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Best Practices

Staying On Top of Vendor Risk Management News: Week of October 8

Oct 12, 2018 by Branan Cooper

We've selected some top stories below related to third party risk management that we found interesting from this past week. There’s more on cybersecurity, fines, data breaches and more.

Industry News for the Week of October 8

JP Morgan pays major OFAC fine – reminder that OFAC checks are always a good idea: Read here

Staggering stats on volume of data breaches: Read here

Why don’t you guys just share more? Shhhh, it’s a bank secret: Read here 

Normally I stay out of political speculation, but this article is intriguing: Read here

Law firms can get their own enforcement actions levied: Read here

Upcoming webinar of interest for our credit union friends: Read here 

Forget NYDFS, let’s get a national movement: Read here

Best practices in compliance: Read here

Google hid massive data breach: WSJ

glitch in Google+ let outside developers see the private profile data of “hundreds of thousands of users” from 2015 to March 2018, according to documents and people briefed on the matter, The Wall Street Journal reported. Those sources also indicate that after the search giant came up with a patch, it refrained from disclosing the breach for fear of comparison with Facebook’s Cambridge Analytica scandal, the newspaper said. Google, which is junking the app, said Monday that no evidence of data “misuse” drove its decision not to disclose the breach


J.P. Morgan Chase & Co.’s nearly $5.3 million civil settlement quashing allegations that the bank handled dozens of payments benefiting Iranian and Cuban targets of U.S. sanctions in the airline industry suggests the U.S. Treasury Department won’t be lenient with banks that make sanctions-related missteps.

– Heather D. Nevitt, Esq., Editor-in-Chief, Corporate Counsel, Inside Counsel and Texas Lawyer 

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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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