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Posts Tagged ‘Risk Management in Financial Services’

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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 […]

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First Bank Closure of 2024: Republic First Bank

Recent news shook the financial services space on Friday, April 26th, as Pennsylvania state banking regulators, in collaboration with the Federal Deposit Insurance Corporation (FDIC), took decisive action by closing Republic First Bank.  With assets totaling approximately $6 billion and deposits reaching $4 billion across its 32 branches as of January 31, the closure marked the […]

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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 […]

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Put Away Your Ledger Cards, Open Banking is Here to Stay

Open Banking is going to do for the banking industry what the introduction of the Apple smart phone did for cell phones. What is Open Banking?  Open banking transforms the way financial data is shared and accessed, allowing third-party data providers and other banks to access financial data in traditional banking systems through application programming […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Future-Proofing Financial Services: Rule 3110 Updates Empower Brokers

This post has been updated to reflect FINRA Regulatory Notice 24-02, issued January 23, 2024. The COVID-19 pandemic prompted several unprecedented shifts in society, notably impacting the workplace and necessitating the adoption of innovative technologies that facilitate collaboration and efficiency in a work-from-home (WFH) environment. For brokers, in the financial services sector, remote work became […]

Embezzlement

A Guide to Fortify Your Institution Against Senior-Level Embezzlement Risks

This blog, the first in a series by Perficient’s Risk and Regulatory Center of Excellence (CoE), provides actionable measures your company can adopt to safeguard against senior-level embezzlement risks and maintain the integrity of your institution’s financial transactions. Background On October 19th, 2023, the Office of the Comptroller of the Currency (OCC) published an article […]

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