Nblog

The OCC Walks the Enterprise Risk Management Walk—and So Should You

Posted by The Power of N on Apr 21, 2016 9:16:36 AM

For years regulatory agencies, including the Office of the Comptroller of the Currency, have emphasized the importance of enterprise risk management (ERM) at financial institutions. Now the OCC is taking its own advice—and sharing its findings.

The agency’s recently released Enterprise Risk Appetite Statement1 is the work of its Office of Enterprise Risk management, a function created last summer to “identify, evaluate, and manage risks to the agency,” according to the press release announcing its creation.

But more than that, it gives us a strong example of best practices.

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Topics: ERM, risk management/assessment

Our white paper focuses on recent FDIC vendor management guidance

Posted by The Power of N on Apr 19, 2016 11:46:27 AM

 

Just because a bank outsources an activity doesn't mean it can outsource responsibility.

The FDIC's most recent regulatory guidance on vendor management has three significant takeaways for community banks:

  • Contract risk management
  • Vendor management and cybersecurity
  • Disaster recovery and business continuity planning

This white paper takes a deep dive into these three areas and the impact they have on your bank-wide approach to vendor management and compliance.

 

Ncontracts FDIC guidance white paper

 
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Topics: vendor management, bank vendor management, FDIC video guidance white paper

Cybersecurity Maturity: How grown up is your solution?

Posted by The Power of N on Feb 12, 2016 2:52:42 PM

Headlines like “Target Offers $10M in Data Breach Settlement” should scare any financial institution into reevaluating the strength of its cybersecurity program. Immediately after the security breach, Target released a statement reporting, “as many as 40 million credit and debit card accounts may be impacted.” 

Data breaches cost financial institutions far more than debit and credit card holder reimbursements. They also compromise customer and shareholder confidence and trust. Ever hear of a ‘run on the bank?’

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Topics: cybersecurity, Ncyber

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

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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