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Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC

LogisManager

Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC By Steven Minsky | May 5, 2023 Silicon Valley Bank (SVB) was closed by regulators and reminded us of the recession associated with Lehman Brothers and Washington Mutual Bank in 2008. ” You can outsource the activity to the vendor but not the risk.

Banking 98
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5 Key Takeaways from the EU’s Digital Operational Resilience Act (DORA)

Pure Storage

The UK Takes the Lead in Enforcement While the first OR directives were issued by the EU several months ahead of the UK, the latter has taken the lead when it comes to enforcement, issuing a nearly $60 million fine related to a resiliency incident at a UK bank in late 2022.

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Managing Sanctions Risk from Russia’s War on Ukraine

Risk Management Monitor

These sanctions have targeted Russia’s financial system and its international financial connections by restricting transactions between Russian banks and those in other countries, most notably through the SWIFT global financial network. Be sure to engage with regulators, enforcement agencies, banks and insurers for guidance.

Banking 58
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Black Swans and Swiss Cheese – A Boat Crash in Baltimore

Plan B Consulting

According to Lloyd’s, this event might be the biggest ever marine loss in the history of the insurance industry as the event was a ‘fully insured risk event’, meaning that the Francis Scott Key Bridge, the ship, the vessel’s cargo, and the port, were all covered.

Banking 52
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Operational Resilience for Financial Services: A Perspective from the U.S.

Pure Storage

FFIEC is an interagency body composed of the heads of the five federal banking agencies: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau. While the U.S.

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6 Ways AI is Transforming the Finance Industry

Advancing Analytics

Besides that, the financial industry is a vast sector that includes banks, building societies, e-money institutions, mortgage companies, investment banking, credit unions, insurance and pension companies. Interestingly, the insurance sector has 100% live machine learning applications in use. Fraud Detection.

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TSPs: Making the Case to Invest in Risk and Resiliency

Fusion Risk Management

Your customer may be subject to third-party outsourcing requirements by their own regulators , like the European Banking Authority’s Outsourcing Requirements , and they may ask to sign an addendum . Ability to Procure Cyber Insurance. Fusion’s solutions serve as a data hub for risk and resiliency, enabling you to : .