How do BSA/AML & Reg E Relate to Financial Institutions Using Social Media?
Recently I read an article that suggested BSA/AML and Reg E were compliance concerns to be aware of when using social media at a financial institution. This surprised me because in all my observations of financial institutions using social media, I hadn’t seen anything that would seem to relate to these regulations.
Upon further investigation, it [...]
5 Banking Regulations Affecting Social Media Compliance
Beginning with the obvious hurdles of FDIC and NCUA advertising requirements, there are many compliance concerns to keep in mind when contemplating a social media initiative at your financial institution. If you *ever* plan to post an advertisement on a social media platform, you’d be wise to add the proper advertising statement and/or symbol on [...]
Thoughts On a Successful Compliance Program.
With the focus on regulatory reform and how financial institutions will handle it all with regard to compliance management I thought I’d pass along a list that was published in the July issue of Credit Union Magazine. The list points out 10 features of a successful compliance program.
The list was compiled based on a recent [...]
Drafting a Vendor Management Policy for your Financial Institution
Community banks and credit unions need to manage the risks associated with all services outsourced to vendors with a set of procedures and controls. A strong vendor management policy sets the stage for success in this effort. With the knowledge that your IT department is not the only department utilizing the vendor management policy, it [...]
Who’s in Charge of Vendor Due Diligence?
Vendor due diligence and management are not just for your credit union or community bank’s IT department. Any outsourced activity must be covered in your vendor management policy and processes. Some examples of vendor services that your IT department really should not be managing are:
Janitorial – does your janitorial service follow proper background checking, [...]
Innovation feasible for compliance – Finovate Feedback
Andy Greenawalt and Mickey Goldwasser went to FinovateSpring2010 to demonstrate Continuity Control.
Four C’s of Banking Vendor Management
The minute you begin considering outsourcing any service, that’s when the lifestyle of vendor management begins. Certain aspects are critical for the stability of your financial institution’s vendor management program.
Consistency
Once your vendor management policy is in place, there must be consistency in the processes for monitoring and managing your vendors. When an examiner comes [...]