- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-19T17:33:00
Leaders at Silicon Valley Bank (SVB), Signature Bank, and the regulators who seized their banks testified before Congress this week across separate hearings.
Here are four takeaways:
1. Bank executives defended their actions
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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.
Federal banking regulators have indicated they will be more assertive in their supervision of mid-sized banks in the aftermath of the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. What actions might they take?
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
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A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
