This week's vendor management industry news includes analysis of the new fintech charter (some vastly different viewpoints), an article that reminds us that third party risk is not just a financial services industry challenge, the importance of social media monitoring, an article on the benefits of a development sandbox that helps both fintechs and regulators understand the landscape and more. Read below for all the details!
Industry News for the Week of August 6
Legal analysis of the possible transformative effect of the Treasury report recommendations: Read here
ABA Banking Journal podcast on the fintech developments: Read here
Bloomberg on the “game changer” of a charter but warns that the regulations will be difficult for most companies: Read here
Why social media monitoring matters: Read here
Regulatory burden hits small banks the hardest: Read here
This webinar, presented by the Federal Reserve Bank, looks terrific - Complaints as a Supervisory and Risk Management Tool - Aug 29 2pm ET: Read here
Fintech firms react to the new fintech charter opportunity: Read here
7 questions (and answers!) about the fintech charter: Read here
Banks plead with FDIC to simplify the de novo process: Read here
According to RSA:
"Fifty-six percent of the businesses polled last year by Ponemon Institute, a security research firm, said they had at some point experienced a data breach linked to a vendor." Wow! Another great example of why third party risk management is integral to security.
Third party risk isn’t limited to financial services: Read here
Analysis of the fintech Charter by Clark Hill: Read here
Facebook asks banks for account level information – privacy concerns aside, the move signals an interested in broadening Facebook’s participation in the financial services and transaction industries: Read here
This headline is nearly a direct quote of something I said last week – and yes, the sandbox approach (as a recent speaker said, I prefer the term “greenhouse” where things grow and flourish rather than just kids playing around) benefits not only fintechs and financial institution but also regulators: Read here
Federal Reserve board launches consumer compliance supervision bulletin: Read here
Protect yourself against third party risk. Download our infographic on doing proper due diligence vs just collecting documents and filing them away.