TOPIC: Third Party

Is This Partnership a Right Fit? More than 50 Banks Found Out Firsthand.

In January, 56 community banks from 20 states joined Bankers Healthcare Group for a behind-the-curtain experience at our Informational Regional Seminar in Nashville, Tenn.

Our 75 attendees heard from BHG’s Founder/Chairman/CEO Al Crawford and c-suite leadership team in finance, credit, underwriting, compliance, marketing, sales, and analytics. This was a great opportunity for them to learn about our business model, commercial medical loan program and financial strength, and uncover new revenue opportunities for their banks.

We had a great mix of prospective customers and current customers from some of BHG’s 940 bank partners, which gave everyone a chance to network and learn. Prospective customers love to hear about the experiences of current customers, while current customers appreciate the business and product updates, as well as the opportunity to connect with key BHG contacts.

Our seminars are a great way to get to know BHG—and we hold them throughout the year, across the country. If you’d like to attend an upcoming seminar, please email bhgbanks@bhg-inc.com or call 877-731-6562 to get the details!

About BHG: Bankers Healthcare Group (BHG) is the leading provider of financial solutions for licensed healthcare professionals. The company originates, underwrites and funds medical and professional loans before selling them to local banks nationwide.

To date, BHG has underwritten nearly $15 billion in commercial loan requests with an average size of $100,000, providing a network of more than 940 U.S. community banks a source for premium loans, portfolio diversification, and competitive yields without overhead costs traditionally associated with this quality borrower. Banks purchase BHG loans through a secure, online system that allows for daily sale and delivery of loans. This has been a highly effective channel for a bank to quickly approve and purchase loans according to their underwriting standards. BHG’s 2018 sales distribution has averaged $4 million per day and new loans are posted daily.

Pinnacle Financial Partners, Inc., and its subsidiary Pinnacle Bank hold a 49% total interest in BHG.

    ABA Research Study: The State of Digital Lending

    Digital Lending is the new imperative.

    However, traditional banks, particularly smaller ones, have typically lagged in technology adoption for lending, especially compared to up-and-coming fintech players. If you’re a glass-half-full person, this technology shortfall could be seen as an easy opportunity. Could digital automation for lending represent the next wellspring of growth for banks, and if so, what is the best way to get there?

    Download the ABA Study: the State of Digital Lending>> http://bit.ly/2CqsKv4

    Additional Information: "10 Signs You Should Invest in Small Business Digital Lending Software>> http://bit.ly/2CsIZYI

      Educational Seminar in Nashville, 2019

      See why more than 925 of your peers have purchased loans from Bankers Healthcare Group, at the upcoming Nashville Info Seminar.

      • Engaging seminar - Hear from the Founder/CEO and the c-suite leadership team in finance, credit, regulatory, marketing, sales and analytics.
      • Understand the 5 convenient, hassle-free methods to purchase loans.
      • Discover additional revenue opportunities for your bank:
        • Consumer loans to licensed medical and other professionals
        • Patient lending – connecting community banks to hospitals and surgery centers
      • Network with key BHG personnel and other community banks from around the US.

      Email us at bhgbanks@bhg-inc.com or call 866-461-5069 to find out the details!

      "The BHG Info Seminar was an excellent experience. We are new to BHG, having just purchased our first loan last month. It’s was a valuable experience to have the company’s staff answer your questions and talk to other banks who have experience with BHG. I was able to learn how they manage their portfolio and loan terms. The event was first-class, all the way. I came away very impressed with BHG." – Minnesota Bank President

      About BHG: Bankers Healthcare Group (BHG) is a well-established, direct lender that has a commercial loan program specifically tailored to the business needs of licensed healthcare and other professionals. BHG has provided over $4 billion of these originated, underwritten and funded loans to 925+ community banks throughout the US since 2001.

        Shelved Elves: Santa Ponders the Risks and Rewards of Outsourcing Toy Making

        Hello, Bankers! Ever wonder what would happen if Santa outsourced toy making to third-party vendors? We did. This post originally appeared on the Ncontracts blog.

        Shelved Elves: Santa Ponders the Risks and Rewards of Outsourcing Toy Making

        It’s crunch time at the North Pole, and Santa is worried. Despite his elves’ best efforts, he’s not sure they are going to be able to produce all the toys he needs by Christmas Eve. He’s wondering if it might be a good idea to outsource toy making...

        READ THE FULL PDF: Download the attached PDF

          Third Party Access or Business Manager Authorization

          SVP at a bank ($4.4BUSA)

          Does anyone allow accounts from Financial Advisory or Wealth management firms? We are looking at onboarding a company that will open accounts in the name of their customer for the purpose of managing their funds. They will have complete access via online banking. How do you manage this CIP? Does anyone have a sample agreement they would share? Any guidance?

            When Third-Party Vendors Mean Quadruple the Risk

            Good afternoon, Bankers. Today we are discussing the hidden risks behind fourth-party vendors. This post originally appeared on the Ncontracts blog.

            When Third-Party Vendors Mean Quadruple the Risk

            How fourth-party vendors may be costing your institution

            Are you fully measuring risks and costs? If your vendors are outsourcing, you may be underestimating your exposure to fourth-party vendors...

            READ THE FULL ARTICLE: Download the attached PDF

              Demo | A Consolidated Solution to Fight Financial Crime

              FRAML Approach: Fraud + Money Laundering

              August 23 at 12:30 PM - 01:30 PM EST

              While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

              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.

              Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

              • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
              • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, 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.

