Big Banks Tackle Environmental Responsibility
In this week's Project Green video segment, hear from Matt Arnold, co-founder of Sustainable Finance Ltd., about environmental initiatives the largest U.S. banks are taking, and the challenges they face.
May 2008
The War to Keep Compliance Talent
As financial institutions wade through an ever-deepening regulatory swamp, William J. Fox sees an escalating war for compliance talent. “There isn’t a day that goes by that three or four of my folks don’t get called by a headhunter,” says the Bank of America svp and global anti-money-laundering executive. “But we haven’t lost a lot of people—knock on wood.” There are a lot of bank executives knocking on wood these days, hoping to keep rivals away from their talent as the hunt escalates for well-rounded compliance executives .
The Compliance Issue
Governance, Risk and Compliance Budgets March Higher
In a clear indication of how much time and money financial institutions are devoting to governance, risk management and compliance (GRC) in today’s turbulent economy, a survey by AMR Research found that GRC budgets at FIs will rise an average of 10.3 percent in 2008 to $3.4 million, with 82 percent of respondents saying their firm will add to or improve GRC.
The Compliance Issue
The Intersection of Compliance and Risk Management
Avid Modjtabai, CIO, Wells Fargo & Co.. on the increased urgency around operational risk management.
Leading Off
Can You See Me Now? Life-like telepresence
The “telepresence” video conferencing system Wachovia installed for cross-country internal management meetings is so cutting edge—and so expensive—it’s insulting to call it video conferencing.
Consumer Behavior
Discovering The Future Of Banking
Since 1985, the MIT Media Lab has gained renown for its research projects on the convergence of multimedia and technology, partnering through sponsorships with corporations such as Motorola and Nortel. Now, the Media Lab has linked up with Bank of America to create the Center for Future Banking, a partnership that MIT officials say is unprecedented in terms of a sponsor’s commitment of time and resources.
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Business Innovation
Protecting Core Systems
Following hurricane Katrina, Peoples Bank CEO Chevis Swetman famously slept for weeks on an air mattress at his bank’s main Biloxi, MS location, keeping the institution alive while his town nearly drowned. With six branches lost to the storm and only a handful of workers on hand at the generator-powered facility, Peoples Bank kept cashing checks and processing payments for account holders and non-customers alike.
Leading Off
Homeland Security: Manhattan Project for Cyber Sec
The government says it’s stepping up defenses, but do the plans amount to a real strategy or just a hodgepodge of tactics?
Business Innovation
Better Processing: An Exercise In Utility
Process utilities, which standardize common processes such as account openings and credit scoring across departments, are emerging as an important way for banks to streamline operations, save money and gain scale.
REOs: Banks Ponder: To Sell or Not to Sell?
A flood of foreclosures is backing up real-estate owned properties. Unprepared from an IT perspective, banks look to outside vendors to help make sense of the markets.
Plugged In
Goldilocks Visits The RSA Security Show
The vision of IT security’s future offered at the annual RSA show in San Francisco last month was varied. But no one expected a fairy tale ending.
Rethinking Rewards in Tough Times
Banks should adapt rewards programs given the economic climate. ANZ Bank has turned rewards on its head — it gives points for paying down debt, not spending.
Customer Tactics
Turns Out, If You Build It They’ll Stop Coming
The bank branch buildout craze continues, and yet branch traffic is declining. One culprit responsible for the slowdown is the rise of remote deposit capture.
Direct Access
The Cost of Paper and Pens Really Adds Up
An online expense management platform gave Capital Bank of Raleigh control over its purse strings — spurring better planning — at a time when every dollar counts
