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As Tim McPeak, an executive riskmanagement consultant at Sageworks, pointed out in a recent webinar , it may seem obvious, but benchmarking your bank against peers on some basic metrics is an important first step in any peer analysis. For example, the peer group may be based on geographic location or total asset sizes.
Effective fraud riskmanagement includes detection and fraud monitoring that should consider customer or member history and behavior. These events are a great way to show leadership and support to the community while having face time with customers, members, and prospects and maximizing time spent.
Testing key aspects of the plan annually with desktop exercises or more formal scenario planning prepares staff and the institution for most if not all disruptions. Present documented testing results to executive management. Formally test the plan annually, include all key personnel, and vary the test scenarios.
For this and other reasons, now is a good time to review and refresh articles, bylaws and committee charters to ensure resilience and bolster riskmanagement. But if they see it as a riskmanagement tool, it’s a game changer. He also recommends not updating the resiliency document as only a “table-top exercise.”
So far, bankers have taken comfort in the soundbite that “this crisis is different” because of the strong capital levels and riskmanagement rigor that has developed since the Great Recession. This is not the time for banks to conduct an uninformed “everyone cut 15% exercise” among departments. Ready … break! “In
Two of today’s hottest tech topics — cybersecurity insurance and artificial intelligence (AI) — were well represented at recent conferences in insurance and banking, respectively: Advisen Cyber Risks Insights Conference and Bank AI Expo. Advisen: Barbican Takes a Leadership Stance on Cybersecurity Insurance. Here’s my take.
financial institutions, the FFIEC released new guidance and a Cybersecurity Assessment Tool for institutions to self assess their risks and determine their cybersecurity maturity. This was revised in 2017, and this consistent framework is intended to be able to help leadership and the board assess their preparedness and risk over time.
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