Banking Blogs

Credit Risk Management via Improved Documentation

1/20/2023

Memos to Credit Files

By Credit Risk
Management Group

Memos to file, more commonly known as memos, don’t seem to get the recognition deserved. The name alone suggests that it’s merely something to throw in the credit file and forget about. However, it’s important to remember the reason why details are documented on a memo in the first place. Once you understand the purpose, your financial institution can further benefit from this simple, yet beneficial, risk management practice.

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Beneficial Ownership During the Covid-19 Pandemic

3/6/2021

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Blog

Benefecial ownership requirements During COVID-19

Akash Govil, CAMS
Manager

As we all know, businesses have been suffering as the economy continues to take a major dip due to the effects of Covid-19. Many establishments have had to alter or limit supply, products, and services they can offer in order to maintain a form of profitability with limited customer demands or even struggling to create new markets and demands for customers to remain sustainable. On the other hand, there has been a high expectation for financial institutions during the pandemic to be the necessary conduit for assisting businesses through the distribution of government supported loans.

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Avoiding Common Pitfalls of T&E Expenses

1/11/2021

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Avoiding Common Pitfalls with T&E Expenses

Mike McIntyre
Manager

Over the years, I have seen regulators more closely scrutinizing banks' expenditures that are related to Officer's Travel and Entertainment ("T&E"). Although controls in this area might vary greatly depending on the asset size, officer structure, and nature of the bank's business, strong T&E internal controls will help prevent potential abuse. As such, I have identified three common pitfalls that your bank should watch out for to avoid unnecessary regulatory issues.

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Dormant Account Management

11/23/2020

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Daniel Sclafani
Senior Auditor

What are four dreaded words in banking operations? Date - of - last - contact. Dormant accounts (i.e., accounts with no activity for a certain period of time) can prove challenging for banks, as employees need to contact each customer who has a dormant account for more information and to discuss possible reactivation. So what can your bank do to lessen the burden of dormant account tracking?

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NYSDFS Part 500 - Preparedness

9/18/2020

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Blog

By Cyber Risk Management
Group

In July 2020, the New York State Department of Financial Services (“NYSDFS”) announced that First American Title Insurance Company (a subsidiary of insurance company, First American Financial Corp) was their first ever cybersecurity enforcement action after the financial institution exposed hundreds of millions of documents containing confidential information, such as social security numbers, wire transaction receipts, drivers’ license images, bank account numbers, etc. stemming back from 2003.

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Board Cybersecurity Training

8/13/2020

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By Cyber Risk Management
Group

Cybersecurity has been a hot topic within the past few years. It is especially important now due to the huge shift in people working remotely as a result of the current pandemic, which makes having strong cybersecurity measures invaluable. With the growing number of security breaches, companies are finding the best ways to secure their network through various types of administrative and technical controls. Yet, some organizations tend to overlook the importance of proper security awareness training being provided to their employees, especially specific training provided to the Board of Directors (“Board”).

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Banking Blogs

Credit Risk Management via Improved Documentation

Beneficial Ownership During the Covid-19 Pandemic

Avoiding Common Pitfalls of T&E Expenses

Dormant Account Management

NYSDFS Part 500 - Preparedness

Board Cybersecurity Training

Emerging Banking Issues

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