But for the apparent bragging of a careless hacker, the losses could’ve been catastrophic. Here’s what banks can learn from the near debacle.
As federal regulators move towards a standardized approach to risk weighting assets, bankers should be ready with their own strategic response.
The potential threats to be warded off via vendor risk management are more extensive than most bankers realize.
As the Department of Labor increases its enforcement of wage and hour regulations, banks need to devote more attention to workforce compliance risk.
The importance of key vendor relationships requires that banks monitor their vendor’s business activities and environment as closely as their own.
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.
Improving an organization’s risk culture requires spreading the message deep into the ranks to get everyone thinking of themselves as a risk manager.