Companies across the globe are moving to the cloud, but financial institutions have typically been slow to make the transition. While moving to the cloud may seem like an innovative change, financial institutions should also consider the best ways to stay compliant and protect consumer data in the process.With changing technology, navigating cloud compliance may be confusing Read More
Despite regulatory requirements continuously evolving, many financial services leaders are still trying to identify what their organization’s implementation best practices should be. Regardless, as customer needs and expectations continue to evolve, the requirements for accurately managing compliance often require workflow modification. To avoid becoming overwhelmed by our nation’s regularly changing regulatory landscape, leaders should implement key best Read More
Legal, finance and HR departments have long-standing, well-defined roles within organizations. But until recently, compliance, has held a more ambiguous role. Some view its function as merely doing the minimum to avoid regulatory fines, while others see it as preparing filings. But over the past five years, we’ve seen compliance take the lead and assume critical roles Read More
You’ve no doubt noticed those privacy updates flooding your inbox and popping up all over the internet as companies announce their intentions to comply with the General Data Protection Regulation (GDPR), implemented in the European Union in mid-2018. Despite steep fines, Gartner estimates that more than half of companies impacted by GDPR still failed to comply as of the end of Read More
When it comes to Facebook, Twitter or Instagram, compliance isn’t exactly up there with celebrity news. But it hardly matters, given this: The very nature of financial industry regulation creates a chilling effect on any attempt made to market it. An alphabet soup of regulatory bodies such as the FFIEC, FINRA and the SEC—along with government-enforced legislation Read More
Change is never easy, but sometimes it’s heralded by a welcome event. Banks got important news out of Washington D.C. regarding the partial repeal of the 2010 Dodd-Frank Regulatory Act. Passed as a response to the financial crisis of 2007–2008, Dodd-Frank made changes to the American financial systems that impacted the entire financial ecosystem across the industry. Read More
Compliance costs don’t merely add up, they pile up—and represent one of the unruliest expenses in the financial services sector. Since 2011, compliance costs have increased by 43 percent and now tally on average more than $5 million annually. As if that weren’t enough, here is the bad news: Companies still do not spend enough. To understand why, Read More
In light of evolving threats and stricter regulations, financial institutions are bolstering their anti-money laundering (AML) efforts. As of May 11, covered institutions must implement new beneficial ownership due diligence procedures—and comply with tighter know your customer (KYC) requirements. Additionally, they must establish stricter risk-based procedures to conduct ongoing customer risk profiling and suspicious activity monitoring. Increased Read More
One way to look at banking, data, silos and credit loss is to consider the image offered by Peter Cherpak, Executive Vice President and Partner at Ardmore Banking Advisors in west suburban Philadelphia: “There’s a lot of lost bankers with spreadsheets all doing their own thing, running around, creating trial balances and information that is uncontrolled and Read More
Is Amazon ruining the customer service experience for everyone else? Or is it simply making it better? One thing’s for sure: The regulations and compliance that impede banks from giving customers instantaneous gratification 24/7 simply don’t apply to this e-commerce giant as it conquers the retail landscape like a laughing, high-tech colossus. Think about it. Do your Read More
