- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The New York Department of Financial Services (NYDFS) Cybersecurity Regulation, also known as 23 NYCRR 500, consists of rigorous cybersecurity rules for covered financial institutions like credit unions, banks and insurance firms. Its goal is to protect sensitive nonpublic information, and it applies to all entities that are regulated by DFS and their unregulated third-party service providers.
Compliance Week accepts outside contributions from corporate chief compliance officers and other senior-level GRC practitioners. To learn more, contact the CW Editor.
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
Why were decisions made the way they were at the banks that serviced Jeffrey Epstein? Evidence points to a cultural tension: a tug-of-war between the allure of profit and the drag of compliance, with the former having all the pulling power.
The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
Spending countless hours tracking down controls evidence for your audit and compliance activities is an annoyance at best and a major drag on productivity and effectiveness at worst.
Financial risk is one of the third-party risk management (TPRM) domains most likely to directly harm your organization.
Do you have a clear vision of what ‘good’ means when it comes to managing governance and your security program? Setting the right targets for your organization is crucial.
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