TOPIC: Risk

FDICIA Firms

CFO at a bank ($1.1BUSA)

We are looking for a firm to test our FDICIA controls. Would appreciate any information on your experience with any audit firm that provides this service.

    10 things you need to do now that your HMDA is filed

    It's that time of year again - your HMDA data has been filed with the federal government. The regulators have your HMDA (and CRA) LAR now, so the time is ripe for you to take a deep breath and think about your goals for the rest of the year.

    Now that you've filed your HMDA data, here are the 10 things you need to do: https://www.trupointpartners.com/blog/10-things-to-do-after-submitting-your-hmda-data

      Infographic - Marijuana-Related Businesses The Risks & Rewards of Banking a Growing Industry

      Marijuana-Related Businesses
      The Risks & Rewards of Banking a Growing Industry

      Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

      Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 Billion in the U.S., with that number projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

      This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as MRBs in the Verafin Cloud to date, and offering insight into identifying and assessing compliance risk related to MRBs.

      Download now: https://verafin.com/resource/marijuana-related-businesses/?src=cbanc

      Blob

        Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

        March 6 at 12:30 PM - 01:30 PM EST
        Using Big Data Intelligence for Big Gains in Fighting Crime
        How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

        Part of a Special Series on The New Future of Fighting Crime

        Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

        Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

        To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

        Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

        Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

        • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
        • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
        • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
        • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
        • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

        Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

        Blob

          Abrigo Acquires Farin Financial Risk Management

          Abrigo, a leading technology provider of compliance, credit risk, and lending software, has acquired Farin Financial Risk Management (FARIN), an industry trendsetter in asset liability management software and advisory services.

          FARIN offers services and solutions that are essential for financial institutions in determining interest rate and liquidity risk exposures. Learn more about how Abrigo, now with the added power of FARIN, is making big things happen for community financial institutions.

          Read more: https://www.abrigo.com/news/abrigo-acquires-farin-financial-risk-management/

            Is your Early Withdrawal Penalty on Your Risk Assessment?

            President at a bank ($385MUSA)

            If your early withdrawal penalty is "X" months interest, it is a risk to your bank. It will either be too harsh causing depositors to not want your deposit account or too soft allowing depositors to exit your low yielding time deposit to get a higher current yield. Either way the static penalty of X months is a problem. Have you reported it as a risk? Have you analyzed your options?

              Free Webinar: Mitigating Risk with a Solid Enterprise Risk Management Program

              Thursday, March 14 | 1 - 2 p.m. CST
              Enterprise Risk Management

              Save your spot: https://www.abrigo.com/webinars/enterprise-risk-management/

              Failing to institute a strong risk management structure is considered unsafe and unsound conduct in the business of banking. This means risk management is one of the main focuses of examiners, but one size does not fit all. The basic requirements are the same, but examiners expect more detail for larger, more complex institutions. In this webinar, learn what examiners are looking for within your institution to demonstrate strong risk management practices throughout the enterprise and what should be included in your enterprise risk management program. Discover how to ensure your enterprise risk management structure is evolving and growing to manage risk and drive growth at your institution.

              In this webinar, Jessica Caballero, CRCM will cover:

              • What key components you need in a strong enterprise risk management program.
              • What strategic management information systems are key to mitigating certain risks.
              • What examiners are looking for to ensure you have a solid risk management structure.

              Register today: https://www.abrigo.com/webinars/enterprise-risk-management/

                Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

                March 6 at 12:30 PM - 01:30 PM EST
                Using Big Data Intelligence for Big Gains in Fighting Crime
                How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

                Part of a Special Series on The New Future of Fighting Crime

                Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

                Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

                To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

                Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

                Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

                • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
                • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
                • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
                • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
                • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

                Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

                Blob

                  Webinar - Banking Marijuana Related Businesses - Join us on March 13

                  Banking Marijuana Related Businesses
                  Regulatory & Due Diligence Challenges for Financial Institutions
                  March 13 from 12:30 – 1:30 PM EST

                  Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

                  As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

                  Join us for an educational webinar, during which we will cover:

                  • Highlights from FinCEN Guidance on Marijuana-Related Businesses.
                  • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies.
                  • Technology to improve due diligence and compliance processes for MRBs.

