As Treasury plans to take a number of steps to assist financial institutions in reducing risk from the operational disruption of cloud services, banks can do a lot on their own.
Browsing: Vendor relations
Vendors are becoming a bigger focus for banks in multiple areas.
“The crux of the issue is that ultimately the bank has to have a strong oversight and management system.”
As data has become more abundant and useful, the result is “a steep learning curve that bank marketers are facing.”
The successful CCOs of tomorrow will carefully build and lead programs specifically designed to allow teams of analysts, regulatory bodies and vendor-partners to all work in concert.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
During the CoreConnection session at ABA’s Conference for Community Bankers, core provider CEOs sounded notes that will sound familiar to those following the work of ABA’s Core Platforms Committee: open APIs, access to data and flexible and transparent contracts.
Modern bank CMOs should be as comfortable in the B2B space as they are in B2C. The CMOs who are adaptable to new challenges will find their stock rising.
An interagency final rule is designed to improve the sharing of information about cyber incidents that may impact the nation’s banking system and requires banks to notify their primary federal regulator.