{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"Operational Risks: Cyber, Fraud Risk Innovation & More","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/d6b76249\"></iframe>","width":"100%","height":180,"duration":631,"description":"## Episode OverviewThis episode covers the OCC's Fall 2024 Operational Risk report, examining key areas of focus for financial institutions including cybersecurity, operational resilience, innovation, and fraud risk management.## Key Topics Covered### Cybersecurity- Elevated operational risks due to evolving cyber threats and AI technology- Importance of third-party risk management in the expanding cyber threat landscape- Critical security measures including MFA, system hardening, and patch management- New post-quantum computing encryption standards from NIST### Operational Resilience- Focus on mitigating disruption events and cyber incidents- Case study from mid-2024 involving global disruptions from flawed software updates- Importance of testing and validating resilience plans### Innovation and New Services- Banks' adoption of new technologies and fintech partnerships- Cautious approach to AI and machine learning implementation- Considerations for digital asset custody and cryptocurrency services- Challenges of maintaining legacy systems while pursuing digitization### Fraud Risk Management- Evolution of fraud prevention strategies- Importance of customer identification and verification- Implementation of transaction verification and authentication controls- Role of technology in flagging suspicious activity### Third-Party Risk Management- Continuous lifecycle approach to third-party relationships- Risk management processes scaled to bank size and complexity- Importance of ongoing monitoring as relationships evolve## Resources Mentioned- Credit Union Exam Solutions Incorporated- Mark Treichel's Website: marktreichel.com- \"With Flying Colors\" Podcast## Contact Information- LinkedIn: Mark Treichel- Website: marktreichel.com## DisclaimerThis podcast is educational and does not constitute legal advice. All opinions expressed are for informational purposes only.","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}