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What’s worse than a vendor that suffers a data breach that exposes your sensitive customer information? The answer: A vendor that waits almost six months to tell you about it.That’s the issue that both Sears and Delta Air Lines are facing after a…
Does your institution need cybersecurity insurance? Is it required? If utilized, are there rules? Cybersecurity insurance can protect against financial loss in the event of a cyber incident, but there are many intricate details. The Federal…
Don’t assume you’re immune from this European regulation with huge finesAll may be relatively quiet on the regulatory front in the U.S., but this May new privacy regulations are taking effect in the European Union, which will likely impact even the…
Investigating a vendor’s cybersecurity can be a time-consuming hassle. Wouldn’t it be nice if you could pay someone else to monitor and report back on a vendors’ cyber risk? That’s the appeal of cyber-security ratings. Firms provide scorecards on…
There may be 50 ways to leave your lover, but when it comes to ending a relationship with a vendor there’s really just one path to follow: the documentation in your service level agreement (SLA). Financial institutions find themselves ending vendor…
When risk increases, the natural response is to take action to reduce that risk. But not every increase requires action. In fact, it may distract you from more important issues.I’m talking about the risk of treating every risk the same.Astute…
Banks are on a quest to improve the customer experience. A new study of 80 North American bank operations leaders by Accenture found that 74 percent believe the customer experience is one of their banks’ greatest strategic priorities.Number two on…
Forget the Federal Reserve and its prohibition against Wells Fargo’s further growth until its governance and risk management improve. Wells Fargo is now answering to Sister Nora Nash of the Sisters of St. Francis of Philadelphia.The much-maligned…
There is temptation in the world of management. With regulatory scrutiny increasing and cost a concern, free vendor management checklists seem like an easy solution. But is that free checklist going to cost you down the road?My experience says…
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