According to Accenture’s recently released 2015 Global Risk Management Study, nearly 9 in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and fraud. Findings from the report, which is based on a survey of more than 50 senior risk management executives in the banking, capital markets and insurance industries, indicate that cybersecurity and fraud are having an increasing impact on financial services firms’ business and risk-management functions. For example:
• Thirty-four percent of respondents said that understanding cyber risk will be the most-needed capability in their risk function
• Sixty-five percent said that cyber/IT risk will have an increased impact on their business in the next two years, with 26 percent saying that the increase would be significant
• Eighty-two percent reported that said that emerging risks, such as cyber and social media, account for more of the chief risk officer’s time than ever before.
FinCEN, banking agencies release FAQs on digital credentials, customer ID
Financial institutions may use a mobile driver’s license or other government-issued virtual ID as a form of documentary verification for purposes of customer identification program compliance, so long as they maintain the appropriate technology or systems to extract...