                  Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

                  Blob

                    Sneak Peek at FRAMLxTour Hot Topics - Join us at a Seminar Near You

                    2019 Fraud Detection & AML Regional Seminars
                    Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

                    The 2019 FRAMLx Tour is coming to a city near you! Join expert speakers at this industry-wide event as we discuss emerging trends and cutting-edge technology in the fight against financial crime. Topics at this year’s complimentary regional seminars will include:

                    Combatting Crime Rings

                    • Walk through a real-life crime ring involving at least 32 institutions, across 5 states, and involving 29 risky accounts. See firsthand how a collaborative approach enabled by 314(b) information sharing improves reporting to law enforcement.

                    Fraud Trends & Technology

                    • Learn about emerging fraud trends, including Synthetic Identity Fraud, Online Account Takeover, and Employee Fraud. See how technology like Machine Learning helps improve detection and mitigate losses from evolving illicit activity.

                    Managing & Monitoring High-Risk Customers

                    • Enjoy an illuminating discussion on due diligence requirements for categories of high-risk customers in the year following the final CDD rule. Exploring CDD/EDD challenges for Marijuana-Related Businesses, Private ATM Owners, Money Service Businesses, Non-Governmental Organizations and Charities, Cash Intensive Businesses, and more.

                    Join us for this complimentary event at a location near you: https://verafin.com/regional-seminars/?src=cbanc

                    Blob

                      File monitoring

                      Manager at a bank ($187MUSA)

                      I have questions on how closely we need to monitor / track file access and changes to be in compliance with federal regulations. We currently secure access to file based on users group membership for shared folders and files in those folders. What is not tracked is when a file is created, accessed, changed, moved, or deleted. I'm researching products that can track and report these changes but I have a consultant telling us that is not required. When reviewing the GLB Act it appears to be a requirement..

                      I'm look for feedback on if file monitoring is a requirement and how others are handling the requirement.

                        Don't Miss Out! February Webinar - Mastering UDAAP Vendor Risk

                        You are invited to our February webinar discussing the do's and don'ts of mastering UDAAP vendor risk. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

                        Violations of unfair, deceptive, or abusive acts or practices (UDAAP) are among the most common—and expensive—enforcement actions that banks and credit unions face. Yet these violations don’t occur in a vacuum. They are preventable with careful risk management.

                        Join us for an engaging webinar for practical insights into:

                        • Activities that pose significant UDAAP risk
                        • UDAP vs UDAAP
                        • Why consumer complaints matter
                        • Analysis of violations: Mortgage servicing and payments (e.g., credit cards and offsets)
                        • Avoiding violations with internal and external controls
                        • How to risk assess policies and procedures to avoid internal UDAAP transgressions
                        • Controlling third-party UDAAP risk

                        Don’t miss this opportunity to learn how to manage and mitigate UDAAP risk.

                        Register Today!

                          Using Big Data Intelligence for Big Gains in Fighting Crime - Join us on March 6

                          March 6 at 12:30 PM - 01:30 PM EST
                          Using Big Data Intelligence for Big Gains in Fighting Crime
                          How your Institution Can Leverage Data and Technology in the Cloud for Fraud Detection, AML and High-Risk Customer Management

                          Part of a Special Series on The New Future of Fighting Crime

                          Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

                          Institutions are facing increased pressure to mitigate the risk of fraud and money laundering, and stay compliant. But as workload and costs increase, false positives can overwhelm already strained resources, so there is significant risk in relying on manual processes or rules-based monitoring systems.

