The SWIFT Institute has published three new working papers, each aiming to contribute towards the establishment of better cyber defences for the financial industry. The research papers focus on enabling financial institutions to get ahead and stay ahead of their cyber adversaries by providing a better understanding of the actors involved, examining a means to effectively share threat information, and establishing common terminology to allow meaningful discussions between industry stakeholders.
New regulation and advancing criminal methodologies have seen financial crime compliance costs continue to soar in financial institutions in the last two years, according to new research from LexisNexis Risk Solutions, the global information solution provider, a part of RELX Group.
European banks under siege from digital challengers and sophisticated cyber attackers could face some relief from a possible change in accounting rules that will enable them to spend more on new software.
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory and risk technology (RegTech/RiskTech), announced that BNG Bank has selected its flagship product ABACUS/Transactions as a Regulatory-as-a-Service (RaaS) solution to fulfill several types of transaction-based reporting obligations without needing to have multiple data deliveries.
Sixty-two percent of European financial institutions expect to increase spending on payments technology throughout 2017, driven by the revenue-generating opportunities of instant payments and the need for increased operational efficiency.
Sword Active Risk, a supplier of specialist risk management software and services, has announced its Deal Registration program, a new commercial Partner arrangement designed specifically to support Risk Consultants. Independent Risk Consultants are now able to introduce Active Risk Manager (ARM) to projects and receive a referral fee. The new initiative underlines Sword Active Risk’s commitment and participation in the risk community. Many Risk Consultants already attend the annual ARM Global Conferences, which have become noted events for risk management professionals across the world to share best practice and network with peers.
US banks are opening themselves up to increased strategic risk by moving into new products and services as a way to take on emerging fintech rivals, warns the Office of the Comptroller of the Currency (OCC) in a report which also highlights the threat of cyber attacks and an increased reliance on third-party tech service providers.
Fintech is still too small a chunk of the global financial system to present a compelling stability risk but the sector's fast-paced development means that international regulators should collaborate closely to guard against future risks, says a new report. Put together by the international Financial Stability Board (FSB), the report identifies 10 fintech-related areas that "merit authorities' attention".