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Staying On Top of Vendor Risk Management News: Week of May 28

Jun 1, 2018 by Branan Cooper

I hope everyone had an enjoyable Memorial Day Weekend! We figured you were out enjoying warm weather with friends and family, barbecuing or taking a dip in the pool, so we put together some of the most important stories in vendor risk management news that you might've missed.

Headlines include: bank stocks are up significantly with the Dodd Frank reform measure passed, breach and GDPR fears cause concern, online retailers need to focus on security, Colorado raises the bar on cybersecurity and notification requirements, SEC to hold its first Advisory Committee meeting held outside Washington, D.C. - to be held in Atlanta instead - and more. 

The team here at Venminder would like to thank families and members of United States Armed Forces who died while serving our country. Venminder is a proud past and present employer of U.S. Armed Forces Veterans. We salute you! 

Industry News for the Week of May 28

OCC risk perspective summarized:

OCC Spring 2018 semiannual risk perspective issued
 

The OCC has issued its Semiannual Risk Perspective for Spring 2018. Highlights include:

  • Competition for quality loans is strong, as examiners note evidence of eased underwriting. The accommodating credit environment warrants a continued focus on underwriting practices to monitor and assess credit risk and lender complacency.
  • Operational risk is elevated as banks adapt business models, transform technology and operating processes, and respond to evolving cyber threats.
  • Compliance risk is elevated as banks manage money laundering risks and implement changes to policies and procedures to comply with amended Bank Secrecy Act and consumer protection requirements.
  • The continued increase in market interest rates may eventually lead to higher funding costs for banks, as economic growth increases loan demand and competition for funding pressures banks to raise deposit yields

The prospects for the proposed FinTech charter grow much murkier with comments made by the new Comptroller: Read here

Mulvaney says CFPB database may be restructured to prevent reputation risk harm from those complaints that cannot be verified (a longstanding sore subject with the financial services community): Read here

Ballard Spahr analysis of additional Mulvaney commentary: Read here

Bank stocks are up significantly with the Dodd Frank reform measure passed, but as you’ve heard on our Thought Leadership interviews, none of this directly provides relief in the third party risk management space: Read here

Breach and GDPR fears cause concern: Read here

Online retailers need to focus on security: Read here

Colorado raises the bar on cybersecurity and notification requirements: Read here

SEC to hold its first Advisory Committee meeting held outside Washington, D.C. - to be held in Atlanta instead: Read here

Regulators’ news: Read here

Did you know? Vendor risk management is an SEC exam priority for 2018. Make sure you've made the necessary preparations - download our helpful eBook to make the prep a little less stressful.

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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.

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