How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.
FinCEN adjusts estimates of bank SAR costs
FinCEN has published a notice and request for comments [85 FR 31598] on a proposed renewal, without change, of its currently approved information collections relating to reports of suspicious transactions. Although no changes are proposed to the information collections themselves, the request for comments covers a proposed updated Paperwork Reduction Act burden estimate for the information collections. FinCEN has revised its burden estimate at the suggestion of the Office of Management and Budget. In its notice, FinCEN requests comments on its revised methodology for making the burden estimates. Comments must be filed by July 27, 2020.