidelines Policies Risk Management 221

Perficient

FEBRUARY 15, 2024

These DFS500 amendments signal a crucial shift in the regulatory landscape, emphasizing the imperative for robust governance, risk management, and compliance frameworks across the financial industry. Impacted institutions are subject to significant fines relative to the level of non-compliance identified by the regulators.

Compliance 221

Compliance New York Regulation Analysis 221

Perficient

NOVEMBER 8, 2024

Implementation of Risk-Management Practices and Termination of Noncompliant AI AI policy and review process. All safety- or rights-impacting AI use cases undergo a comprehensive risk impact assessment including validation of all risk-management practices defined in OMB M-24-10 section 5(iv).

Regulation 221

Regulation Risk Management Policies Compliance 221

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.

New York 221

New York Compliance Regulation Analysis 221

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. Risk Management. AI may be used to augment risk management and control practices. The challenge is to ensure that the software being developed is not coded with biases. Textual analysis.

Regulation 309

Regulation Industry Risk Management Analysis 309

PYMNTS

JUNE 17, 2020

And all supplier activities, from new vendor registration and validation to documented audit trails, are visible to the necessary parties, letting companies send reminders when necessary for important business needs. ” Supply chain managers are thinking of new ideas amid the global pandemic.

Risk Management 141

Risk Management Management Policies Compliance 141

Abrigo

SEPTEMBER 20, 2023

Understanding AML compliance and regulatory expectations. AML compliance is not for the faint of heart. Takeaway 1 Understand the risks associated with your customers beyond the surface level. Takeaway 2 Identify concentrations of risk and try to level out potential clusters. Here are a few tips to help along the way.

Compliance 150

Compliance Regulation Miami Fraud 150

Perficient

APRIL 11, 2023

Here in this blog, we’ll review how financial institutions can avoid having to create and run a client remediation program in the first place by implementing Risk Control Self-Assessment (“RCSA”) techniques. Steps of an RCSA Program Risk professionals generally acknowledge that there are six steps to the RCSA process.

Risk Management 275

Risk Management Tools United States Exercises 275

Perficient

NOVEMBER 6, 2024

SEC Chairman Gensler foresees potential systemic risks because the use of AI in the financial sector eventually may be driven by a small handful of foundational models, thus creating a “monoculture” with many market participants relying on the same dataset or model.

Regulation 221

Regulation Compliance Analytics System 221

Abrigo

DECEMBER 29, 2023

Click the header next to each number to visit the corresponding top banking risk resource. CFPB 1071 rule: Checklist for compliance success Despite efforts to scrap the new small-business lending rule finalized in 2023, financial institutions have continued to prepare to comply. To learn more, watch the video below.

Resources 221

Resources Lending Risk Management Policies 221

Abrigo

DECEMBER 30, 2019

Institutions must create a strong culture of compliance. Creating a Culture of Compliance. One of the more important takeaways from 2019 is that all institutions, regardless of size or risk profile, must have a strong culture of compliance, as directed by FinCEN’s advisory in 2014. Ensure There Are Adequate Resources.

Training 195

Training Compliance Leadership Fraud 195

Abrigo

JUNE 18, 2020

15 due to compliance with specific health and safety requirements as outlined in the PPP Flexibility Act. Documentation requirements remain the same for this longer form, and in general, borrowers preparing to file forgiveness applications using either of the revised forms will need to gather roughly the same materials. SBA Lending.

Lending 293

Lending Strategy Risk Management Compliance 293

Perficient

NOVEMBER 4, 2024

The report recommended that the agency develop a sector-specific AI Risk Management Framework. Model risk management Banks should review the FDIC’s Supervisory Guidance on Model Risk Management, which outlines the agency’s approach to quantitative models, including those using AI.

FDIC 170

FDIC Regulation Risk Management Compliance 170

Abrigo

DECEMBER 22, 2023

Read the blog for information that can help lenders avoid risk before the project begins by planning ahead at the closing table. This blog outlines the significance of credit risk ratings and regulatory priorities related to credit grading. Then once PPP was over, some went back to our old manual processes and never looked back.

