In a letter to the Federal Financial Institutions Examination Council earlier this month, ABA and the Bank Policy Institute offered feedback on the FFIEC Cybersecurity Assessment Tool, a voluntary tool developed in 2015 to help financial institutions assess their cyber risk and preparedness.
Browsing: Risk management
Change is constant, so risk identification for banks should be an ongoing process.
The financial services sector has done “a good job” so far of building cyber defenses and working with law enforcement and the regulatory community to guard against attacks, but there’s more work to be done, said Acting Comptroller of the Currency Michael J. Hsu today during remarks to financial services groups.
As a former engineer, Jennifer Schmidt brings an understanding of systems and integration to her work as a community bank chief compliance officer.
The Treasury Department today launched the Climate Data and Analytics Hub pilot, a digital tool that will allow financial regulators assess risks to financial stability stemming from climate change.
The guidance is intended to provide more clarity to systemically important stablecoin arrangements, or SAs, and relevant authorities, but is not intended to create new standards.
Recent volatility has uncovered “serious vulnerabilities” in the crypto financial system that may require new regulation, Fed vice chair says.
This year’s spring report presents data in five main areas: operations, bank performance, special topics, trends in key risks and supervisory actions.
While expressing overall support for the FDIC’s Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions, ABA today emphasized the need for a “flexible and iterative, principles-based approach” until the data and methodologies for understanding climate-related financial risk are more fully developed.
As high inflation and economic uncertainties persist, Acting Comptroller of the Currency Michael Hsu said that “now is the time for banks to take a fresh look at their exposures and take actions to adjust their risk positions—to ‘trim their sails,’ so to speak—ahead of potential uncertainty and volatility.”