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So far Andrew Hunt has created 148 entries.

Synchronizing Fintech and Banks with Compliance Management Platforms

Fintech has emerged as one of the most exciting domains in the financial sector. Businesses are coming out with new innovative services and service delivery mechanisms. Customers love using apps to transfer money, pay bills, and make payments quickly. However, there is still one area where Fintech businesses are struggling: working with banks.

Fintech apps and platforms can deliver many of their services because they often operate outside of the banking regulatory framework. This limits the type of services that Fintech businesses can provide because many […]

How Technology Helps in Managing Regulatory Examination

As regulatory examinations get more sophisticated with time, compliance teams must quickly and thoroughly prepare for the exam. After all, unfavorable investigative findings may have far-reaching effects. The credibility of an organization with the financial system’s sentinels may be endangered. Additionally, the organization may face severe penalties or fines, lose face with investors and clients, or, in the worst-case scenario, be prohibited or suspended from the industry. This highlights the importance of financial firms stepping up their game and conducting due diligence before facing an examination […]

What the OCC’s FAQs Reveal About the Future of Banking and Fintech

Fintech has emerged as one of the most exciting developments in the financial sector because it enables new services and products while increasing operational efficiency. The response to Fintech has been so positive in the banking and finance sector that regulatory agencies have made it one of their top priorities. While the rules and regulations that need to be created for Fintech usage in the banking and finance sector are still being formulated, there are some official documents that shine a light on the perspective of […]

Intelligent Issue Management

Risk and compliance management systems must be capable of identifying, investigating, and resolving risk and compliance issues. Enabling intelligent problem management should be a primary objective of any risk and compliance technology implementation. It has enormous efficiency and productivity benefits.

When we consider third-party / vendor risks, the matter becomes even more significant. Organizations in the financial sector need to have a centralized system for managing and tracking third-party risks using KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators). Centralized systems ensure that […]

Solving the Biggest Challenges in Risk and Compliance

Many current risks and compliance management challenges have emerged due to the chaotic global happenings in 2020 and 2021. However, there are also significant structural issues many organizations are grappling with when it comes to risk and compliance, issues that need permanent solutions.

The word ‘technology’ itself is derived from the Greek word tekhnologia, which means ”systematic treatment”. It is no surprise that risk and compliance technology also focuses not just on solving current problems being faced by the financial industry but also on the […]

How Climate Became a Top Priority of Financial Regulators

Financial regulators all across the world are increasingly focusing on climate-related regulations. This focus will necessitate new regulatory standards, processes, risk models, and modifications to risk management frameworks used throughout the financial sector. Recent developments show that this change is not temporary – the steps being taken may change the financial sector at a structural level. These changes will have a significant impact on risk and compliance domains in financial organizations.

Recent Developments

Many recent developments in the government and different regulatory agencies have prompted the […]

The Importance of KRIs in Risk Management

To ensure that bank workers consider key risk indicators in their decisions and actions, the most critical KRI-related data must be made available to employees and decision-makers. Banks can choose whether to track KRIs manually or use an automated system.

KRI Tracking on Manual Basis

Many banks that manage KRIs manually use spreadsheets to track and disseminate the most recent risk data; however, taking a manual approach has its disadvantages. The most obvious is that it relies on the vigilance and accountability of the personnel who […]

Seamless Risk and Compliance Integration for Better Performance

It is no secret that risk management and compliance departments have many standard processes, requirements, and goals. In addition, both risk and compliance are inherently intertwined – many compliance requirements exist to mitigate risks, and compliance violations directly affect risk levels throughout the organization. Given the degree to which the two domains interact, it seems self-evident that increasing their integration will result in performance benefits. However, both departments are also critical and cannot be subjected to disruptions.

Financial organizations need to ensure that their […]

Balancing Disruption and Compliance – the Fintech Dilemma

Disruptive capabilities define fintech businesses; fintech services and apps are proliferating by delivering financial services through new delivery channels. However, as the role of fintech grows in the economy, fintech businesses are facing increased regulatory scrutiny. As a result, companies characterized by disruption must also focus on the other side of the coin – compliance. It might seem like an impossible goal to make a disruptive service compliant with regulations. Still, many factors and tools are enabling this transition for innovative fintech businesses.

Fintech and Regulations […]

How Automation is Reducing Audit Costs

Audit management solution providers have long posited that audit management technology reduces overall costs for businesses. The position has been recently reinforced in a recent Gartner study. The study reveals that businesses focused on audit control automation spent significantly lower on external audits. Businesses that had less than 25 automated controls in their audit framework spent an average of $1,233,143 while businesses that had 25 or more automated controls spent $900,510. This is a significant decrease – businesses with greater automation only spent 73.02% as much […]