Though one BAI commentary about protecting bank data far predated Google, mobile and bank apps, its directives hold true 26 years later.
As becoming involved in lawsuits is typically not a matter of ‘if’ but ‘when’ for banks today, institutions need to develop policies, procedures and practices to reduce the risks of such suits proceeding to trial.
Continuing regulatory scrutiny should drive banks to perform comprehensive risk assessments on their mortgage servicing operations.
Comprehensive risk assessment is necessary not only to satisfy the examiners but also to protect the institution in an era of rapid regulatory change.
While new regulations require stress testing for banks over $10 billion in assets, institutions below that limit should also adopt the tests as common sense best practice.
Financial institutions need to probe into the details of their social media programs since unexamined risk can lurk in unexpected places.
Improving an organization’s risk culture requires spreading the message deep into the ranks to get everyone thinking of themselves as a risk manager.
More effective risk management means bringing back the strategic planning component to operational risk management.