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!
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.