This is an amazing accomplishment and a great step toward creating a framework for innovation. Like all start up initiatives, there is a lot more work to do but it is great to see the tremendous progress. Special thanks to the initial members, advisors and especially Sima Gandhi, Bryan L. Mulcahey and Timothy Lam for their efforts and leadership.
Today, the Coalition for Financial Ecosystem Standards (CFES) is proud to release the STARC (Standardized Assessment for Risk Management and Compliance) and an initial set of 54 standards establishing industry benchmarks for risk management and compliance across bank-fintech partnerships. CFES also announced the formation of its Advisory Board, with the ICBA, American Fintech Council, and national nonprofit and advocacy organization, SaverLife. These standards provide measurable criteria across six core areas that operationalize existing regulatory guidance into clear, actionable benchmarks: 🔍 BSA/AML 🛡️ Compliance management systems 🔗 Third-party risk management ⚙️ Operational risk 📞 Complaint handling 📱 Marketing and product compliance These standards allow fintechs and nonbanks to: 🟢 Benchmark their compliance practices against industry-defined maturity levels 🟢 Demonstrate their risk management capabilities to potential bank partners with clarity and consistency 🟢 Reduce uncertainty and costly duplication in compliance reviews 🟢 Align expectations with banking partners from the start of relationships Developed through extensive collaboration with banks, fintechs, regulators, and consumer advocates, STARC creates a common language for compliance expectations in these critical partnerships. View the Standards ➡️ https://lnkd.in/eJ3gDPJS View the press release ➡️ https://lnkd.in/e533EZpz #FinancialInnovation #Banking #Fintech #Compliance #BankFintechPartnerships
Tech Executive | Policy Advisor | Board Director + Investor
3wThanks John Beccia!