Grant Thornton (US)’s Post

The Federal Reserve, FDIC, and OCC have issued joint guidance emphasizing the need for responsible innovation. 🏦 This guidance signals increased scrutiny of bank-fintech arrangements. Financial institutions should review their partnerships and risk management practices. Read the full article to learn more about the regulators' stance and implications for the industry, insight.ask.degree #Banking #Fintech #Regulation #RiskManagement

A story about #derisking and the #riskbasedapproach, or lack of it in #banking that continues to rumble on. Exiting as a result of categorising a customer as a #fraud risk, without any evidence and based purely on #commercial grounds, if true, is a dangerous game to play. #rba #wronglycategorised #bankaccount #risk #riskmanagement #debanked https://lnkd.in/eGtup_XH

I found this is a very powerful article offering some great perspectives for those working in Risk and Compliance. It certainly puts the right spotlight on their role looking into the future. How will banks differentiate? #compliance, #digitaltransformation ,#neobanking

Why enhancing banks’ controls needs to be priority for the COO ___ Navigating the complex control landscape in banks today mirrors the challenges faced with IT legacy systems a decade ago - tactical additions have led to layers of duplicate controls, making oversight burdensome. « Today, in many instances, control and oversight are now arguably more onerous than the execution of the process itself ». The COO, partnering with the CRO, must now delicately balance peeling back these layers to enhance customer and colleague experiences, reduce costs, and simplify operations, all while ensuring the bank remains safe and resilient. This article explores strategies for banking institutions to approach this journey, highlighting key success criteria and expected benefits. Mario Schlener, Yannic Blais-Gauthier, M.Sc., FRM, CAMS, Adeline Cheng (She / Her), Louis Desgagné, CPA, Céleste Duke #EY #internalcontrols #COO #CRO #Banking #RiskManagement #OperationalEfficiency

Banking regulators, the OCC, Fed, and FDIC, issue RFI/comment on bank-fintech relationships. They seek input on the nature of bank-fintech arrangements, effective risk management practices, and whether there should be enhancements to existing supervision to address these risks in a manner consistent with consumer protection requirements and thwart financial crimes. https://buff.ly/4dAnTY2 #FinTech #FinServ #Banking #Regulation

#AFC professionals and #riskmanagement experts there is an interesting reading from FRB reminding us that offering services through partners (#whitelabel) and serving #Fintech clients requires appropriate arrangements Evolve partners with various financial technology companies that, in turn, provide access to banking products and services to their end customers. Examinations conducted in 2023 found that Evolve engaged in unsafe and unsound banking practices by failing to have in place an effective risk management framework for those partnerships. In addition, Evolve did not maintain an effective risk management program or controls sufficient to comply with #antimoneylaundering laws and laws protecting consumers. https://lnkd.in/eBRxrqWZ

Despite high interest rates and increased regulatory scrutiny, 66% of bank executives are confident about growth this year, per KPMG's 2024 US Banking Industry Outlook Survey. Let Leach Advisors help enhance your corporate brand valuation through strategic communications and reputation management. #Banking #BrandReputation

I attended a full lecture on risk department at Banker's lounge. I learned the types of risks and customers, How the process of accepting or rejecting the customer banking is occurring, How can the employees in this project convert the customer's request from rejected to approved, What is the I-score and how to read it, the importance of full assessment and The difference between the two departments"filtration-Risk".

How fintech-forward banks can prep for regulatory scrutiny Federal agencies have issued guidance emphasizing due diligence in fintech relationships, emphasizing the importance of considering risk level, complexity, and partnership nature in sound risk management. The guidance clarified that the use of third parties does not diminish or remove the responsibility of banking organizations to ensure safe and legal activities. Banks should identify and document limitations in due diligence, understand risks, and consider alternatives to mitigate them, while maintaining good records and implementing additional controls. It is advisable to maintain continuous communication with regulators. https://okt.to/Mvkd7Y

TBB's Mike Murphy is sharing three tips for managing your regulator relationship in the latest issue of The Bankers Bulletin (read it here: https://lnkd.in/gdsNhAvv). As a long-time banker who used to be an examiner, his perspective is both unique and helpful!