              Register now: https://verafin.com/event/framl-approach-fraud-money-laundering/?src=CBANC

              Blob

                FS-ISAC: Third Parties “Still a Big Risk”

                Good morning, Bankers! Today we are discussing the findings in the FS-ISAC's June Risk Summary Report. This post originally appeared on the Ncontracts blog.

                FS-ISAC: Third Parties “Still a Big Risk”

                Financial institutions need to continue to pay close attention to third-party access points, control objectives, reporting, monitoring, and gap analysis for the foreseeable future, according to an article in the Financial Services Information Sharing and Analysis Center’s (FS-ISAC) June Risk Summary Report...

                READ THE FULL ARTICLE: Download the attached PDF

                  Don't miss out! Free Contract Management and e-Signature Webinar

                  You are invited to our June webinar discussing the benefits of automating e-signature and contract management and its importance in managing third party risk. Register for free today! If you are not able to make it to the live event, we will send you the recording afterwards.

                  Lost in Space: The Benefits of Automation in New Worlds of Contract Management and e-Signature

                  Danger, Will Robinson! Stay out of harm’s way! Is that sentiment present at your financial institution, with unseen problems lurking with all the contracts in each department? The contract problems vary: outdated templates, multiple versions in circulation, no monitoring of renewal dates, no central repository, lack of compliance/due diligence as well as service level agreements. And in addition to that, there’s the issue of e-signature and how contracts are finalized. And if these challenges do exist in your financial institution, who wants to spearhead these process changes? This workshop will address:

                  • The evolution of electronic signatures and documents
                  • How best to utilize e-signature throughout your financial institution
                  • Addressing regulatory compliance for e-signature
                  • Assessing the situation of your contract management and signature workflows
                  • Best practices in the evolution of the contract, i.e. drafting, negotiating, finalizing, enacting
                  • Insights on the benefits of automation to gain control of your fiduciary responsibilities through contracts
                  • The importance of managing third party risk by automating and capturing the data

                  By automating e-signature and contract management, you’ll have seamless workflows that protect your financial institution – here and beyond!

                  Register Today

                    What is Vendor Management? 7 Tips for Vendor Management Success

                    Good morning, Bankers! Today we are discussing best practices for successful vendor management. This post originally appeared on the Ncontracts blog.

                    7 Tips for Vendor Management Success

                    Vendor management is the process by which an organization's third and fourth-party vendor contracts, expectations and business dealings are organized within a single system, making it easy to find, report on and edit vendor agreements. When looking for ways to achieve vendor management success, here are some pointers...

                    READ THE FULL ARTICLE: Download the attached PDF

                      Free June Webinar - Lost in Space: The Benefits of Automation in New Worlds of Contract Management and e-Signature

                      Good afternoon, Bankers! You are invited to our June webinar discussing the benefits of automating e-signature and contract management and its importance in managing third party risk. Register for free today! If you are not able to make it to the live event, we will send you the recording afterwards.

                      Danger, Will Robinson! Stay out of harm’s way! Is that sentiment present at your financial institution, with unseen problems lurking with all the contracts in each department? The contract problems vary: outdated templates, multiple versions in circulation, no monitoring of renewal dates, no central repository, lack of compliance/due diligence as well as service level agreements. And in addition to that, there’s the issue of e-signature and how contracts are finalized. And if these challenges do exist in your financial institution, who wants to spearhead these process changes? This workshop will address:

                      • The evolution of electronic signatures and documents
                      • How best to utilize e-signature throughout your financial institution
                      • Addressing regulatory compliance for e-signature
                      • Assessing the situation of your contract management and signature workflows
                      • Best practices in the evolution of the contract, i.e. drafting, negotiating, finalizing, enacting
                      • Insights on the benefits of automation to gain control of your fiduciary responsibilities through contracts
                      • The importance of managing third party risk by automating and capturing the data

                      By automating e-signature and contract management, you’ll have seamless workflows that protect your financial institution – here and beyond!

                      Register Today

                        New Regulatory Guidance About Cybersecurity Insurance

                        Hello, Bankers! Today we are discussing cybersecurity insurance. This post originally appeared on the Ncontracts blog.

                        New Regulatory Guidance About Cybersecurity Insurance

                        Does your institution need cybersecurity insurance? Is it required? If utilized, are there rules? Cybersecurity insurance can protect against financial loss in the event of a cyber incident, but there are many intricate details...

                        READ THE FULL ARTICLE: Download the attached PDF

                          Reminder! Free April Webinar - How the State Notice of Breach Provisions Impact Third-Party Risk and Operations

                          Don't forget! You are invited to our April webinar discussing notice of breach provisions and their impact on third-party risk management. Register for free today! If you are not able to make it to the live event, we will send you the recording afterwards.

                          With new cyber laws and guidance being released both at state and federal level, it’s a compounded problem on how to interpret and implement the complex steps associated with notice of breach provisions. Once you can discern the rules for both state and federal, how do you ensure that those rules are followed by all the key stakeholders in each department of your organization? This aspect of vendor management and operational risk should be front-and-center for the financial institution who understands the implications if not handled correctly. This webinar will feature such takeaways as:

                          • An overview of what’s at stake with notices of breach from regulatory agencies
                          • Why state statutes for notice of breach provisions are important
                          • How the state statutes can align or conflict with federal guidelines
                          • Best practices on working with other departments for effective implementation
                          • A primer on notification processes: what, when and how to disclose in terms of data
                          • An understanding of the role of vendors as part of the notification process

                          Register Today