FINANCIAL INSTITUTIONS

CECL: An Overview

The current expected credit losses (CECL) journey began with the issuance of an exposure draft in 2010, continued with the issuance of a supplementary document in 2011, and an additional exposure draft in 2012. After much debate and over 3,300 comment letters, the Financial Accounting Standards Board (FASB) released the much-anticipated Accounting Standards Update (ASU) [...]

2019-06-07T12:29:26+00:00June 6th, 2019|CECL, FINANCIAL INSTITUTIONS|

Anti-Money Laundering (AML) Implications of Human Trafficking

AML Perspectives Human trafficking is recognized as one of the fastest growing criminal enterprises, and with it comes unique challenges for AML professionals tasked with the detection and related reporting of money laundering red flags. The United Nations Office on Drugs and Crime define human trafficking as “the recruitment, transportation, transfer, [...]

2019-02-28T12:16:58+00:00February 12th, 2019|FINANCIAL INSTITUTIONS|

The Fundamentals of Customer Due Diligence

AML Perspectives Much has been made of the “Beneficial Ownership Requirements for Legal Entity Customers,” which went into effect July 11, 2016, with a compliance date May 11, 2018. In fact, on the surface, one could mistakenly ascertain FinCEN’s final rule related solely to beneficial ownership. Furthermore, there are indications that [...]

2019-01-04T13:24:03+00:00January 4th, 2019|FINANCIAL INSTITUTIONS|

The Evolution of the Bank Secrecy Act

AML Perspectives The Bank Secrecy Act (or “BSA”) has long been part of the regulatory landscape as a fundamental component of the safety and soundness process. In fact, most professionals who currently work for or with financial institutions do not recall when BSA was not a critical component of the financial institution [...]

2019-01-03T08:58:08+00:00December 3rd, 2018|FINANCIAL INSTITUTIONS|

The Continued Importance of Risk Assessment for Financial Institutions

AML Perspectives Prevailing FFIEC guidance indicates the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk assessment is fundamental to achieving an effective risk-based BSA/AML compliance program. In fact, the FFIEC BSA/AML Examination Manual emphasizes that examiners evaluate the financial institution’s risk assessment as part of the planning and scoping phase of the examination. [...]

2019-02-01T12:39:16+00:00November 20th, 2018|FINANCIAL INSTITUTIONS|

The Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Audit Revisited

AML Perspectives The challenges of BSA/AML compliance continue to evolve for financial institutions as they seek to meet heightened regulatory expectations in areas such as Customer Due Diligence (CDD) or in automating monitoring processes, all while effectively managing the associated cost of ongoing compliance. In the meantime, the Financial Action Task [...]

2019-02-01T12:40:00+00:00November 5th, 2018|FINANCIAL INSTITUTIONS|

What’s Trending in Enterprise Risk Management?

Although much has changed for financial institutions since the Committee of Sponsoring Organizations (COSO) issued the Enterprise Risk Management (ERM) – Integrated Framework in 2004, much has remained the same. A financial services professional need only check their inbox or scroll through their newsfeed to ascertain that financial institutions, both large and small, are holding [...]

2018-11-12T15:42:48+00:00March 26th, 2018|FINANCIAL INSTITUTIONS|

Risky Business: 3 Benefits of Effective Enterprise Risk Management (ERM) For Banks

When it comes to enterprise risk management, strategic process planning doesn't just apply to larger financial institutions. Smaller banks are often under the impression that they don't have the means necessary to be able to implement strategies. Doug Mims explains 3 benefits that any size bank will start to see when they embrace [...]

2018-11-12T15:42:54+00:00March 16th, 2018|FINANCIAL INSTITUTIONS, VIDEO|

Is Your Bank’s Audit Committee Reaching the Summit of their Potential?

Just as a mountaineer needs a well-trained glacier team to reach the summit of Everest, community banks need effective audit committees to be successful in today’s challenging and changing regulatory and accounting environment. Audit committees provide needed oversight in the areas of risk management and financial reporting. An engaged audit committee is an important attribute [...]

2018-11-12T15:43:34+00:00December 12th, 2017|FINANCIAL INSTITUTIONS|

Hearing Wedding Bells with Another Bank? Consider the Loan Portfolio Before Tying the Acquisition Knot

Approximately 2.1 million Americans get married every year, and that number is continuing to rise. As the economy has improved and the banking industry has recovered from the mortgage meltdown, bank marriages (a.k.a., financial institution mergers and acquisitions) are also now in vogue. The banking industry is feeling pressure to tie the knot and “grow the [...]

2018-11-12T15:43:59+00:00October 23rd, 2017|FINANCIAL INSTITUTIONS|

3 Benefits of Bank Audit Committee Executive Sessions

Executive sessions can present valuable opportunities for bank audit committee members to learn more about their roles.  Watch as Chris Cain explains 3 key benefits of executive sessions, such as a safe environment in which committee members can ask questions to gain clarity on complex topics.

2018-11-12T15:45:29+00:00February 28th, 2017|FINANCIAL INSTITUTIONS, VIDEO|

Benefits of Penetration Testing in Community Banks

Employees are the biggest cybersecurity risk to community banks. Why? Often times, employees are trying to be helpful and they violate security policies while doing so. To combat cybersecurity risks, banks should perform penetration testing and social engineering often. Watch David Mills discuss how CRI's team of IT auditors can help your community [...]

2018-11-12T15:50:53+00:00September 30th, 2015|FINANCIAL INSTITUTIONS, VIDEO|

Attention Community Banks: Don’t Ignore ALLL Best Practices

Since bank examiners pay special attention to the allowance for loan and lease losses (ALLL) as part of a regulatory examination, it doesn’t pay for community banks’ management to stick their heads in the sand. Why? The consequences of a bank’s ALLL being underfunded can be steep and may include: Downgrading the bank's CAMEL rating. [...]

2018-12-17T16:53:36+00:00March 8th, 2011|FINANCIAL INSTITUTIONS|