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Staying On Top of Vendor Risk Management News: Week of August 6

Aug 10, 2018 by Branan Cooper

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. 

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Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan leads the Venminder delivery team as the third party risk management subject matter expert in residence. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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