Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency (OCC) said in its semi-annual risk perspective.

The OCC’s semi-annual report, published Tuesday, recommended that compliance become more involved in assessing and responding to operational risks posed by cyber intrusions, the increased digitization of banking and use of financial technology firms (fintechs), and criminal activity related to the use of false records, identity theft, third-party money laundering, and circumvention of identity verification standards.

“The report highlights the necessity of firmwide resilience efforts as risks may be interconnected and events could simultaneously affect multiple risk categories. It is crucial that banks establish an appropriate risk culture that identifies potential risk, particularly before times of stress,” the OCC said Tuesday in a press release. “Each stress event may vary (e.g., operational, liquidity, credit, compliance, and other) and resiliency implications need to be proactively considered. Prudent planning from a firmwide perspective can enhance a bank’s ability to maintain operations, remain financially sound, and service customers in times of stress.”