Karen Epper Hoffman
Jul 29, 2021

Community banks are struggling to stay ahead of the crooks as COVID-19 scams hit both the institution and its customers.

Most financial institutions take an iterative approach to their budgeting process – running through multiple passes and scenarios before finalizing.

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Banks have always employed third-party vendors to build proprietary software applications and perform compartmentalized tasks in order to run more efficiently.

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Credit delinquency has been a serious problem for banks over the last decade, particularly between 2008 and 2011.

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Data governance – the process by which banks ensure that the data they manage and ultimately include in their financial statements is accurate and trustworthy – has become increasingly critical as financial services institutions face immense regulatory scrutiny to prove the trustworthiness of those financial statements.

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Following the 2008 financial crisis, the Basel Committee of Banking Supervision (BCBS) set out to “strengthen global capital and liquidity rules with the goal of promoting a more resilient banking sector,” formulating rules of which the final phase went into effect in January.

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Since the 2008 crisis, financial institutions have spent hundreds of millions of dollars on risk management.

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Effective scenario modeling is vitally important in today’s tentative economic recovery, as the level of uncertainty surrounding key business drivers is higher than ever before.

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To keep up with changing customer needs, banks are quickly adopting technologies such as mobile, social media, data analytics and the cloud.

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Banks are typically thought of as stable, reliant and dull, or that’s what we would like them to be.

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Federal bank and credit union examiners insist that a reliable system for tracking exceptions needs to be part of any loan portfolio management process.

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Over the last few years, risk management has steadily ballooned into a highly complicated process for financial institutions of all sizes.

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At a time when customers want more personalized service, financial institutions must balance credit risks with the importance of maintaining and nurturing customer relationships.

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The causes of the recent financial crisis are well known – the tremendous expansion of subprime mortgages and their proliferation through the international financial system via securitization, for example.

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If ever an incident breathed life into an essential discipline, it was the 2008 discovery that a rogue trader lost €4.

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The potential impacts of the Dodd-Frank Wall Street Reform and Consumer Protection Act and of the guidelines described in Basel III have been felt from large banks to community banks around the country.

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As we navigate the fallout of the worst financial crisis since the Great Depression, focus on the rapidly changing threats to information security, radically improve compliance infrastructures to support regulatory imperatives and work out new and sustainable business models, it almost seems unfair to throw another area of concern at banks.

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Your company may not be fully complying with the wage and hour regulations of the U.

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Concepts that start out simply rarely end that way, which you can see in the evolution of terminology.

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As we move into the height of the 2012 presidential election cycle, issues of consumer protection in the financial services industry are front and center on the political agenda, as can be seen in the recent controversy involving the president’s recess appointment of Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB).

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Editor’s Note: For an update to the article, read the 2018 article: Today’s best practices for compliance risk assessment.

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