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 [...]

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. [...]

2018-12-11T12:51:46+00:00November 20th, 2018|ANTI-MONEY LAUNDERING, 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 [...]

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|

4 Selections from the FDIC’s Library of Resources for Bank Boards of Directors

Just as a librarian’s primary duty is to supervise his or her library, one important goal of corporate governance is to provide organizations with appropriate oversight. This strategic guidance is integral to many organizations, particularly financial institutions. In fact, the regulatory expectations for bank board members – including sound corporate governance development and education – [...]

2018-11-12T15:47:00+00:00November 21st, 2016|FINANCIAL INSTITUTIONS|

Is The CECL Model in the Cards for Your Community Bank?

The Financial Accounting Standards Board (FASB) released a much-anticipated standard that introduces the current expected credit losses (CECL) methodology. The CECL model requires financial institutions to immediately record the full amount of predicted credit losses in their loan portfolios rather than waiting until the losses are deemed probable (as required by the current incurred loss [...]

2018-11-12T15:47:40+00:00July 19th, 2016|FINANCIAL INSTITUTIONS|

Community Bank Fraud: Opportunities & Risk Assessments

When some people hear of bank robbers, they often think of Bonnie and Clyde, Jesse James, or Danny Ocean’s hand-picked team of thieves depicted in the Oceans 11 movie series. Today’s bank robbers do not necessarily ride off on horses into the sunset or garner the attention of a Hollywood movie. The fictionalized bank robber has [...]

2018-11-12T15:48:09+00:00April 25th, 2016|FINANCIAL INSTITUTIONS|

Community Bank Vendor Risk: Don’t Roll the Dice

While what happens in Vegas may sometimes stay in Vegas, when a community bank experiences customer data breaches that typically makes the news. So what steps should a financial institution take to ensure it meets the requirements of the Gramm-Leach-Bliley Act (GLBA)? From loan reviews to service organization controls (SOC) reports, community banks often choose [...]

2018-11-12T15:48:48+00:00April 15th, 2016|FINANCIAL INSTITUTIONS|

Unlocking the Application of ALLL for Community Banks

Previously, we provided an overview of the Allowance for Loan and Lease Losses (ALLL), and now let’s discuss how community banks should apply the guidance. A typical loan loss reserve methodology would provide for the timely identification of potentially impaired loans as defined under the Accounting Standards Codification (ASC) 310 Receivables, the Loan Impairment guidance.  [...]

2018-11-12T15:48:58+00:00April 10th, 2016|FINANCIAL INSTITUTIONS|

Managing Community Bank Risk

"Banks today need at least $1 billion in assets to stay independent." We’ve all heard this supposed truism—but is it accurate? Or can community banks survive in today’s highly regulated and complex environment? One truth is that the number of small banks has steadily declined in recent years. In 2013, the number of federally insured [...]

2018-11-12T15:49:00+00:00April 8th, 2016|FINANCIAL INSTITUTIONS|

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|

Bank’s ALLL to Change Under the Proposed Current Expected Credit Loss (CECL) Model

There’s a lot of uncertainty in the financial institutions industry regarding the Proposed Current Expected Credit Loss (CECL) Model. CECL shifts the focus of loan data to expected losses from probable losses and looks at the life of the loan instead of a one-year duration period. Watch Doug Mims and Chris Cain discuss [...]

2018-11-12T15:52:19+00:00February 9th, 2015|FINANCIAL INSTITUTIONS, VIDEO|

Strengthen Your Grip on Community Bank Internal Controls

New technologies and the economic decline have created a need for strong community bank internal controls in order to go for the gold. For a community bank, understanding borrowers’ control systems is a required step of loan due diligence because borrowers with weak internal controls expose community banks to greater risk of problems in their [...]

2018-11-12T15:54:18+00:00January 8th, 2014|FINANCIAL INSTITUTIONS|