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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-07-20T15:01:00
The recent banking crisis—in which three mid-sized U.S. banks failed—prompted just under half of compliance professionals across all industries to reassess their third-party risk management (TPRM) procedures, according to a recent survey conducted by Compliance Week and integrated risk management software provider Riskonnect.
The survey, which compiled 118 responses between April and May, found 45 percent of respondents changed or considered changing their procedures regarding third parties following the banking industry turmoil that began with the collapse of Silicon Valley Bank on March 10. Signature Bank and First Republic Bank would later also fail in the United States.
The ramifications of these collapses affected more than just the banking industry. Some real-life companies reported difficulties making payroll because key third parties—say, a payroll management vendor—were affected by the turmoil.
According to the survey, 63 percent of respondents said their third-party monitoring system would not have detected such a red flag.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2023-07-12T17:58:00Z By Aaron Nicodemus
The Federal Reserve Board will propose increasing capital standards for large banks and holding companies to build up the banking system’s resiliency against unanticipated market shocks.
2023-06-29T17:58:00Z By Aaron Nicodemus
Federal Reserve Chair Jerome Powell shared in a speech three observations he had regarding the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank earlier this year.
2023-06-26T20:02:00Z By Aaron Nicodemus
Michelle Bowman of the Federal Reserve Board of Governors warned in a speech the agency’s response to the banking crisis might end up hurting the mid-sized financial institutions it is supposed to help.
2024-05-21T12:45:00Z By Ruth Prickett
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
2024-05-14T12:00:00Z By Adrianne Appel
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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