Effective business continuity plans (BCPs) are essential for any business but especially critical for financial institutions. Though they vary from bank-to-bank (or credit union), the fundamentals of retail banking are the same – ensure the continuity of vital business operations, mitigate risk, and safeguard data and revenue. Let’s also not forget the need to earn and sustain customer satisfaction and confidence. Trust equals profits and investments. If there is a breach of that trust, the potential for an FI appearing unstable (and ultimately failing) is high.
Have you heard of social engineers?
You may imagine them as professionals who bring people from different backgrounds into fellowship for the greater good. Possibly redesigning urban or suburban areas to accommodate the societal changes that have taken place over the past decade.
"Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” – Theodore Roosevelt
As 2016 kicks into gear, it’s apparent more sophisticated vendor risk management procedures are a must-have. Here are a few key reasons:
When you started working in the financial industry, you most likely didn’t think about biometric technology figuring into your career in any way. Well, fintech is here, and MasterCard is not only investing in it; but used it in successful pilot programs with First Tech Credit Union (based in Mountain View, CA) and Dutch bank ABN Amro. During the program, a participant could send a selfie, recite a phrase or scan his or her fingerprint to perform financial transactions.
Right before the Thanksgiving holiday, the CFPB released a compliance bulletin reminding financial organizations of their responsibilities and obligations to consumers under the Electronic Funds Transfer Act (EFTA) Regulation E.