The Office of the Comptroller of the Currency (OCC) has warned banks and financial institutions about elevated operational risks caused by geopolitical tensions and a heightened compliance risk environment complicated by regulatory changes, policy initiatives, and difficulties in hiring qualified compliance professionals.
In its “Semiannual Risk Perspective for Spring 2022,” released Thursday, the OCC warned operational risks include threats of cyberattacks, “with an observed increase in attacks on the financial services industry.” Banks’ increasing reliance on third-party relationships and the growing use of digital assets to complete financial transactions are providing bad actors with more avenues for cyberattacks, the OCC said.
