By Anton J. Moch
Picture this: a customer calls to tell you the new mobile payment application you offer through your third party data processor resulted in an unauthorized draw on his $50,000 credit line. The result is an improper electronic payment being made to an outside party.
By Scott Sargent
For the past several years, federal regulators have targeted vendor management risk as one of their top regulatory priorities. The growing reliance on third-party service providers is only increasing the need and demand for effective vendor management programs. On April 2, the FDIC reminded the banks under its supervision that it expects them to comply with the guidance previously issued.
By Justin Dullum
Jo Ann Barefoot has been doing a lot of globetrotting lately. Since being named the first female Deputy Comptroller of the Currency in 1978, Barefoot launched a career in the private sector and describes herself as a “serial entrepreneur.” She is currently CEO of Barefoot Innovation Group, something of a think tank for financial technology, regulatory reform and the future of banking. She is a co-founder of Hummingbird Regtech (industry shorthand for regulation technology), and is a senior fellow emerita at Harvard University’s John F. Kennedy School of Government’s Center for Business & Government.
Robotic process automation offers many benefits for financial institutions, but you need to prepare before you jump in.
By Jason Chorlins and Roberto Valdez
Robotic process automation (RPA) is quickly
being adopted in the banking industry, trickling down from the biggest players
to community banks and online-only startups whose customers may not have
traditional accounts. Before you dive in, gain a better understanding of the
many ways bots are being used in banking, the future potential, and the implementation
considerations you shouldn’t overlook.
By Tara Ferris, Justin O’Brien and Paul Frasco
The last several years have shown a dramatic increase in the volume and complexity of customer tax information reporting (i.e., Forms 1099), highlighting challenges in the back office tax operations function responsible for tax reporting and withholding. These last few years have taught us that organizations would be prudent to focus on potential reputational risks of customer tax reporting and withholding as well as how to make their process more efficient and effective.