“As if there weren’t enough jargons and complex terms to remember for an investor, you are telling me I need to now know about ESG and Climate Risk – You must be kidding me!!” – These are the exact words (with a couple of expletives, that I cannot quote here) – a senior fund administrator […]
Regulatory Compliance
3 Key Takeaways from XLoD 2024
Our risk and regulatory compliance experts, Carl Aridas and Chandni Patel, have just returned from XLoD 2024 in New York. The event brought together the world’s top financial institutions and regulators to discuss the future of non-financial risk and control. With over 500 industry professionals in attendance, it showcased the unwavering commitment to practical innovation […]
The FDIC’s New Rule Claims “Five is Enough”
Starting April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented a new rule for trust account insurance coverage. This rule, originally passed in January 2022, consolidates insurance coverage for different types of trust accounts into a single category called “Trust Accounts.” Key Changes to Trust Account Coverage Consolidation of Trust Categories The FDIC […]
Exploring Industry Shifts in Banking Compliance at XLoD
Our banking risk and regulatory experts are excited to attend the upcoming XLoD Global event in New York on June 11th. What is XLoD Global? The world’s leading financial institutions and regulators come together at XLoD to discuss the future of non-financial risk and control. Representatives from all three lines of defense—operational management, risk […]
A Review of Capital Ratio Requirements of Credit Unions
How are Federal Credit Unions Regulated? Banking professionals are aware that the Federal Reserve Bank (Fed), the Office of the Comptroller of the Currency (OCC), or for state-chartered banks, the Federal Deposit Insurance Corporation (FDIC) serves as their primary federal regulator. For those whose deposits are insured, the FDIC acts as a secondary federal regulator, […]
Carl Aridas Empowers Risk and Regulatory Compliance Excellence for Financial Services Leaders
At the core of our business’s successes lie the brilliant minds and unwavering dedication of our workforce—individuals who consistently prioritize delivering industry insights and pioneering digital solutions. Today, we’re spotlighting one exceptional individual: Carl Aridas. As the visionary leader of our Financial Services Risk and Regulatory Center of Excellence (CoE), Aridas personifies excellence and innovation […]
Ensuring Banking Compliance Through Project Management Expertise
A top-leading bank, grappling with business and regulatory challenges, faced scrutiny after failing the Federal Reserve’s annual stress test. Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program. To bolster its capabilities and ensure […]
5 Tactics to Safeguard Institutions Against Senior-Level Embezzlement
Protecting financial institutions from the perils of high-level embezzlement requires a proactive approach rooted in ethical conduct and stringent compliance measures. To fortify defenses against such threats, financial entities must implement proactive measures aimed at ensuring ethical conduct and compliance within their organizations. This blog outlines five key strategies to safeguard your business and mitigate […]
Transforming Treasury Market Regulations
On December 13, 2023, the Securities and Exchange Commission (SEC) made a landmark decision by voting to adopt significant rule changes mandating central clearing of certain secondary market transactions within the U.S. Treasury market. These transactions include repurchases (repos), reverse repurchases (reverse repos) and U.S. Treasury securities. The rule change, one of the most substantial […]
NYSDFS Part 500 Cyber Amendments Finalized: What You Need to Know
This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector. The NYSDFS Part 500 amendments signal a crucial shift in […]
Resolution Plan Submission Period Extended by Key Financial Agencies
In discussions with financial services executives, Perficient consultants consistently explore the extension of the submission deadline for resolution plans among certain large financial institutions with assets exceeding $250 billion. Moving forward, these institutions will need to submit their resolution plans by March 31, 2025. Guidance For Institutions This guidance applies to institutions with assets exceeding […]
Driving Innovation: Inside Perficient’s Risk and Regulatory Center of Excellence
Our success at Perficient emanates from the dedication of our team. We take immense pride in recognizing that our committed individuals propel innovation and drive change within our industry. Every voice within our organization holds significance, none more so than Carolyn Lee, a Project Manager (PM) in our Financial Services business unit and a leader […]