What is Generative AI? Generative Artificial Intelligence, or generative AI, is a categorical or descriptive term ascribed to algorithms using machine learning to create or “generate” new content. Generative AI ingests data and understands guidelines incredibly well. Therefore, businesses across industries are optimistic about the many ways it can help save them money and create […]
Posts Tagged ‘Regulatory Risk and Compliance in Financial Services’
Revamping Data Integration for CRA Compliance: A Necessity in the New Normal
The Community Reinvestment Act (CRA) is a federal law in the US that promotes the interest of financial service firms to serve their communities’ credit needs, including low- and moderate-income neighborhoods. Federal banking agencies use the bank’s contribution metrics as a parameter when they apply for mergers, acquisitions, and new branch openings. CRA remains essential […]
Joint Guidance Provided to Banks to Manage Risks Associated With Third-Party Relationships
It’s not you. It’s the guidance. Perficient provides risk management to more than 500 financial services organizations, many of whom have multiple bank regulators. Often an organization will have a state-charted non-member bank, which has the FDIC as its primary federal regulator. The same organization will typically have a national bank charter, and the OCC […]
Controlling the Narrative: How Financial Services Institutions Can Stay Ahead of Reputational Risk
The trust placed in financial services organizations by clients, investors, and stakeholders is not only a reflection of reliability but also a significant driver of business success. But, as one of the most regulated and notoriously untrusted industries, the financial services industry is among the most vulnerable to being impacted by negative digital media, driving […]
3 Ways Financial Services Institutions Can Reap the Benefits of a Data-Driven Mindset
Given that 81.5% of Americans are considered “fully banked,” many opportunities exist for financial services institutions to take advantage of the vast amount of customer data they possess. Here are three ways financial services institutions can reap the benefits of a data-driven mindset. 1. Improved Productivity & Efficiency Institutions that prioritize their data will realize […]
Avoiding Client Remediation With RCSA (Part 3 of 3)
In our first blog in this series, Getting Started With Client Remediation (Part 1 of 3), we discussed how to get a client remediation program started, what levels of an organization should be involved in the client remediation program, and how ultimately positive outcomes, such as lower risks, improved technology, and risk monitoring, may result from […]
7 Possible Causes of SVB Failure and Predicting the Impact on Regulatory Reporting
Recent headlines have highlighted the failure of SVB Financial Group, the parent company of Silicon Valley Bank (“SVB”). To help both current and future clients, using publicly available financial records of SVB, including the last two annual reports and every 10-Ks and 10-Q filed this decade, a team of Perficient team members from around the […]
Client Remediation – Running the Program (Part 2 of 3)
In our first blog in this series, Getting Started With Client Remediation (Part 1 of 3), we discussed how to get a client remediation program started, what levels of the organization should be involved in client remediation programs, and how ultimately good things, such as lower risks, improved technology, and risk monitoring, may result from […]
Getting Started With Client Remediation (Part 1 of 3)
Your firm has, whether it was an individual or collective organization, violated the first component of the Hippocratic Oath – “first, do no harm” (or “primum non nocere,” the original Latin translation from the Greeks) while interacting with a client. Some combination of your conscience and your lawyers make you want to “make things right,” […]
OCC Releases Latest CRA Evaluations for March 2022
The Office of the Comptroller of the Currency (OCC) has released 11 Community Reinvestment Act (CRA) performance evaluations. These evaluations are based upon on-site examinations performed by OCC-trained staff that are conducted every other year, and they assess an institution’s performance in helping to meet the specific credit needs of the communities they serve. This […]
OCC Sets 2022 Assessment Schedule
So, you’re the CEO of a national banking corporation or a national savings bank. Therefore, your primary federal bank regulator is the Office of the Controller of the Currency (OCC). The OCC conducts frequent on-site examinations as they investigate, prepare, and then issue its reports of examination. Not only do you and your staff get […]
OCC Releases Community Reinvestment Act (CRA) Evaluations
The Office of the Comptroller of the Currency (OCC) has released 15 Community Reinvestment Act (CRA) performance evaluations. These evaluations are based on on-site examinations by OCC-trained staff. On-site examinations are done every other year. Reviews, which can take weeks, assess an institution’s performance in helping to meet the credit needs of communities, including those […]