Lending 221

Lending Risk Management Community Management 221

Abrigo

JUNE 8, 2021

Real consequences from OFAC sanctions violations OFAC compliance has increased in complexity and clarity with guidance released within the past few years and institutions need to take notice to avoid penalties. Importance of Compliance. Framework Document. A Framework for OFAC Compliance Commitments. learn more.

Compliance 195

Compliance Software Case Study Payments 195

Abrigo

MAY 14, 2021

How can financial risk models within the bank or credit union benefit from using the same sheet music? Check out this webinar on Enterprise Risk Management. Takeaway 1 Enterprise Risk Management is a priority for financial institution leaders but still maturing. Compliance and Decision-making. Risk Ratings.

Management 195

Management Risk Management Lending System 195

Abrigo

MAY 10, 2021

Thus, a critical function of a bank or credit union’s commercial loan origination solution is that it notifies individuals at key steps of the process, such as when the loan application is complete or when all documents have been submitted. Without this, staff must engage in back-and-forth emails or phone calls to check the status of a loan.

System 195

System Lending Analysis Software 195

Independent Banker

SEPTEMBER 25, 2014

This is particularly true for community banks preparing to undergo their next regulatory safety and soundness or compliance examination. As David Barr, spokesperson for the FDIC, points out, “a vast majority of community banks remain well-rated and exhibit satisfactory corporate governance programs and compliance management systems.”.

Compliance 101

Compliance Regulation Community Bank Community 101

Perficient

JANUARY 3, 2024

Additionally, these branches underwent annual on-site inspections to ensure compliance with regulations. Member firms are responsible for conducting and documenting a risk assessment for remote locations. WFH Background Before the pandemic, firms were required to submit branch office applications on behalf of all the “branches.”

Compliance 221

Compliance Risk Management Regulation Industry 221

Abrigo

NOVEMBER 9, 2020

However, effective loan administration solutions or systems will help lenders avoid the most common documentation- and data-related deficiencies found during examinations. Is the financial institution’s loan administration software or system prompting action to be taken where warranted and documenting that action? stay informed.

System 195

System Lending Software Risk Management 195

Abrigo

FEBRUARY 16, 2024

Customize documentation : Avoid a one-size-fits-all approach to documentation when it comes to the underwriting process. This will save time by ensuring that staff aren’t adding unnecessary length and detail to low-risk, low-maintenance documents. Talk to a specialist to learn more.

Training 195

Training Risk Management Analysis Policies 195

Abrigo

AUGUST 26, 2024

WATCH Takeaway 1 The forward-looking CECL approach to estimating the allowance for credit losses introduces risks that auditors and examiners are scrutinizing. Takeaway 2 Starting CECL model risk assessments at a high level ensures the focus is on data inputs, assumptions, documentation, and estimates.

Compliance 195

Compliance Management Regulation Data 195

Perficient

DECEMBER 1, 2023

Immediately following the Silicon Valley Bank (SVB) failure, Perficient’s Financial Services Risk Management and Regulatory Capabilities Center of Excellence (CoE) swiftly analyzed publicly available documents, providing readers with a comprehensive breakdown of the bank’s failure.

FDIC 221

FDIC Risk Management Regulation Leadership 221

Abrigo

APRIL 12, 2021

An LOS is defined as a system that automates and manages the end-to-end steps in the loan process – from the application, through underwriting, approval, documentation, pricing, funding, and administration. Compliance. It’s also important to understand how an LOS may be able to help your bank or credit union.

System 338

System Lending Software Analysis 338

Abrigo

AUGUST 7, 2023

Applying model risk management to CECL What's involved in CECL model validation? Learn what banks, credit unions, and others subject to CECL accounting can expect from this risk management process. Model validation is a crucial aspect of model risk management.

