Although using big data to streamline business operations is becoming more common, it’s also creating new compliance issues. Sorting through massive amounts of information to determine what is useful and organizing it in the most beneficial manner poses new risks for keeping the information protected. Here are some reasons why. Big Data Is Overwhelming Although… Read more »
Posts Categorized: Client Resources
Do You Know the Security Risk of Third Parties?
When doing business with third parties, you need to be aware of the risks you may be facing. Although third parties may have access to sensitive information, many companies believe vendors wouldn’t notify them if there were a data breach. Therefore, it’s important you have your own cybersecurity system in place for vendors. Follow these… Read more »
Making Too Many Decisions – Is It Possible?
When you take on the responsibility of making all business decisions yourself, your company suffers. Here are some reasons why and how you can change your outcome by asking for help. Making Bad Choices Affects Business When you’re making too many decisions on your own, you end up making bad ones that negatively affect your… Read more »
Why a Financial Recruiter Helps Your Company More Than You Think
Chances are you’ve heard about financial recruiters, but never actually used their services. Here are four ways a financial recruiter may help your company increase your bottom line. Provide Qualified Candidates A financial recruiter understands the job market and has insight into top candidates. A recruiter knows the best talent in the finance industry, including… Read more »
What Builds an Effective Whistleblower Program?
A whistleblower program can be an effective method for stopping fraudulent activities, although not many companies utilize such a program. Here are some steps to take in building an effective whistleblower program, and how they benefit businesses. A Whistleblower Program Should Encourage Early Reporting An effective whistleblowing program should include reporting financial fraud early and within… Read more »
Strategic Planning Helps You Become a Better C-Suite Executive
One of the areas that C-suite executives need the most improvement in is strategic planning. Because you want to separate yourself from the other high-level executives, you’re going to want to work on this area. Here are a few ways you can improve on your company’s strategy and help your business prosper. Emphasize Corporate Culture… Read more »
False Positives – Why You Need to Be Aware of Them in AML
False positives are always an issue for a financial institution’s Money Laundering Reporting Officer (MLRO). The MLRO has to spend substantial amounts of time and money investigating every client record that matches a name on a risk, sanction, or politically exposed person (PEP) register. Although institutions may want to change their rules for identifying… Read more »
Is Your Financial Monitoring Sufficient?
It’s important you know that your financial monitoring systems are effectively fighting against financial crimes. Learn ways to spot and report suspicious behaviors and how to utilize technology in the fight against crime. Guidelines for Reporting Suspicious Behaviors According to the Bank Secrecy Act, known or suspected law violations or suspicious activities must be reported… Read more »
Are You Ready for the Updated Member-Business Lending Rule
The updated Member-Business Lending Rule becomes effective January 1, 2017. Learn the details behind the member-business lending update and how they will impact your credit union’s extension of commercial loans to members. Summary of the Updated Member-Business Lending Rule The updated Member-Business Lending Rule gives credit unions more flexibility in deciding whether to extend commercial loans…. Read more »
How Can You Be Aware of Fraud During Account Opening?
The best way to handle is by stopping it before it spreads. Follow these guidelines to help increase your methods of fraud detection when new customers open accounts with your organization. Multi-Step Authentication Verifying an applicant’s identity early in the application process helps prevent fraudulent activities from increasing. For example, authentication software may verify… Read more »