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

by Chinedu Nnadi | Oct 17, 2022 | RADD BUZZ

Jump to section Toggle What is internal auditing?In-House vs outsourced internal audit, what is the difference?Why outsourcing may be the best approach for internal auditing in financial institutions1. Independence and Objectivity2. Specialised expertise plus a fresh...

7 Steps For Completing BSA/AML Risk Assessment for Financial Institutions

by Chinedu Nnadi | Oct 4, 2022 | RADD BUZZ

Jump to section Toggle What is BSA/AML Risk Assessment?Step 1: Identify Your Risk Categoriesa. Customer risk factorsb. Product, services and transaction risk factorsc. Delivery channel risk factorsd. Geographical risk factorsStep 2: Analyze The Information Collected...

How Financial Institutions can Manage Regulatory Change

by Chinedu Nnadi | Sep 23, 2022 | RADD BUZZ

Jump to section Toggle 1. Define your areas of regulatory risk exposure 2. Expand the scope of your compliance program3. Centralize regulatory compliance4. Review your business processes5. Manage risk by identifying regulatory gaps6. Implement strong regulatory change...

8 Common Pitfalls That Sabotage Fintech-Financial Institutions Relationships

by Chinedu Nnadi | Sep 14, 2022 | RADD BUZZ

Jump to section Toggle 1. Management and Cultural Differences2. Non-compliance with Regulations3. Cybersecurity Breaches4. Bank Secrecy Act/ Anti-money laundering (BSA/AML)5. Violation of Intellectual Property Rights (IPR)6. Insufficient Information Security...

How Banks Can Implement The 5 Pillars of BSA/AML Compliance Program

by Chinedu Nnadi | Aug 28, 2022 | RADD BUZZ

Jump to section Toggle Pillar 1: Internal ControlsPillar 2: AML OfficerPillar 3: TrainingPillar 4: Independent ReviewPillar 5: Customer Due DiligenceFinal Thoughts All over the world, there are stringent laws that require banks to implement measures against money...

The 5 Biggest Compliance Threats for Financial Institutions and How to Avoid them

by Chinedu Nnadi | Aug 15, 2022 | RADD BUZZ

Jump to section Toggle 1. Cybersecurity2. Third-party relationships3. Payment Fraud4. Misuse of confidential information by employees5. Time and resource shortagesConclusion In the financial industry, regulations are a big deal. You have to comply with them to stay in...

The Unique Challenges of Banking and Cannabis

by Chinedu Nnadi | Aug 2, 2022 | RADD BUZZ

Jump to section Toggle Bank Secrecy Act & Anti-Money Laundering ComplianceState Level Fixes: PennsylvaniaHow would SAFE Banking Change Cannabis Banking?Rescheduling Cannabis is the Only Permanent Fix For most businesses in America, banking is a straightforward...

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

by Chinedu Nnadi | Jun 11, 2022 | RADD BUZZ

Jump to section Toggle Best Types of Fintech Companies to Partner With1. Digital Account Onboarding2. Transaction Processing3. Data Analytics4. Artificial Intelligence5. Faster Payments6. Digital Loans7. Cybersecurity8. Honorable MentionsAligning an...

CYBERSECURITY AND VENDOR MANAGEMENT

by Chinedu Nnadi | Apr 15, 2022 | RADD BUZZ

Jump to section Toggle Protect the institution from potential breachesEvaluate vendors’ ability to identify and resolve incidentsSafeguard customer dataIdentify low and medium-risk vendors to ensure proper resources are allocated to high-risk and critical...

Risk Assessments and Internal Audit Usage in Compliance Strategy

by Chinedu Nnadi | Apr 5, 2022 | RADD BUZZ

Jump to section Toggle Advantages of Risk Assessments and Internal Audit Usage in Compliance StrategyEnhanced Risk ManagementBetter Combined AssuranceMerged FocusLess Audit OverlapCreating a Compliance CultureConclusion To have an effective compliance strategy,...