Banks focusing on innovation in their processes, people and technology will be well placed to implement effective BSA/AML compliance programs.
Browsing: Model risk
The CFPB today announced the next step in a joint agency rulemaking to develop quality control standards for the use of computer models, known as automated valuation models, used to help assess home valuations.
As the Libor endgame continues to count down, what rates are America’s large and midsize banks planning to adopt to update their risk models?
Amid discussion by regulators and bankers of climate risk metrics, researchers propose a bottom-up approach for corporate credit climate stress.
The American Bankers Association filed comments today urging the federal banking agencies and the Financial Crimes Enforcement Network to provide additional guidance on how the 2011 “Supervisory Guidance on Model Risk Management,” or MRMG, works in conjunction with Bank Secrecy Act/anti-money laundering and Office of Foreign Assets Control compliance.
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement on the use of the “Supervisory Guidance on Model Risk Management” to comply with Bank Secrecy Act/anti-money laundering rules.
The current murky picture delivered by traditional data has forced an increased focus on new methods that better capture credit risk.
When conducting recent examinations for Bank Secrecy Act/anti-money laundering compliance, regulatory officials flagged deficiencies in risk assessments, a need for more maturity in compliance systems and processes and data integrity issues, particularly as a result of mergers, as areas of concern during a panel discussion at the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference in Washington, D.C., today.
The Government Accountability Office this week found that the two of the Federal Reserve’s guidance documents on large bank supervision—which were issued in 2012 and 2014 by the Fed’s Large Institution Supervision Coordinating Committee—are considered rules for the purposes of the Congressional Review Act.