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Vendor Management Is Risk Management

Just because you outsource it, you’re still responsible for it. — Terry Ammons

By Alaina Webster

At a time when more and more financial institutions are outsourcing pieces of their operations, good vendor management has become crucial to success. From improving the bottom line to staying in the good graces of regulators, staying on top of vendor services and understanding the vulnerabilities they present is a key challenge.

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Thinking Outside the Black Box

Why AI in AML makes sense.

By Alaina Webster

Recently, federal regulatory agencies issued a joint statement that, boiled down, encourages financial institutions to take advantage of the possibilities artificial intelligence (among other new technologies) might offer banks in meeting their Bank Secrecy Act/anti-money laundering compliance requirements.

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Will the Fed’s Move Toward Faster Payments Keep Pace With Industry Needs?

In late October, the Federal Reserve Bank of Kansas City hosted the first of what will eventually be 12 town hall-style meetings at its district banks throughout the U.S. The purpose of these meetings: to introduce financial industry types to two proposals for central bank involvement in faster, real-time payments and gauge their reactions.

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Young Employees Want Banks to Bring the “Sexy” Back

By Alaina Webster, Managing Editor 

While attending BAI Beacon in Orlando, Fla., I had the privilege of speaking with three members of the organization’s “Emerging Leaders” program, individuals handpicked by BAI as being among the best new talent to enter the financial sector. Having been selected in previous years, these Leaders now serve as advisors to incoming participants. All three hold various positions at financial institutions of all sizes across the country, but they were uniform in their passion for the industry. Moreover, they did not hold back when it came to discussing what’s missing as banks and credit unions struggle to attract younger employees in a tight labor market.

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The Highs and Lows of Marijuana Banking

By Alaina Webster, Managing Editor

When I was in high school (some indeterminate number of years ago), the idea of legal marijuana consumption was unthinkable. Fast forward a couple decades, and cannabis legalization is not only being talked about, it’s a reality in several U.S. states. However, it’s still not legal federally, and therein lies the rub for many banks and marijuana-related businesses (MRBs).

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