WolfPAC Integrated Risk Management Blog

Third-Party Risk Management: Key Shifts for COVID-19

Many financial institutions allocate significant time and resources to their third-party risk management programs—but the COVID-19 pandemic has altered many institutions’ responses to the challenges faced when creating these programs. From unexpected business closures, to vendor plant shut downs and manufacturing stalls, this pandemic has led institutions to re-evaluate their business’ dependence on third parties, and reanalyze how their vendor management programs are structured and operated.

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| Author Brian Connolly, tagged in Risk Management, Business Continuity, Business Continuity Planning, Vendor Management, Vendor Risk, Due Diligence

ABA 2020 Risk and Compliance Conference-Virtual Musings

All the buzz is on virtual trade conferences, and whether the attendee engagement experience is as effective as traditional onsite conference gatherings. Last week, I had the opportunity to experience this for myself at the ABA Virtual Risk and Compliance conference which was originally scheduled in March. Regardless if we meet virtually or in person, industry issues still hold prominence, and our desire to be the advisor of choice with enterprise risk management programs holds true.

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| Author Mike Cohn, tagged in Enterprise Risk Management, Risk Management, Regulatory Compliance, WolfPAC

Third-Party Management at Metro Credit Union

Developing a technology strategy around third-party management from a blank piece of paper might sound unmanageable for most financial institutions. But for Metro Credit Union—the largest state-chartered credit union in Massachusetts—approaching technology as a grassroots effort contributed to their tremendous growth. Acquiring this known recognition required tackling some hurdles first, such as conquering vendor monitoring challenges; establishing greater integration with their risk management subsets; and eliminating spreadsheets.

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| Author Mia Cawley, tagged in Risk Management, Vendor Management, Vendor Risk, Due Diligence, WolfPAC

Podcast: ERM & Baseball: Why We Miss Them Both

Major League Baseball’s (MLB) Opening Day is finally here—but due to COVID-19, the games now come to us from empty stadiums devoid of cheering fans looking forward to a summer of packed ballgames. The global pandemic has radically changed the world, forcing people and organizations (such as the MLB) to shift operations and adapt to the “new normal.” Just as the MLB has seen major alterations and hurdles in the past year, so too has enterprise risk management (ERM), and both must evolve to adapt to the current climate.

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| Author Mia Cawley, tagged in

An Evolution of Data Security & Regulation

This is the third article of a three-part series for data security and data privacy. In the first article, the similarities and differences of data security and data privacy were discussed. In the second article, an example of a geographical regulation and its impact to risk managers and institutions was provided. In this third article, a historical context provides a framework to emerging privacy laws across the country, their impact, and the frontier law against cybersecurity threats.

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| Author Manny Centeio, tagged in Enterprise Risk Management, ERM, Risk Management, Regulatory Compliance, Cybersecurity, Information Technology, Business Continuity, Business Continuity Planning, IT Risk, Disaster Recovery, Disaster Recovery Planning, WolfPAC

Why Financial Institutions Could Benefit from a Virtual CRO (vCRO)

Do you become distracted with your enterprise goals and begin a trajectory down one path, only to find yourself abruptly changing your course of action? Do you find yourself looking for a definitive roadmap to follow when trying to align your risk management strategies with the objectives of your organization?

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| Author Randy Marsicano, tagged in Enterprise Risk Management, ERM, Risk Management, WolfPAC, vCRO, Virtual Chief Risk Officer

2020 CCPA: What Financial Institutions Should Expect

Just as we always welcome the new year on January 1, new regulations and requirements are there to greet us as well. One new law causing a lot of activity is the California Consumer Privacy Act (CCPA). First signed into law in June 2018, the CCPA took effect on January 1, 2020. Despite the CCPA 2020 enforcement date, the law has a 12 month lookback period for information that needs to be provided to consumers. This means that your organization needs to document and understand how it collects, uses, and shares consumers’ personal data dating back to January 1, 2019.

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| Author Cynthia Boehmer, tagged in Enterprise Risk Management, ERM, Risk Management, Compliance Risk Assessment, Regulatory Compliance, Cybersecurity, Information Technology, IT Risk Assessment, Business Continuity, Business Continuity Planning, Vendor Management, Vendor Risk, IT Risk, WolfPAC

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