Risk Management 195

Risk Management Handbook Analysis Management 195

Insights on Business

OCTOBER 23, 2019

IBM OpenPages with Watson has been named one of the 2019 Gartner Peer Insights Customers’ Choice for Integrated Risk Management Solutions. We have been named as a Leader in the 2019 Gartner Magic Quadrant for Integrated Risk Management Solutions as well as a Leader in the 2019 Gartner Magic Quadrant for IT Risk Management.**.

Risk Management 125

Risk Management Compliance Management Policies 125

Abrigo

APRIL 19, 2022

Takeaway 2 The importance of documentation tracking and storage. Minimize institutional risk by tracking, housing and reporting critical loan and financial documentation. . Loan application software can speed up the process by creating a digital experience that makes document management and processing easier.

Lending 195

Lending Software Management System 195

Abrigo

MAY 9, 2022

Best Practices for Third-Party BSA/AML Assistance Collaborating with a third-party BSA/AML vendor can save time and money when it comes to sanctions compliance. Conducting a staffing assessment can strengthen an institution's overall culture of compliance. Be sure to share these results and any findings with management.

Compliance 195

Compliance Fraud Regulation Resources 195

PYMNTS

JULY 2, 2018

According to John Epperson, principal at Crowe LLP , that goes to show that the current approaches to regulatory and compliance technology ( RegTech ) aren’t working. That conflicts with organizations’ compliance needs, as they require a certain level of information to meet the standards. Why RegTech? A Cultural Shift Is Needed.

Compliance 109

Compliance Regulation Meeting Strategy 109

Abrigo

MAY 17, 2017

The importance of a sound risk rating process continues and possibly grows in the coming years as financial institutions grapple with the increased emphasis on estimating credit losses. Finally, risk ratings could be important as financial institutions meet CECL’s new disclosure requirements.

Risk Management 170

Risk Management Analysis Examples Capital 170

Abrigo

JUNE 28, 2024

Navigating interest rate management in today's environment As regulators focus on interest rate risk management, read about what financial institutions can do to be ready for a rate drop. You might also like this on-demand webinar, "Navigating uncertain times: Strategies for effective risk management and compliance."

Community Bank 195

Community Bank Strategy Community Management 195

Abrigo

SEPTEMBER 24, 2024

You might also like this checklist, "6 steps for compliance with the new AML/CFT program rules." DOWNLOAD Takeaway 1 A human-in-the-loop approach plays a vital role in ensuring that AI systems effectively support alert and case management for AML/CFT suspicious activity monitoring.

Software 195

Software Management Compliance Resources 195

Abrigo

MARCH 24, 2023

Best practices for your BSA/AML risk assessment Learn top tips for creating a risk assessment to capture your credit union's risk. You might also like this resource: "BSA/AML risk assessment checklist." READ Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment.

Fraud 195

Fraud Compliance Examples Analysis 195

Abrigo

MAY 19, 2023

There is a well-documented shortage of junior reviewers, which means loan review units need to recruit people short on education, training, and experience. In addition, they should be familiar with pertinent laws and regulations affecting credit and lending activities.

Training 195

Training Lending Risk Management Guidelines 195

Gonzobanker

OCTOBER 31, 2024

The FDIC issued a consent order against Discover Bank last year for lacking oversight into third-party risk management and a compliance vendor management program. Vendors should provide required FFIEC documentation without being asked (or begged). Smart leaders use performance scorecards to keep the board informed.

Risk Management 137

Risk Management Management FDIC Software 137

Abrigo

DECEMBER 7, 2021

Best practices for your BSA/AML risk assessment Learn top tips for creating a risk assessment to capture your institution's risk. . Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment. Document the BSA/AML risk assessment.

How To 195

How To Fraud Analysis Compliance 195

Insights on Business

JULY 30, 2019

Banks and financials institutions regularly work with complicated analytical and reporting challenges, but a continuing concern is successfully aggregating and using the data produced by various systems and stored in multiple locations.Such challenges are well-documented. Learn more about IBM regulatory technology at ibm.com/RegTech.

Risk Management 70

Risk Management Analytics Technology Management 70