7 Steps For Completing BSA/AML Risk Assessment for Financial Institutions
BSA/AML Risk Assessment is a compliance tool that helps FIs identify, assess and reduce risks associated with money laundering, terrorist financing, or regulatory noncompliance. It also helps them determine if they should adopt new policies or processes to protect themselves from losses related to identified risks.
How Financial Institutions can Manage Regulatory Change
Regulatory change is an ongoing part of financial institutions (FIs) life. For one, the industry is one of the most highly regulated in the world. According to a 2020 report by Thomson Reuters Regulatory Intelligence, a typical financial services organization is...
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.
How Banks Can Implement The 5 Pillars of BSA/AML Compliance Program
Find out how to effectively implement the 5 pillars of the BSA/AML compliance program for your bank here. Don’t undermine your BSA/AML program efforts.
The 5 Biggest Compliance Threats for Financial Institutions and How to Avoid them
Have you ever faced a compliance threat and wished you could see into the future? Fortunately, there are several ways to help you achieve this. Take a look.
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
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
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...
Risk Assessments and Internal Audit Usage in Compliance Strategy
To have an effective compliance strategy, institutions need to use internal audits and risk assessments.
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 Top 10 Benefits of Working With an Internal Auditor
An internal auditor is a professional who assures that an organization’s risk management, governance, and internal control processes are effective…
Business Continuity and Disaster Recovery Planning
This is a complete 2022 guide outlining the importance and effective ways to develop a business continuity and disaster recovery plan.
What You Need to Know for Your Next Disaster Recovery Audit
This is a complete 2022 guide outlining what you need to know to develop an effective disaster recovery audit.
RADD Engages with a $5.5B credit union in lowa to assist on the BSA model validation
We are delighted with another engagement with a $5.5B lowa-based credit union to be assisting them on BSA/AML model validation. Building a solid BSA program can detect early risk indicators which can prevent significant loss. Our qualified team can help regulate your...
EIDLing the Engine: Don’t Call Us, We’ll Call You
First the Subject line. With a new administration and congress, there are going to be a LOT of changes to rules and policies that affect your business, so my focus will be to keep you updated with the relevant items and try not to take more than a few minutes of...
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...
All You Need to Know About Internal Audits: How to Pick the Right Audit Partner
Internal audits are a key component of any business that is looking to maintain compliance with regulations. They are an essential part of ensuring the integrity and efficiency of your organization. Internal auditors provide in-depth analysis on how your company...
What You Need to Know About Reg E banking Liability and P2P Payments (and the Compliance Challenges They Pose)
Have you ever been in a situation where it’s time to split the check for dinner at a restaurant with friends? Usually, this would involve digging around through wallets and purses or maybe scribbling down names on napkins of who owes how much for their meal. With...
Audit Procedure: 9 Types of Testing Methods You Need to Know
Fraud. Preventing fraud is a big business. It’s also very difficult to detect and find without the right knowledge of audit procedure. The idea of an audit as a preventative measure has been around for centuries, but it was not until the 17th century that auditing...
Learn How Virtual Currencies Can Impact Your Business and What You Should Be Doing About It Now
Virtual currency is becoming more accessible than ever. With providing just a little information, purchasing virtual currency can be conducted without being very tech-savvy. The popularity of virtual currency is continuing to increase with users ranging from everyday...
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
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...
Organizational Readiness Assessments: Why They Are Important for Your Institution
Organizational readiness assessments are seen as a way to get feedback on how well an organization is working and can be used for many purposes. An organizational readiness assessments should be taken by any professional looking to improve their workplace or business...
Risk Management, Risk Assessment, and Risk Analysis: What’s the Difference and What You Need to Know
What Is Risk? Risk is a calculated chance of something going wrong. It’s an event with both a probability and the potential for loss or damage. When referring to business risk, it is the possible negative impact and consequences to the company of an event or a...
Positive and Negative Risk: The Tools Your Institutions Needs to Weigh Them
In today’s business world, institutions must be able to assess the risk they face. How do you know what type of risk your institution faces? To determine that, we need a framework that will help us evaluate our risks and then take appropriate measures. This blog post...
The Federal Trade Commission Red Flag Rules: What Your Institution Needs to Know
The Federal Trade Commission has established that roughly nine million Americans are victims of identity theft each year. To help reduce these numbers, the Federal Trade Commission developed a series of red flags to help your organization identify fraud attempts...
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...
Navigating A Changing Landscape – Internal Auditing
As technology and the threats that come with it change, internal auditing must change with it. Audit teams must approach cyber risk and the challenges that come with implementing emerging technology. It is the responsibility of the internal audit function to help...