Best Practices

Week of January 21, 2019: Staying on Top of Vendor Risk Management News

Jan 25, 2019 by Branan Cooper

This was a short week and although there is less industry news this week, what news there is still is significant. Read for more details below!

Industry News for the Week of January 21

Fighting an enforcement action can be very costly: Read here

House Financial Services Committee outlines agenda: Read here

Google hit with large GDPR fine: Read here

Compliance Centers of Excellence: Read here

FDIC updates Compliance Examination Manual

The FDIC has notified email subscribers it has posted updated sections of its Compliance Examination Manual. Sections updated in December include:

II-6.1 Communicating Findings
II-8.1 Investigations and Visitations
II-9.1 Enforcement Actions
III-2.1 Bank of Anytown
V-2.1 Determining Whether TIL Restitution is Required
VII-1.1 Federal Trade Commission Act, Section 5 (UDAP)

Read the full report here

The struggle for laws to keep pace with innovation: Read here

Banks should play in the sandbox: Read here

Get an in-depth look at the State of Third Party Risk Management. Download the whitepaper here.

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).