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Apr 24, 2014
Decoding the Biggert-Waters Flood Reform Act
The banking industry continues to adjust and react to the Biggert-Waters Flood Reform. Enacted in July 2012, the act re-authorized the National Flood Insurance Program (NFIP) through Sept. 30, 2017. While the impact of the act has not fully played out, financial institutions are being affected now. To no one’s surprise, it is creating new challenges for bankers, including premium reform and required compliance program changes. Adding to the challenge, some provisions of the act were effective immediately, some have set dates, and others require further rulemaking. Banks are in the process of familiarizing themselves with what will change so they can implement required changes and achieve compliance before effective dates. One immediate change was to increase civil money penalties (CMPs) to $2,000 and elimination of the CMP cap of $100,000, making the cost of non-compliance virtually unlimited. This article provides an overview of the changes and their effective dates, and will hopefully clear up the muddy waters regarding the impact on both banks and borrowers.
Apr 17, 2014
Why You Need A Risk Committee
With schedules already crammed with committee meetings, it’s tempting to reject the idea of forming yet another committee, even one devoted to risk. Don’t. Properly executed, it will be one of your bank’s most important governance bodies. Eric Holmquist, Managing Director, Enterprise Risk Management, authored the article titled, "Why You Need a Risk Committee," which appears in the April issue of the RMA Journal. The idea of a risk committee is fairly logical. As a bank continues to develop and expand its enterprise risk management (ERM) program, it follows that a governing body should be formed to oversee and direct the program, working with management and the chief risk officer (where one exists). But banks are often unsure of how to structure these committees for maximum effectiveness and, more importantly, how to properly focus them. Please read this important article which provides banks with answers to their questions and concerns regarding a risk committee and provides much needed information in setting one up.
Apr 1, 2014
Internal Audit Looks Beyond Finance for New Leadership
In a Compliance Week article titled, Internal Audit Looks Beyond Finance for New Leadership (4.1.14), Mark Lindig, Accume CEO, is quoted. The article focuses on the evolution of internal audit from a function primarily concerned with financial risks to one that covers a broader array of risks, which has companies looking for internal audit leaders with more diverse backgrounds and work experiences, who bring to the post a broader set of skills. This article was copied from Compliance Week, 4.1.14, and written by Compliance Week contributor Tammy Whitehouse.
Jan 16, 2014
Cloud Computing Services: Considerations for Financial Institutions
For financial institutions considering cloud services, this Accume Alert provides basic guidance of key items to consider. This Accume Alert is not meant to be a comprehensive guide to regulatory compliance. The purpose is to highlight items to consider when an institution is contemplating cloud services.
Jul 18, 2013
Distinguishing Between a Risk and a Risk Source
This Alert provides a distinction between what is a risk and what is a risk source. Understanding the difference between these two is important to building better risk assessments and critical to creating effective and efficient internal controls.
Mar 18, 2013
Bankers Too Reactive on Rep Risk, Fed Governor Says
Eric Holmquist is Managing Director, Enterprise Risk Management and was interviewed for this article, which appears in Bank Safety & Soundness Advisor. According to the article, bankers may not be focused enough on reputation risk management. Federal Reserve Board Governor, Sarah Bloom Raskin, argues that the current approach to managing reputational risk is largely reactive rather than proactive – with bankers often spending too much time focusing on past events and threats to their image that have already surfaced. Raskin says that banks and examiners need to start to think about managing and mitigating future reputation risk. Eric provides his thoughts and recommendations about reputation risk management. With over 30 years in risk management, Eric has long been recognized as a thought leader in risk management, risk governance and risk assessment and reporting. We invite you to read the article to learn more. Bank Safety & Soundness Advisor provides independent, executive intelligence on bank exams, enforcement and risk management. This article was reprinted with permission from Bank Safety & Soundness Advisor. Copyright 2013.
Dec 11, 2012
What You Can Learn from Drafting a Risk Appetite Statement
Eric Holmquist is Managing Director, Enterprise Risk Management and was interviewed for this article, which appears in Bank Safety & Soundness Advisor. Bankers can consider the risk appetite statement nothing more than a regulatory exercise, but banks can glean a surprising amount of valuable risk insight if they take the process seriously, experts say. Eric provides his thoughts and recommendations about the risk appetite statement. With over 30 years in risk management, Eric has long been recognized as a thought leader in risk management, risk governance and risk assessment and reporting. We invite you to read the article to learn more. Bank Safety & Soundness Advisor provides independent, executive intelligence on bank exams, enforcement and risk management. This article was reprinted with permission from Bank Safety & Soundness Advisor. Copyright 2012.
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