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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.

CFPB to enhance consumer complaint database

The Consumer Financial Protection Bureau has announced it will be adding enhancements to its Consumer Complaint Database:

  • modified disclaimers to provide better context to the published data
  • integrating financial information and resources into the complaint process to help address questions and better inform consumers before they submit a complaint
  • information to assist consumers who wish to contact the financial company to get answers to their specific questions

In addition the CFPB is making changes to its website to provide disclosures on the nature of complaints as well as resources to consumers, including:

  • more prominently displaying disclosures making it clear that the Consumer Complaint Database is not a statistical sample of consumers’ experiences in the marketplace;
  • highlighting the availability of answers to common financial questions for consumers to help inform them before they submit a complaint; and
  • highlighting consumers' ability to contact the financial company directly to get answers to their specific questions
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