(270) 506-5140 CONTACT US
Best Practices

Staying On Top of Vendor Risk Management News: Week of October 15

Oct 19, 2018 by Branan Cooper

We've selected some insightful stories below related to third party risk management that we found interesting from this past week. Biggest news this week is CFPB claims it will define “A” for abusive. Read about that and more below.

Industry News for the Week of October 15

RMA analysis of the joint announcement on collaboration in BSA matters: Read here 

Fed commentary and education on risk issues: Read here

I saw this one coming – consumer groups challenging the proposed CFPB disclosure sandbox: Read here

ABA article on FinTech and artificial intelligence (has third party implications): Read here 

Regulators can help innovate (yes, really…): Read here

New FDIC subscription service to include updates to examination manuals: Read here 

Will A finally be defined?: Read here 

Sen Warren rebukes Comerica over fraud issues – this article has a bit of everything from identity theft to prepaid issues to complaint management: Read here

Tide is turning in enforcement actions: Read here

Banks need to do better collecting data: Read here

This will be interesting – Fed chair to host national town hall: Read here

Insurer to pay record $16m for massive data breach
Anthem , the second-largest health insurer in the U.S., will pay the government a record $16m to settle potential violations of privacy requirements in a 2015 hack that compromised the personal information of nearly 79m people. Names, birthdates, Social Security numbers and medical IDs were exposed in the cyberattack. “The largest health data breach in U.S. history fully merits the largest HIPAA settlement in history,” Office for Civil Rights director Roger Severino said in a statement, adding “Anthem failed to implement appropriate measures for detecting hackers who had gained access to their system to harvest passwords and steal people’s private information.”
Chicago Sun-Times 

Tech vendor fixes problem that held up prepaid cardholders’ paychecks: Read here

Are you paying attention to your vendor's cybersecurity? Learn about the top 4 areas in our infographic. Download now.

Regulatory Developments Impact Your Next Vendor Management Exam eBook

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).

Follow Branan Cooper

Subscribe to the Venminder Blog