Nblog

Becoming Unbreakable: Why Business Continuity is Critical for FI’s

Posted by The Power of N on Feb 5, 2016 12:42:19 PM

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.

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Topics: BCP, cybersecurity, FFIEC, Ncontinuity

The perps behind cyber crime may not always be whom you think

Posted by The Power of N on Jan 22, 2016 12:27:31 PM

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.

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Topics: BCP, Ncontinuity

The face of third-party vendor risk management in 2016

Posted by The Power of N on Jan 8, 2016 3:11:31 PM

"Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” – Theodore Roosevelt

 

In 2015, we wrote about best practices in vendor management, new regulatory mandates, and increasing cyber-ransom attacks on financial institutions.

As 2016 kicks into gear, it’s apparent more sophisticated vendor risk management procedures are a must-have. Here are a few key reasons:

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Topics: BCP, cybersecurity, vendor management, Nvendor

Forget social media: In 2016, you may be paying bills with a selfie.

Posted by The Power of N on Dec 18, 2015 3:59:40 PM

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.

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Topics: Nvendor, CFPB

CFPB Alert: Guidance on preauthorized debit transactions

Posted by The Power of N on Dec 1, 2015 12:59:49 PM

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.

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Topics: Insider, CFPB

Nblog

This blog is a resource for vendor, contract and risk management insights and information from us to you.

If there is a new development in keeping third-party vendor relationships and contracts compliant, you'll find it here. As soon as Ncontracts uncovers news of financial data breaches, we'll post useful tips on how those situations could be avoided. The Nblog lays out industry trends in an interesting way. We invite you to subscribe to our updates and engage us in coversation with your thoughts and ideas. This is as much a forum for us as it is for you.

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