Compliance systems

While remittances may pose higher risks than services like bill pay, they are absolutely necessary in an age of unprecedented migration. It's high time state and federal regulators update the rules to help inspire banks to re-risk.

The president-elect's policies on taxes, offshoring, surveillance and other issues will affect bank technology officers and their vendors in a variety of ways. The positives may slightly outweigh the negatives.

An ACL client with hundreds of U.S. employees recently began requiring its workforce to use Uber for all business travel-related cab rides, after ACL revealed how Uber’s geolocation data could be correlated with the details of employees’ expense reports.

Disintermediation is so five years ago, according to Cross River Bank in New Jersey. It just raised $28 million from Silicon Valley. Now, it wants to enhance its compliance system so it can partner with "riskier" fintech startups and, effectively, enable the industry's so-called disruptors.

Fintech circles are abuzz about the possibilities for streamlining compliance work following IBM's deal to buy Promontory. Artificial intelligence software could help separate false positives from true violations, for example, or read and parse through lengthy regulations.

Banks are expected to spend more on technology in the coming year, with the cash earmarked for things like upgrading mobile apps and adding self-service tech in branches.

Artificial intelligence like IBM's Watson may not make bank compliance officers obsolete, but it could mean far fewer of them will be needed in the future, focused on higher-level tasks.

The sheer amount of data created in recent years has exploded, leaving banks with a tremendous amount of data sets to mine through. Community banks need to utilize analytics to stay competitive with their big-bank peers.

Silicon Valley Bank in Santa Clara, Calif., has hired Laura Izurieta as its chief risk officer. She will lead the company's risk management, corporate compliance and regulatory relations functions and serve on the executive management team.

Banks need more specific guidance that clarifies requirements around vendor contracts, risk assessments, data management and other issues.