Banking Peek’s Post

It's critical for banks to mitigate modern third-party threats to keep systems and data secure. For daily news and analysis subscribe to the https://lnkd.in/gR8aX8zJ newsletter. #FinTech #Payments #Finance

It's critical for banks to mitigate modern third-party threats to keep systems and data secure. For daily news and analysis subscribe to the https://lnkd.in/grcK6QEX newsletter. #Payments #Finance #Fintech

Following the recent CrowdStrike software update issue, banks are increasingly exposed to evolving threats and may not be fully prepared for these broad operational risks, as highlighted by the OCC's CAMELS rating system (Capital, Assets, Management, Earnings, Liquidity, and Market Risk). While requiring banks to hold additional capital against such threats could present challenges, it might be a necessary step to maintain public confidence in the federal banking system. #Crowdstrike #OperationalRisk #RiskManagement

Banks face a labyrinth of regulatory changes that add new risks, modify internal controls, and enforce stringent reporting standards. Non-compliance can lead to significant financial penalties and operational disruptions. #cybersecurity #banking #riskanalysis #dataanalysis #fraudprevention

It's critical for banks to mitigate modern third-party threats to keep systems and data secure. For daily news and analysis subscribe to the https://lnkd.in/gyZxyrAP newsletter. #CFO #FinanceLeadership #Business

US regulator privately finds weak risk-management at half of large banks, Bloomberg reports. A top U.S. bank regulator's confidential assessments found 11 of the 22 large banks it supervises have "insufficient" or "weak" management of a broad swath of risks ranging from cyberattacks to employee blunders, Bloomberg News reported on Sunday. About one-third of the banks secured ratings of 3 or below on a 5-point scale for their overall management of risk in confidential assessments by the Office of the Comptroller of the Currency, the report said. https://lnkd.in/eYV6Vcmx #Banking #DORA #SEC #OCC #FinancialServices #TPRA #PCIDSS #cyberattacks #cyberrisk #cybersecurity

DORA addresses banks' increasing reliance on digital technologies and third-party ICT providers, which heightens operational vulnerabilities. It harmonizes digital resilience rules, strengthens incident reporting, enhances cyberattack preparedness through testing, and increases oversight of third-party risks.

Is your European Bank Dora-compliant yet? 🚨 According to recent revelations, European banks are failing to comply with the DORA regulation before the date of January 17, 2025. Instead of full compliance, many businesses are adopting a "proportionate day-one response" and long-term efforts to fully integrate DORA beyond the January deadline. The biggest challenge emerging for the banks is investigating third-party risk investments. Learn more: https://lnkd.in/e6fNpzpQ #Dora #banks #europe #finance #cybersecurity #doradeadline

In the realm of banking, robust internal controls are crucial to combat fraud and uphold trust. Segregation of Duties (SoD) plays a pivotal role in risk mitigation by distributing responsibilities across different roles. However, SoD conflicts can pose vulnerabilities, potentially resulting in financial losses and reputational harm. I've compiled a document shedding light on SoD conflicts, their repercussions, and real-world instances showcasing the aftermath of insufficient controls. #Banking #InternalControls #SegregationofDuties #RiskMitigation *Views are personal*

The #financial services industry faces an evolving #regulatory landscape and a high degree of IT #risk. The sensitive nature of client #data stored on servers means organizations can face significant liability and reputation risk if data security is breached. Balancing #security, responsiveness, and compliance is challenging, but it is possible with proper planning, management, and oversight. Special thanks to Liberty Savings Bank for trusting Securance with their IT security needs!