ABA Risk and Compliance
 
 
 
 
April 26, 2024
Building a Robust Model Risk Program in the Age of AI
Protecht Group®
Artificial Intelligence (AI) is poised to shake up the traditional financial models used by banks, credit unions and financial institutions. Is your Model Risk Management program up to the task?As we navigate the twin challenges of technology innovation and risk management, the true magic lies in weaving enterprise risk and model risk into an agile strategy that not only protects but propels us forward.
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Features
Nefarious uses of deepfake tech
Using free manipulation software that requires little practice or expertise, criminals have introduced a new and disturbing wrinkle in today’s cybersecurity landscape.
Preparing for the departure of an information security officer
Financial institutions face a pressing issue in terms of employee retention, especially when it comes to their information security officers. Banks must understand what is causing the challenges of ISO retention, the critical steps to take when one departs, and the succession planning that can be implemented today to reduce risk and exposure.
360factors, Inc
LemonadeLXP
Artificial intelligence for banks: Learning benefits, mitigating risk
The use of artificial intelligence is a game changer for banks to provide the services their customers are increasingly seeking online. Automation through the use of AI means that a tedious process, such as bank account openings or risk assessments, can be done more efficiently. While there are clear benefits, AI tools also bring risk.
Survey: Financial institutions losing millions to AI-powered fraud
Slightly more than half of financial institutions said that they had lost between $5 million and $25 million to artificial intelligence-based threats in 2023, according to a recent survey by the security services firm BioCatch.
Ncontracts Launches Nstitute: An Online Training Program to Earn Nstitute Certified Vendor Management Professional (NCVMP) Certification
Ncontracts®
Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount. 
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ABA, state bankers associations: Congress must push for review of regulatory ‘tsunami’
In a joint letter to the leaders of the House Financial Services Committee and Senate Banking Committee, ABA and 51 state bankers associations urged lawmakers to demand an independent review of recent banking agency rulemakings to assess their appropriateness and effectiveness in addressing risks within the banking sector.
FinCEN warns of financial fraud with counterfeit passport cards
The Financial Crimes Enforcement Network, in coordination with the U.S. State Department, today issued a notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards.
ABA: Proposed investment adviser, real estate reporting rules need refinement
Two proposals to create new Bank Secrecy Act rules for investment advisers and professionals involved in certain residential real estate transactions should be further refined to avoid unintentionally sweeping in banks and trust companies already subject to robust BSA regulation, the ABA said in a letter to Financial Crimes Enforcement Network Director Andrea Gacki.
K2 Integrity
Protecht Group
Treasury: AI-fueled cyber threats bring new challenges
In response to the Biden administration’s sweeping Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, the Treasury Department released "Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector." The 51-page report focuses on the current state of AI-specific cybersecurity risks in financial services.
FinCEN: Financial institutions reported $27 billion in elder financial exploitation
Financial institutions reported roughly $27 billion in suspicious activity related to elder financial exploitation during a one-year period from 2022 to 2023, the Financial Crimes Enforcement Network said in a new financial trend analysis based on Bank Secrecy Act reports.
Federal Trade Commission bans noncompete clauses
The Federal Trade Commission has finalized a new rule to ban the use of noncompete clauses in employee contracts. While the FTC does not have regulatory authority over banks, it does have authority over bank affiliates.
Unveiling the Future: The Data Breach Industry Forecast is Here!
Experian Partner Solutions®
Get ready to unlock exclusive insights into the ever-evolving world of cybersecurity! Our 11th annual "Experian 2024 Data Breach Industry Forecast" is here, offering a tantalizing glimpse into the future. With six pivotal predictions that will reshape the cybersecurity landscape, this report is a must-read for data breach professionals, cyber experts, and industry leaders.
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