Guidelines for putting together your compliance strategy.

In this podcast episode, Kenzie Mexican, BSA Officer at FinWise Bank, interviews Jason Chorlins, Principal at Kaufman Rossin and financial services industry expert, about various topics related to compliance and risk management in the FinTech industry. They discuss the importance of compliance focus, managing third-party risk, mistakes in consumer card programs, monitoring complaints and Reg E, and reducing risk through risk assessment.

Highlights

• Compliance should be a top priority for banks and FinTechs in order to stay in business and be profitable.
• Managing third-party risk is crucial, and it starts with understanding the requirements from interagency guidance and developing a third-party risk management program.
• Consumer card programs can be high-risk, and it's important to understand and address issues such as fraudulent identification, disputes, and compliance with applicable regulations.
• Monitoring complaints, including Reg E complaints, is essential for identifying areas of improvement and ensuring compliance.
• Reducing risk requires a thorough risk assessment, setting a risk appetite, and monitoring key risk indicators to take appropriate actions.