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Top 10 Risk, Compliance & Vendor Management Blog Posts of 2021

Risk & Compliance

Top 10 Risk, Compliance & Vendor Management Blog Posts of 2021

Posted by Ncontracts on Dec 29, 2021 6:00:00 AM

Before you bid adieu to 2021, take a few moments to catch up on some of the year’s biggest risk, compliance, and vendor management trends. From regulatory guidance to enforcement actions, the experts behind the Ncontracts Nsight blog have got you covered. 

1. The Future of Vendor Management: What the Proposed Federal Third-Party Guidance Means for Your Bank

It’s been years in the making and now the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have finally proposed new vendor management guidance. What does the proposal say? What might it mean for your bank?  We offer three takeaways in this article. 

2. Mystery Solved: We Finally Know the Source of Wells Fargo’s Culture Problem 

After five years of wondering, we’ve finally solved the mystery of Wells Fargo’s failed culture of risk management—and it’s even more shocking than I thought it would be. Read the article to solve the mystery! 

3. OCC reprimands bank for poor risk oversight, weak internal controls & repeat findings 

When you think of unsafe and unsound banking practices, what’s the first thing that comes to mind? Bad loan underwriting? Insufficient capital? Inadequate allowance for loan and lease losses or credit losses?  

Most lenders immediately think of financial and credit risk—but that’s just one area. Poor risk management can also be an unsafe and unsound banking practice as the Office of the Comptroller of the Currency (OCC) has reminded us in its consent order against Cenlar FSB.  

In a consent order, the OCC says Cenlar came up short when it came to internal controls and exam findings.   

4. 2021’s Hottest Risk Management Trends

Outdated risk management is never cool. Staying stuck in the past exposes your bank, credit union, mortgage company, or fintech to increased risk—and the worst part is, you might not even realize it. Is your risk management on target or falling behind? In this article, we included a chart to let you know what’s in and what’s out when it comes to risk management. 

5. 3 Compliance Lessons from Capital One’s $390M BSA/AML Fine 

What happens when you mix a high-risk business unit with insufficient controls? In the case of Capital One Bank, the answer is a $390 million civil money penalty from The Financial Crimes Enforcement Network (FinCEN). Our article provides a rundown of red flags and lessons learned. 

6. The Three Lines of Defense & Vendor Management 

The Three Lines of Defense (now known as the Three Lines model) is a risk management tool designed to help financial institutions achieve strategic objectives and create and protect value. Focusing on governance and collaboration, it details the role of each of the three lines in an organization and the relationship they need to have with the board and each other. This post shows you how to apply the Three Lines to your vendor management program. 

7. 4 Ways to Relieve the Stress of Being a Compliance Officer 

Compliance can feel like a race with no finish line. As soon as one task is completed, another priority requires attention, leaving little time to catch your breath. What are some of the most common sources of stress for compliance officers, and how can they alleviate them? Read the article to find out. 

8. Want to Avoid Litigation? Make Sure Your Financial Institution Isn’t Making These Three Common Mistakes 

Litigation is time-consuming and expensive—not to mention a huge risk to the reputation of a bank, credit union, or mortgage company.  Why do lawsuits happen and what steps can financial institutions take to minimize their exposure? In many cases, it comes down to compliance. Read our article for three common compliance management mistakes that can result in litigation. 

9. RegTech vs. SupTech: What You Need to Know

Regulatory technology, or RegTech, is a technology solution designed to help a bank, credit union, or other financial institution manage regulatory compliance. SupTech gives regulatory agencies technological tools to improve efficiency through automation. This post explores what these concepts mean for the financial services industry and how they will impact the industry going forward. 

10. The Cost of Compliance in 2021

Compliance isn’t cheap—but how much is it really costing the financial services industry and financial institutions like yours? We’ve dug into the data on compliance costs to uncover the latest trends in spending, from where the money is going to how it’s impacting potential mergers and acquisitions. 

It may not be light reading, but these articles can help you get up to date on risk, compliance, and vendor management. Start the new year equipped with the info you need to succeed in these areas! 

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Topics: Risk & Compliance