CCUL Headlines: Risk & Compliance

OCC on risk management and compliance: new season, same threats

Wednesday, June 6, 2018   (0 Comments)
Posted by: Trichina Pierce, CCUL Compliance
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Read the Report

In the climate of increased risk and fraud threats to our credit unions, I decided to check in on one of my trusty risk resources: the Office of the Comptroller of the Currency (OCC) report. Last week, the agency published its Spring 2018 Semiannual Risk Perspective which addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.

And while the OCC does not regulate credit unions, the insight from the report sheds light on key risk themes that can impact any financial institution. The Money Laundering Watch Blog breaks down the report rather well, highlighting two main areas for financial institutions to focus on:

  • AML Compliance: An emphasis on risk assessments and the risks of new technologies is still a must. It states that some banks have not adopted appropriate risk management systems to keep pace with evolving risks, resource constraints, changes in business models, and regulatory changes.”
  • Cybersecurity Management: The report also noted the increasing severity of cyber threats—a significant number of which originate from social engineering like malware and malicious links distributed by phishing emails. Because cyber threats are ever-evolving, financial intuitions must stay vigilant in guarding customer data and funds.

Though the report was short on practical examples, it’s important for credit union fraud and risk management professionals to know where to focus their attention when faced with limited resources, manpower and time. Overall, the report states that we are still dealing with the same threats, and that it’s just a different season.

Well, that is music to my ears. I say to my risk and compliance professionals, ‘Keep up the good work.’


Additional Resources

OCC Spring 2018 Semiannual Risk Perspective

OCC Report: Same Threats, Different Season (Money Laundering Watch Blog)

CCUL Compliance: Risk Management and Resources

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