Third-party risk
MUFG blocks vendors that refuse to reveal subcontractors
Risk Live: US arm of Japanese megabank asks first line to sign written waivers when risk advisories are ignored
Banks urged to boost third-party scrutiny amid AML crackdown
Three US regulators highlight deficiencies in banks’ due diligence on fintech partners
Let’s grow the third-party risk playbook – CME security chief
CrowdStrike outage highlights need for financial sector to adjust its game plan
Between the lines: why banks are rethinking risk management
Lloyds is not the only bank wanting to reshuffle the three lines of defence as tech risks grow
Op Risk Benchmarking 2024: the G-Sibs
Eleven large banks feature in round II, with new data points on first-line risk teams, taxonomies and AI adoption
Third-party risk ‘converging with KYC’ amid regulatory drive
Risk Live: Banks seek annual supplier contract reviews to comply with new resilience requirements
Bank of America’s Kris Fador elected FS-ISAC board chair
Industry consortium for cyber security also adds new board directors from Swift, PNC, Truist and CME
Top 10 op risks: change brings challenges
Higher interest margins and a trend toward insourcing drive major tech projects
Top 10 op risks: third parties stoke cyber risk
High-profile hacks on market infrastructures and vendors expose linkage between top three risks
Beware war exclusions in cyber insurance, risk managers told
Risk Live: Experts say policy wording is tightening up following rise in ransomware attacks
Top 10 op risks: AI fears drive cyber risk to record high
External fraud re-enters top 10; change management now a top five concern
LME had four-hour operational failure in Q4
First outage on record caused by connectivity issue at LMEmercury
Why cyber hack leaves EquiLend down but not out
Users turned to alternative securities lending platforms, but that may not mean lost market share
Europe’s new AI Act threatens supervisory ‘chaos’ for banks
Policy-maker says new role for European Commission could collide with ECB model risk regulation
EquiLend cyber hack exposes trade reporting dependence
Ransomware attack at securities lending platform disrupts regulatory compliance
Will generative AI crack the code for bank tech teams?
Banks could roll out tools to help translate old – or write new – code within months
FMIs look to resilience planning to keep the lights on
Wary of customer and supervisory scrutiny, bourses are pouring resources into scenario planning and controls
Generative AI is changing debate on explainability, says Deutsche
Innovation head says observability can aid regulatory acceptance
New UK fraud rules intensify global focus on third-party risk
Firms will have responsibility to ensure “associated” persons are taking steps to prevent fraud
Banks grapple with concentration risk from fourth parties
Risk Live: Third-party vendors are increasingly reliant on the same subcontractors
Regulator warns against ‘happy endings’ for op risk wargames
Risk Live: Bankers say third parties should also be at the table when simulating crisis scenarios
OCC sees cloud-based future for clearing
Risk Live: But regulated entities face a “heavy lift” when moving to the cloud, says CRO
FDIC security woes make banks sweat over supervisory data
Fears over confidential reporting after inspection urges regulator to address cyber “weaknesses”
FCA warns on third-party risk management for AI projects
UK regulator keeping close eye on use of cloud and vendor partnerships to develop new models