                          To effectively fight crime, investigators need to leverage vast amounts of data from numerous sources in their analysis. Verafin imports and analyzes an immense data set from multiple sources, including core data, ancillary data, open-source and third-party data, and consortium data. In fact, before Verafin it would have been unthinkable to analyze that much data. By applying cross-institutional analysis and machine learning technology to analyze a billion transactions every week, our approach reduces false positives and increases the quality of your alerts.

                          Join us to learn how Verafin’s Big Data Intelligence approach keeps you ahead of fraud trends and regulatory changes, provides higher-quality, targeted alerts, and gives you a complete view of activity, including crimes that span multiple institutions.

                          Highlights of this presentation will include how Verafin’s Big Data Approach helps you fight crime by:

                          • Providing a complete picture of activity in a single system ensuring greater visibility of potential risks, while saving you valuable time and money.
                          • Leveraging cloud technology and cross-institutional analysis to proactively detect and mitigate risk, reduce costs, and protect your customers and institution.
                          • Integrating and analyzing multiple data sources to improve alert quality, such as peer profiling, high-risk customer labeling, payee confidence, and geolocation data.
                          • Applying Machine Learning to learn from labeled data, further improving detection and monitoring capabilities.
                          • Partnering with you to develop solutions to real-world problems with targeted, expert-driven models for Fraud Detection, AML Transaction Monitoring and High-Risk Customer Management.

                          Register now: https://verafin.com/event/using-big-data-intelligence-for-big-gains-in-fighting-crime/?src=cbanc

                          Blob

                            BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us on Feb. 27

                            A Consolidated Solution to Fight Financial Crime
                            February 27 at 12:30 PM - 01:30 PM EST

                            Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

                            Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

                            Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

                            So, why choose Verafin?

                            Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

                            • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
                            • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
                            • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
                            • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
                            • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

                            Register now: https://verafin.com/event/bsa-aml-compliance-fraud-detection-high-risk-customer-management-2/?src=cbanc

                            Blob

                              2019 CECL Survey - Chance to win a $300 Yeti cooler!

                              Each year MST, now Abrigo, has been implementing an allowance survey. This year we’re asking about your progress in the CECL transition, how you are preparing and what you are determining in terms of how CECL will impact your institution. As always, we’ll compile answers and share the results so you can compare what you are doing with your peers. We encourage you to participate. As a token of our appreciation, you will have the chance to win a $300 Yeti cooler or a Bluetooth speaker.

                              We wish you a productive and profitable 2019!

                              Take the survey: https://www.surveymonkey.com/r/J236LTW

                                End-to-End High-Risk Customer Management & CDD/EDD. Join us Feb. 13

                                February 13 at 12:30 PM - 01:30 PM EST
                                End-to-End High-Risk Customer Management & CDD/EDD
                                Identification, Stratification, Surveillance & EDD Workflows for High-Risk Customers

                                Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                                How effective is your institution’s high-risk customer management program? From identification to assessment, to continuous review and monitoring — current approaches to CDD/EDD for high-risk customers often involve manual, disconnected processes. High-risk customers go undetected as institutions rely solely on account opening questionnaires or keyword searches. In addition, using broad risk models can result in too many high-risk customers. This increases the workload on compliance teams that manage their EDD reviews manually.

                                In general, CDD/EDD and high-risk customer management is being done in a way which results in process inefficiencies, wasted time and increased cost.

                                Verafin’s end-to-end solution for CDD/EDD and High-Risk Customer Management helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more. Our stratified approach to risk provides a more accurate assessment of your high-risk customers — saving you valuable time, so you can focus on the customers that pose the greatest risk to your institution.

                                Join us as product experts demonstrate how Verafin identifies risk factors to group customers in high-risk categories, stratifies the risk within those groups and, through ongoing high-risk customer surveillance, provides a more accurate picture of your institution’s risk profile.

