4 questions to ask regtech vendors

first_imgThe evolving regulatory technology marketplace presents both opportunities and challenges for credit unions. Today’s “regtech” providers are focused on the application of advanced, innovative technology, such as machine learning and artificial intelligence, to the practice of regulatory compliance. In general, these providers and their products offer fairly cost-effective solutions. New products, creative business models and smart integration strategies have the potential to create economies of scale within the regulatory compliance function. Today, this is largely achieved through the process of compliance automation.By automating otherwise time-consuming processes, credit unions can focus their people resources in other areas.  Another benefit of automation, specifically when dealing with the compliance function, is a much deeper and valuable application of data. There are regtech solutions that propose to automate  everything from modeling risk to updating compliance manuals.  Yet for every benefit of regtech integration, there is a potential downside. Many contemporary regtech providers operate in a cloud environment, which calls for increased diligence.  Credit unions considering a partnership with any cloud-based vendor must ensure the potential partner has robust security protocols, as well as tested business continuity processes, in place. This is new technology, so the likelihood of bugs is fairly high. Is your credit union prepared to act as the guinea pig that will sniff out and help eradicate those bugs?The other component to consider is how examiners will react to a regtech partnership. Regulators tend to err on the side of caution. They are conservative, and the idea of so much information being stored in the cloud, outside of the credit union’s immediate control, could make an examiner nervous. Nervous examiners can equal increased scrutiny.Regulators also tend to be concerned with vendors that are new to any line of business. That said, when it comes to regtech, every vendor is new. It’s still an emerging field, after all. So credit unions should be prepared – perhaps even overly prepared – to explain how any regtech solutions in play at the cooperative adds value to the member while also protecting their personal data.Before integrating a regtech solution at your cooperative, there are a few questions you might consider asking of the provider:May we talk with your clients? You want to be aware of the vendor’s current customer base so you can understand how your credit union fits into their existing client profile. Tap their referrals for stories. How has the provider and its early adopters weathered first-mover storms? How have they worked with other credit unions to iron out the kinks? What were those kinks, and have they been fully resolved?What are the qualifications of your principal employees? Don’t be afraid to ask for resumes. You want to understand the backgrounds of those leading the company to ensure they can apply a 40,000-foot view to their products. What skills or experience do they bring to the table? Do they have the expertise to enhance the compliance function while also keeping sensitive information secure?Which security protocols are in place and which are planned for the future? Fraud trends change. Malware, ransomware and phishing attacks evolve. How is the cloud-based regtech vendor prepared to not only thwart intrusion attempts today, but also into the future?How does the product actually work? Having a good understanding of how regtech automation integrates with your systems is essential. Without this information, your credit union cannot prepare its own policies and procedures to play with the vendor’s solutions in the most efficient, most secure, way.While there are some tasks that will never be replaced by good old-fashioned boots on the ground, embracing technology is smart. Innovation is the only way we can, as an industry, remain relevant to a rapidly changing consumer expectation of the financial institutions they choose to do business with. The compliance function is no different. As new and more demands on compliance officers and their teams emerge, we will have to evolve to manage both the day-to-day and the strategic needs of sound regulatory compliance. Regtech represents an outstanding opportunity to do our jobs better; we just need to do what we do best, which is to proceed with caution and diligence. 32SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Cindy Williams Cindy Williams is vice president of regulatory compliance for PolicyWorks, a national leader of credit union compliance solutions. She can be reached at [email protected] Web: www.policyworksllc.com Detailslast_img read more

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CNW90 June 17, 2020

first_imgWith a look at some of the top stories making the news today, June 17 across your Caribbean-American community in South Florida, I’m…for CNW 90. Today’s newscast is brought to you by the Florida Department of Health; Coming up in the newscast, Florida breaks the COVID-19 state record in just three days, the OAS calls for Guyanese government to move out and West Indies cricket team shows support for Black Lives Matter. You’ve been watching CNW90, I’m… In Sports News, Captain of the West Indies cricket team Jason Holder said they are committed to the global fight for racial justice, and will stand in solidarity with the Black Lives Matter movement in the upcoming series against England. While protests continue across the globe following the fatal shooting of George Floyd, Holder says the team will show their support during their first test match on July 8. He said like many other black athletes across the world, Holder said it is important for the team to unite and fight to inflict positive change even in the world of sports. In the meantime, concerns are growing as to whether or not local leaders will reinstate the stay-at-home orders. Mayor of Miami-Dade Carlos Gimenez says that although he is aware of the sudden spike in numbers, he has no plans to announce a reimplementation of the orders. The main message from the mayors has been for residents to keep following safety guidelines, such as wearing masks and social distancing. Now for the news in the detail After recording some 2,500 COVID-19 cases on Saturday, the highest number of positive cases recorded in the state over 24 hours, Florida broke the record again on Tuesday. The state reported another 2,783 cases of COVID-19 yesterday, which now becomes the highest number of new cases confirmed in a single day. Florida is now up to over 80,000 cases and 3000 COVID-19 deaths. Since last week Tuesday, there have been over 1000 new confirmed cases every day. To help stop the spread of COVID-19, The Florida Department of Health in Broward County reminds everyone to practice social distancing, wash your hands often with soap and water and cover your nose and mouth with a tissue or sleeve when coughing or sneezing. In Caribbean News, The Organization of American States (OAS) has called on the David Granger administration in Guyana to begin the process of transition, which will allow the legitimately elected government to take its place. Although Guyana’s election commission has yet make a final announcement as to which party won the March 2 elections, all preliminary results point to opposition leader Ifraan Ali becoming the country’s next president. The OAS said that the results of the national recount should be honored and has advised Granger to concede defeat and allow for Ali to take his place as the head of state. For more information on these and other stories, visit CNWNETWORK.com. Remember to pick up this week’s copy of our Caribbean National Weekly at your nearest Caribbean – American outlet.last_img read more

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PICTURE SPECIAL: ST PATRICK’S DAY AROUND CO DONEGAL – AND NEW YORK

first_imgMullachdubh Band has been going for 121 years since the 1st outing in 1881 on St’Patricks day and still going strong. (send your pix to [email protected])Below Jimmy Kavanagh is certainly enjoying the Big Apple – New York City! While TV3’s Noel Cunningham was back home here waving to the crowds in Donegal, captured by Carol O’Donnell.Meanwhile the all-day session at McGrory’s in Culdaff is a real winner below: In Letterkenny the sunshine brought out one of the biggest crowds in years to Market Square and Main Street.Supermodel Faye Dinsmore from Ballintra meanwhile was plugging thre How to Be Irish show on RTE on her blog!The Bundoran Lifeboat crew were snap happy on their parade belowAnd there was giant Dog in Donegal Town!And there were furry animals too in Buncrana below:And the new Clonmany scouts on show in Buncrana too below:PICTURE SPECIAL: ST PATRICK’S DAY AROUND CO DONEGAL – AND NEW YORK was last modified: March 18th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:PICTURE SPECIAL: ST PATRICK’S DAY AROUND CO DONEGAL – AND NEW YORKlast_img read more

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