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Christine Thomas

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So far Christine Thomas has created 79 entries.

The Necessity of Risk Monitoring and Controls Management

Risk Monitoring Overview Risk monitoring is an essential step in the overall risk management procedure. Since risk management is a perpetual and dynamic exercise, monitoring will always remain crucial in understanding the risks and how the implementation of changes affects them. The monitoring process offers valuable information to teams performing risk management operations and higher-ups who want to keep track of the progress. The first step to understanding risk monitoring is clearly defining risk, which is the uncertainty effect on objectives. If we dive deep […]

Why Digitization of Risk and Compliance Management is Necessary for the Financial Sector

The financial sector worldwide received a widespread impact due to Covid-19 and changing socio-economic conditions. Banks, insurance companies, and other financial institutions must respond to issues and challenges covering policy terms, transactions, disruptions, and cyber claims for a distributed workforce. By necessity, the financial sector must invest in risk and compliance management technology to streamline its operations and improve its digital interface. Such systems make their operations smooth, address security and enable remote teams. Unfortunately, many financial firms and services have not kept the […]

Fintech Compliance and Brief Review of US Fintech Regulations in 2022

Fintech compliance means following the rules and regulations to guide business models and related financial technologies. These guidelines protect investors’ capital and consumer interest in usage. Before designing these regulatory guidelines, government and regulatory bodies consider a few risks related to Fintech. These risks include: Data privacy is one of the essential considerations that regulators need to focus on to prevent breaches. A key point of risk assessment is that the regulators can find the guilty upon detecting a data leak. In countries that work under the EU […]

Regulatory Compliance Challenges Fintech Organizations Face Today

Regulatory compliance is a set of guidelines that organizations and businesses follow to ensure a safe work environment and smooth operations. The regulatory requirements may vary depending on the industry and the nature of the business. An example of regulatory compliance is Sarbanes-Oxley Act 2002, which is an act protecting investors from any fraudulent financial reporting by corporations. The Fintech industry has grown in recent years with a breakthrough pace driven by focusing on personalized solutions for consumer needs and preferences. However, the […]

How to Reduce Risk in FinTech Operations

As regulatory scrutiny increases, FinTechs are focusing on optimizing operational risk practices and minimizing potential operational risks. Risk mitigation is an essential responsibility for operations management. Hiring professional risk management assistance and implementing an established and verified risk assessment methodology are common first steps in risk mitigation. There really is nothing unusual with this strategy, but the higher risk exposure is frequently found in the organization’s operations processes – or absence thereof. Operation teams are often responsible for process management. In such circumstances, the level […]

Big Data’s Role in Modern FinTech Industry

Data is revolutionizing almost every domain of software products globally. The FinTech industry has also utilized data to transform technologies with improved business outcomes for customers and stakeholders. Regarding FinTech industry modernization, 360factors participated in a webinar panel of four FinTech experts. Carl McCauley, CEO of 360factors, discussed business models, experiences, and ideas regarding “data in products and how they are changing the FinTech world”. FinTech industry data usually consists of money transactions of consumers, credit debit card payments history, investments records, etc. FinTech data is gathered, stored, […]

How FinTech is Revolutionizing Risk and Compliance; an Interview with Global Risk Community

360factors CEO Carl McCauley was invited for an interview on the Risk Management Show podcast, hosted by Boris Agranovich. The 24-minute discussion touches upon banking and fintech partnership trends and compliance readiness. Presented is an excerpt from the interview. Listen to the complete interview here. There has been a lot of talk surrounding the benefits that AI and Machine Learning may offer to regulatory compliance and risk management. Carl McCauley was asked about his perspective on how AI automates risk and compliance needs, enabling institutions […]

Increase Operational Efficiency and Productivity with Better Business Policy Management 

Business policies are an important tool to ensure that the business operates at maximum efficiency. Written in these policies is the blueprint for the whole organization’s expected behavior, role, and reporting. Properly defined and explained business policies can result in smoother operations, because everyone understands their own responsibilities and how to deal with the many problems and issues that occur in a workday. Poorly defined business policy, on the other hand, can result in confusion and productivity losses. The Importance of the Right Business Policy Startups […]

What the OCC’s Acting Comptroller’s Speech Tells Banks

Michael J. Hsu, the Acting Comptroller of the OCC gave a great speech (pdf link) to the American Fintech Council on November 21 that has many insights for bankers across the country. The speech is important because it shows what the OCC wants from banks and thus highlights the regulatory approach of the current administration. What is remarkable about his speech is that he did not simply give a speech full of cliches to highlight the need for fintech – which he could have easily […]

2022 – A Landmark Year for Regulatory Change in Banking and Financial Services

Regulatory change Management (RCM) has never been easy for financial institutions, and its complexity is increasing in 2022. This year is poised to be the year of significant regulatory change at the federal and state level. As reported by Reuters, 2022 will be a ‘’turning point’’ for the current administration’s financial approach. Financial regulators are releasing white papers, FAQs, and calls for feedback to prepare the system for the regulatory changes that are about to come. Why 2022 Will Be the Year of Regulatory Change There […]