                                Highlights from this product demonstration will include:

                                • Configurable Account Opening Questionnaire to standardize the initial collection and ongoing updating of due diligence-related information, as well as automated risk assessment at account opening.
                                • Intelligent Risk Categorization with high-risk-customer finders that alert you to categories of customers who did not self-identify at account opening, including MSBs, NGOs, MRBs, ATM Owners, and more.
                                • Configurable Risk Models allowing for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                                • Stratified Risk Models to group customers into high-risk categories, including NRAs, NGOs, CIBs, etc., and to stratify risk within those categories to help you focus your limited time and resources on customers that pose the greatest risk to your institution.
                                • Ongoing Surveillance with targeted monitoring of HRCs, for triggering events that may warrant enhanced due diligence, and for updates to customer information or risk score.
                                • CDD/EDD Workflow to streamline your customer risk management processes with convenient workflows to manage alerts on high-risk customers, upcoming reviews, and cases.

                                Register now: https://verafin.com/event/end-to-end-high-risk-customer-management-cdd-edd/?src=cbanc

                                Blob

                                  Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses - Join us on Feb. 14

                                  Webinar
                                  February 14 at 12:30 PM - 01:30 PM EST
                                  Synthetic Identity Fraud: Unreal Identities Result in Real Fraud Losses

                                  Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                                  In this digital age, vast amounts of compromised customer information from data breaches and fraud scams is readily available for purchase on the dark web. To further their illicit schemes, fraudsters can use your customer’s personal and financial information to create fictional or partially fabricated identities in an emerging trend known as synthetic identity fraud.

                                  With combinations of fake and real identifying information, fraudsters use these synthetic identities to apply for new accounts, products or auto loans. Crime rings often utilize synthetic identities in large, ongoing financial fraud schemes, repeating these crimes at multiple institutions, exponentially increasing the potential for loss.

                                  Join us as we discuss the challenges facing financial institutions when combatting synthetic identity fraud in various forms of financial crime, such as loan fraud, deposit fraud, electronic transfer fraud, and new account fraud.

                                  In this presentation we will discuss:

                                  • The scale of synthetic identity fraud and how it relates to other financial crimes
                                  • Common ploys fraudsters use to commit synthetic identity fraud
                                  • Challenges facing financial institutions to mitigate fraud losses involving synthetic identity fraud and other evasion methods
                                  • Real-life examples of fraud schemes and crime rings employing synthetic identity fraud and related illicit activities
                                  • Best practices and innovative approaches for fraud detection and investigation

                                  Register now: https://verafin.com/event/synthetic-identity-fraud-unreal-identities-result-in-real-fraud-losses/?src=cbanc

                                  Blob

                                    February Webinar: Mastering UDAAP Vendor Risk

                                    You are invited to our February webinar discussing the do's and don'ts of mastering UDAAP vendor risk. Register for free today! If you are not able to make it to the live event, the recording will be available for download afterwards.

                                    Violations of unfair, deceptive, or abusive acts or practices (UDAAP) are among the most common—and expensive—enforcement actions that banks and credit unions face. Yet these violations don’t occur in a vacuum. They are preventable with careful risk management.

                                    Join us for an engaging webinar for practical insights into:

                                    • Activities that pose significant UDAAP risk
                                    • UDAP vs UDAAP
                                    • Why consumer complaints matter
                                    • Analysis of violations: Mortgage servicing and payments (e.g., credit cards and offsets)
                                    • Avoiding violations with internal and external controls
                                    • How to risk assess policies and procedures to avoid internal UDAAP transgressions
                                    • Controlling third-party UDAAP risk

                                    Don’t miss this opportunity to learn how to manage and mitigate UDAAP risk.

                                    Register Today!

                                      CFA

                                      VP at a bank ($1.8BUSA)

                                      Interested in knowing how many other FI's have Certified Fraud Analysts on their staff or a similar position. We are a 1.7B bank in NY and looking into making some changes in our Fraud areas and create this position. All responses are very much appreciated.