What is Enhanced Due Diligence (EDD) in Banking?

What is Enhanced Due Diligence (EDD) in Banking?

Enhanced Due Diligence (EDD) is a risk-based approach to KYC procedures. It was developed in response to the increasingly complex financial crime environment. Banks have always been required to know their customers before providing them with banking services, but financial crime risk has increased substantially since 9/11 and other related events. As a result, banks are under pressure from regulators and governments worldwide to adopt stricter customer identification and due diligence standards. EDD, thus, was born of necessity.

In-House vs. Outsourced Internal Audit: Which Is Better for Financial Institutions?

In-House vs. Outsourced Internal Audit: Which Is Better for Financial Institutions?

In today’s fast-paced business operations, outsourcing has become a popular approach to reduce costs and improve efficiency. It’s also a great way to access expertise and skills that might be lacking in-house. But before we explore why outsourcing might be a better solution to internal audits in the financial service industry, let’s look at internal auditing and how in-house internal audits differ from outsourcing.

8 Common Pitfalls That Sabotage Fintech-Financial Institutions Relationships

8 Common Pitfalls That Sabotage Fintech-Financial Institutions Relationships

As the financial services industry evolves, financial institutions (FIs) increasingly turn to fintech to meet their needs. For one thing, fintech offers innovative solutions that help FIs deliver new capabilities, respond to changing customer expectations, increase revenue streams, and improve operational efficiency.

However, FIs who have explored or implemented collaboration with fintech have encountered challenges that have derailed their efforts or resulted in less-than-desired outcomes. As a result, FIs must be careful not to fall into common pitfalls that could lead to failure when partnering with fintech companies.

The Unique Challenges of Banking and Cannabis

The Unique Challenges of Banking and Cannabis

For most businesses in America, banking is a straightforward affair. Not many industries can operate without banks and the banks, for their part, benefit from large corporate accounts. However, when it comes to cannabis-related businesses, banking can be a real...

The Best Types of Fintech Companies to Partner With: How Financial Institutions Can Succeed in the Digital Age

The Best Types of Fintech Companies to Partner With: How Financial Institutions Can Succeed in the Digital Age

Financial institutions are under pressure to succeed in the digital age. They need to partner with the best fintech companies out there to keep up. Currently, nearly 90% of financial institutions consider fintech partnerships crucial to success. But with so many different options, how can financial institutions be sure which ones are right for them?

This blog post will discuss the best types of fintech companies to partner with and explain why each one is a good fit for financial institutions!

CYBERSECURITY AND VENDOR MANAGEMENT

CYBERSECURITY AND VENDOR MANAGEMENT

To have an effective regulatory  compliance strategy, institutions need to use internal audits and risk assessments. Part of which is cybersecurity and vendor management , the focus of this blog. The most effective internal audit teams want to go beyond the...

Community Reinvestment Act

Community Reinvestment Act

CRA was created to require regulatory agencies to encourage financial institutions to help address the credit needs of low and moderate-income neighborhoods through lending and community development activities.

The Importance of Reducing Your Compliance Management

The Importance of Reducing Your Compliance Management

The Importance of Reducing Your Compliance Management WorkloadWhy is compliance important?Enforcing compliance helps you prevent and detect infractions to resolve and avoid fines and lawsuits.It can be said that compliance management is a continuous job.Just as one...

The Top Emerging Risks in 2021 As Seen By Bank CCO’s

This is an article about the top emerging risks to banks in 2021. These risks include the post-pandemic workforce, environmental, social, and governance matters, digital assets, and how social media has been affecting market activity. You’re reading this because you...

15 Strategies for Effective Policy Management

15 Strategies for Effective Policy Management

Policies are an important part of any organization. They not only serve to protect the company, but they also help employees know what is expected of them and what they can expect from their employer. Policies must be clear, concise, and easy to understand so that...

10 Most Common Compliance Risks and How to Avoid Them

10 Most Common Compliance Risks and How to Avoid Them

Regulatory Compliance  risks is an important topic for any business. Most institution leaders consider regulatory compliance the cost of doing business in the industry. It’s especially important for those businesses that work with sensitive data such as financial...