Great insights from recent enforcement actions.
VP of Compliance at Ncontracts - Risk, Compliance & Vendor Management Software & Services
🔍 The Slew of October Enforcement Actions and Guidance Revealed 3 Key Themes: 1️⃣ Formal Change Management Process – A structured change management process is essential before implementing any internal changes—especially consumer-facing ones. This helps ensure seamless transitions and aligns changes with regulatory requirements, mitigating the risk of negative impacts on consumers. 2️⃣ Due Diligence on Third-Parties – Vendor relationships can introduce various risks, from cybersecurity to compliance vulnerabilities. Thorough vetting is crucial before any partnership. Know what to ask for in terms of risk management resources before signing on the dotted line, as this can protect your institution from unforeseen issues. 3️⃣ Leveraging Data to Understand Institutional Practices – Data is a potent tool for gaining insight into potential compliance gaps and areas for improvement. Whether spotting redlining risk or enhancing consumer service, data-driven decisions in areas like new branch locations, ATMs, and ITMs are indispensable. By leveraging data effectively, you can stay ahead of potential issues and avoid regulatory agencies bringing them to light. Compliance leaders, let's stay proactive by implementing these key practices! #Compliance #RiskManagement #Banking #FinancialServices #DataDriven